Credicorp
A practical guide to Direct Debit for business loans — Credicorp
Direct Debit is the simplest way to manage your business loan repayments. We answer the questions customers ask most often — how to set one up, what happens if it fails, and how the Direct Debit Guarantee protects you.
Of all the ways to pay your loan, Direct Debit is the one most customers find easiest. The bank does the work for you, the payments line up with your due dates, and nothing gets missed by accident. This article is a quick walkthrough of how Direct Debit works with Credicorp.
How to set one up
Use the Set up or change a Direct Debit form on our Forms & Requests page. We will need your account or reference number, your name as it appears on the bank account, the sort code and the account number. Once we receive your instruction we will confirm the date of the first collection in writing.
If a Direct Debit fails
A failed Direct Debit is treated as a missed payment. The most common cause is insufficient funds on the day, but it can also be a cancelled mandate, a recently replaced card, or a fraud-prevention block at your bank. Whatever the cause, the most useful thing you can do is tell us early — preferably before a payment is due. Our Direct Debit failure article sets out the practical steps, and our guidance for customers in difficulty is always available.
The Direct Debit Guarantee
Direct Debit is backed by the Direct Debit Guarantee, which is offered by all banks and building societies that accept Direct Debit instructions. In short:
Direct Debit is a Bacs payment scheme — the same scheme used for salary and pension payments — and the technical detail behind that scheme is administered by Pay.UK on behalf of UK banks. The point of the Guarantee is that the customer is never out of pocket on a debit they did not authorise.
- we give you advance notice of the amount and the date of any collection;
- if a payment is taken in error you are entitled to an immediate refund from your bank;
- you can cancel a Direct Debit at any time by contacting your bank.
If you want to talk it through
If you are unsure whether Direct Debit is the right method for you, our team can talk it through. The quickest route is the Contact Us page or our Support hub. We can also pause or change an existing Direct Debit on request.
For background on our wider group, which includes CM Beyer Limited in the UK, our group article in the FAQ section is a useful read.
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