If keeping to your original payment schedule has become difficult, a payment arrangement may help. This guide explains what one is and how to put it in place.
What a payment arrangement is
A payment arrangement is an agreed plan that spreads what you owe over an instalment schedule you can realistically manage. It is designed to fit your circumstances, so the amounts and dates are something you can actually keep to.
You can usually choose the repayment frequency that lines up with the business's cash flow. A weekly payment arrangement suits businesses that take money in steadily through the week, while fortnightly or monthly instalments may fit better where income arrives in larger, less frequent payments. The aim is an affordable plan that clears the arrears at a pace the company can sustain.
How to set one up
The quickest way is the Payment Arrangement form on our Forms & Requests page. We will ask a little about the company's income and essential outgoings, so that the plan we agree is sustainable rather than optimistic.
A few things worth knowing
- Get in touch sooner rather than later — the earlier we know, the more we can do.
- If your situation changes again, tell us; an arrangement can be reviewed.
- Free, independent advice on business debt is available from Business Debtline (0800 197 6026).
An arrangement that is realistic and agreed is almost always better than a payment that fails. If you are unsure, contact us and we will talk it through.
Frequently asked questions about payment arrangements
Can I set up a weekly payment arrangement with Credicorp?
Yes. Weekly payment arrangements are available where weekly instalments match your company's cash-flow pattern. You can also request fortnightly or monthly instalments. Use the Payment Arrangement form on the Forms & Requests page, or contact us directly to discuss the options.
What if my circumstances change after setting up a payment arrangement?
Contact us as soon as you can. A payment arrangement can be reviewed and adjusted. Getting in touch early gives us more options — do not wait for a payment to fail before telling us.
Where can I get free advice on business debt?
Business Debtline offers free, independent advice on business debt: 0800 197 6026 or businessdebtline.org. We always recommend seeking independent advice alongside any arrangement you discuss with us.