Credit Connect reports that “Late payments trend threatening economic recovery

The majority (55%) of UK SMEs are being paid later as a result of the pandemic in a trend that is threatening the economic recovery, according to research by Bibby Financial Services (BFS).

More than a third (36%) of SMEs have seen payment times increase by more than three weeks, while 28 per cent have seen an increase in bad debt. More than one in 10 (12%) have customers who refuse outright to pay money owed.”

This is really bad for the UK economy, good cashflow is imperative to a healthy economy. We would recommend that anyone suffering from late payment problems acts on it straight away.

Veritas Legal offer a free commercial debt recovery service, as the fees are recovered from the debtor

Please call: 01392 498686 or email: info@veritaslegal.co.uk

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