If you think your business is going to miss a repayment, the most important thing is to let us know, ideally in advance. Give your account manager a call, email payments@iwoca.co.uk or send us a chat message.

We understand that in many cases it will have been a temporary issue so once you do miss a repayment, our Payments team will reach out to you with a reminder and we’ll automatically try to take the payment again. Since we expect things to get back on track, we won’t contact any additional guarantors for at least the first 5 days and will wait for 30 days before reporting a missed payment to the credit reference agencies.

Note that we will also not charge any late payment fees or for any letters or calls we make when trying to reach you. Instead, you'll just continue to accrue interest on any outstanding amount at the regular rate.

If you’re struggling to make repayments:

  • It’s really important that you talk to us so we’ll give you a dedicated point of contact, from our team in London, who will work with you to put a solution in place that helps you to get back on track. This may involve asking for recent bank statements and details of your business income and expenditure so we can understand your situation
  • If possible, we’ll help you to keep the business trading by coming to a payment plan. However, if that is not possible or in the unfortunate situation that the company ceases trading, we will work with the guarantor to agree an affordable payment plan. We will freeze interest whilst this payment plan is in effect
  • We’ll also try to point you towards helpful sources of advice. For example, we can recommend where you can get free, independent and confidential debt advice (such as from Business Debtline) and in some cases can help arrange for a Regulated Arrears Counsellor to visit you personally
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