2 min read
Why early beats late
Lenders generally prefer a workable arrangement to enforcement. Approached early, they can offer a payment holiday, interest-only spell, or a longer term. Once you have defaulted and it is on your file, goodwill and flexibility fall away.
How to approach it
Bring a forecast and a specific, realistic proposal. Show you understand the shortfall and how you will recover. See what to do if you cannot pay and test options with the affordability calculator.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
Should I wait until I miss a payment to talk to my lender?
No. Contact them before the shortfall. Options like restructuring and deferral are widest before a default and shrink sharply afterwards.
What should I bring to the conversation?
A cash-flow forecast and a specific, realistic proposal showing the shortfall and your recovery plan. That earns cooperation.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.