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Late payment no joke

Article Date:  Jun 01 2004

Customer excuses for late payment can, at times, border on the bizarre, as a recent survey from Lloyds TSB Commercial Finance discovered.

Imaginative apologies ranged from the surreal – 'the company cheque book has fallen into the snake's tank and I can't get it out because I'm frightened of snakes' – to the ridiculous – 'the boss died and the chequebook was in his suit when they buried him'.

‘Bizarre excuses can sometimes sound funny. But strip away that humour and it leaves the stark fact that late payment is a serious issue that can severely damage a company,’ stresses Nick Goulding, chief executive of the Forum of Private Business (FPB).

FPB believes that if Government departments fail to take the lead on good payment practices it will be difficult to persuade other businesses to follow suit.

To help both suppliers and buyers tackle late payment, the Better Payment Practice Group has launched an updated version of its free credit management guide.

This guide is available from the DTI by calling 0870-150 2500 or visiting www.payontime.co.uk.

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