This is a series of Q & A interviews with Nicki Kinton of NK Credit Consultancy in which PPD is looking at the typical excuses that suppliers often hear when chasing late payments, and asking Nicki how best to handle them. Excuse #1: Accounts are too busy How often do you hear this excuse […]
Christmas is traditionally a time of goodwill but if you work for yourself, run your own business or run somebody else’s business and late payment is a problem for you then Christmas spirit may be in short supply. Late payment can mean bonuses and wages are postponed and for obvious reasons Christmas is one time […]
For the first time in ten years the Bank of England’s based rate recently went north instead of south. That means suppliers looking to charge interest on late payments can add an extra 0.25% on top of top the maximum 8.25% they can already charge. Sadly that is not going to move the needle. […]
Paul Uppal has been named as the new Small Business Commissioner and he will have is work cut out for him. We wish him every success. Mr Uppal, once a small business owner himself, will have some first hand knowledge of the difficulties faced by small businesses in the UK. In his role […]
We recently came across another instance in which a supplier provided work to a customer and was paid late…. The explanation given? The customer had not been paid by some of their suppliers and cashflow was tight. This is an entirely understandable state of affairs, after all figures from the Labour party show something that […]
The recent announcement by the government to improve corporate transparency has been met with a luke warm reception in the press. However, Mike Cherry, the national chairman of the FSB (Federation of Small Business) was at least cautiously optimistic in his assessment of the potential impact on curbing late payment. His comments, while a little […]
Users of the Prompt Payment Directory have seen payment sentiment rise over the past six months. On The Prompt Payment Directory suppliers can, using a 5 star scale, rate the payment practices of companies they have done business with, we refer to this as the PPD Score. The PPD Score is an amalgam of other […]
The top five explanations for late payment as recorded on The Prompt Payment Directory in May were… Our terms are xx days Invoice dispute – after contract agreed Accounts clerk only comes on once a week Can’t afford to pay the bill Changes in payment terms Below we set out in a bit more […]
FULL PRESS RELEASE. TUESDAY, 23rd MAY 2017 Due to late payments SME business owners:- suffer depression, anxiety, increased stress & other mental health issues (29%) sacrifice their own salary (36%) can’t pay the mortgage or rent, or forced to sell their home (21%) Over a quarter (29%) of UK SME owners struggle with depression, […]
In the fourth of our series of interviews with David Walker, owner of Grid Law and author of Cash Flow Rescue, we talked to him about the ins and outs of settling late payment disputes in court. Often considered the ‘nuclear option’ David talked us through how to navigate the process. Read on to learn what he […]
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