Do you spend too much time, expend too much energy and lose too much money chasing late payments?

In Parliament I am working to deal with the scourge of late payments. Too many local businesspeople have to chase late invoices, impacting cash flow, meaning less money to put back into the business and causing financial hardship. This must end.

I am calling for tough new laws to deal with late payments. It would really help if you could share your experience of dealing with customers who don’t pay on time. Below is a short consultation questionnaire. I will be sharing the findings, and the experiences of local entrepreneurs directly with the Small Business Minister. I’d be grateful if you could respond by 22nd October.

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* 1. What is your business name, address (including postcode) and preferred contact email?

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* 2. What is the name and address of your business? Please also provide an email so we can follow up with you.

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* 3. Have late payments caused hardship for you and your business? If so, how?

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* 4. What do you think the payment terms should be between businesses? For example, at the moment businesses can agree payment terms longer than 60 days if not considered ‘grossly unfair’. Is longer than 60 days too long?

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* 5. Currently interest on late payments can be negotiated below the official rate. This can put pressure on businesses who don’t want to get on the wrong side of customers. Should the official rate of
compensation on late payments be negotiable or legally fixed?

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* 6. Sometimes businesses use delaying tactics such as raising disputes about invoices. Have you experienced this? Should there be a time limit for raising a dispute?

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* 7. Finally, should persistent late payers, who cause hardship for small businesses, face financial
penalties?

Thank you for taking the time to share your experience and your views. I will keep you updated on progress with this campaign. Please let me know if I can help you or your business in any way please email me at Gregor.Poynton.MP@Parliament.UK

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