Tradespeople report rising late payments as living costs squeeze customers
Updated
Updated · BBC.com · May 10
Tradespeople report rising late payments as living costs squeeze customers
4 articles · Updated · BBC.com · May 10
A Direct Line survey of 500 found 68% are chasing overdue invoices averaging £2,023, while 42% have written off more than £500.
Welsh firms including West Wales Electrical Solutions and Cardiff-based DLM Tree Services say they now haggle more, pursue debts and offer payment plans or upfront charges.
Some tradespeople are seeking proof of funds or charging late fees, as the UK government introduces measures against late payment and warns more than 1,000 small businesses close monthly.
As new UK laws target late payments, can they truly solve a crisis threatening 1.5 million small businesses?
With living costs soaring, how can tradespeople survive when their customers are also struggling to pay?
Beyond new laws, what is the real solution to the severe mental health crisis crippling UK tradespeople?