Late payments ‘harming East Anglian firms’

Posted 03/07/2012

Late payments are having a major impact on firms across East Anglia, which could lead to them facing insolvency, according to a new report.Research carried out by the Eastern Daily Press found around 78 per cent of businesses in Norfolk and Suffolk state not being paid on time has caused them problems.Kiffy Stainer-Hutchins, director of painting restoration firm KSH&Co Ltd, based at Houghton, near Fakenham, stated larger firms are to blame for the late payments issue.”The government is pushing bank loans and trying to make more money available for bank loans but the last thing we want is more debt,” she was quoted as saying by the news provider, noting it is never the “small people” who fail to pay their invoices on time.Sam Wright, owner of Norwich-based Blink SEO, added late payments can force a company to the bottom of their overdraft facility.The government reminds firms they are able to add interest charges and debt recovery costs to their invoices if payments are late.Posted by Luke Hibbert