UK Small Business Minister Margot James said at the Conservative party conference that late payments were causing serious damage to small businesses. She called on big companies to show respect and stop making excuses with regards to why debts have not been paid.
Margot James is not the only one who is annoyed by how big companies are putting small business owners at risk through late payments, UK Debt Collection News who want to see more action taken has revealed the Top excuses for late payment of Business Debt.
The article, which is titled Top excuses for late payment of Business Debt, (http://www.ukdcnews.co.uk/economy/top-excuses-non-payment-business-debts-revealed/) reveals the top ten excuses that are made when a small business owner chases customers over unpaid invoices.
The article is based on the findings of leading Commercial Debt Recovery Agency, Federal Management.
One of the top excuses according to the leading online publication that deals with the latest news regarding the debt collection industry is the timeless classic of “The cheque is in the post”.
A spokesman for UK Debt Collection News said: “Each year a total debt for small businesses stands around £10.8 billion, which is shocking. Urgent action needs to be taken by the government to tackle this problem. As a result of late payment, many small businesses are closing down.”
“We urge any Business to tackle the problem head on whether it be by using Professional Debt Collectors or any other appropriate method.”
Late payments for small business owners have become a serious problem and even though the government has promised to combat the problem, according to the stats in 2015 late payments rose by 27%.
As a result, small businesses were forced to spend more time chasing debts, which resulted in time and money being wasted, which could have been spent in make the business more profitable.
The article, which includes the excuse that no invoice has been received has gone viral on social media.