Wales Outperforms England in Debt Collection

A report released today shows that Welsh businesses are better at collecting invoices and write off less debt than their English counterparts. Whereas Welsh businesses could be losing up to £0.6 billion per year in unpaid invoices, England could be losing a staggering £24 billion.

According to the latest findings of the UK Payment Index – which now includes separate reports for Wales and England – businesses in Wales show a lower overall payment risk profile than England and are faster at collecting their debts. On average, the contractual payment term in Wales is 32.7 days compared to 34.1 in England. With payment delays in Wales at 16.4 days overdue, companies can expect to get paid after 49.1 days, compared to 51.3 days in England.

Despite these regional differences, collecting overdue receivables continues to be a problem in both Wales and England. Within the first 30 days of the contractual payment term in Wales, 47% of receivables remain unpaid. Even after 90 days, 9.5% of receivables are still not settled.

For this complete story, please visit Wales Outperforms England in Debt Collection.