June 06 2016
Around half of freelancers have thought about quitting as a result of the strains that come from late paying customers, according to a new study. The study found that the average freelancer is owed £5,342 in late payments, and this burden weighs heavily on them:
36% of freelancers had been forced to borrow from payday lenders
10% have trouble meeting mortgage repayments or rent at the end of each month
40% have taken out a County Court Judgement (CCJ) against customers
35% have turned to family or friends for financial help in the last 12 months
The average payment to a freelancer is 19 days late.
Samantha White CEO of My Credit Controllers said:
"Freelancers can ill afford to spend billable hours chasing for payment, and often worry that they may be risking future business by hassling customers for money. It is a disgrace that their customers are taking advantage of this situation.
Many freelancers find help from a specialist third party is just what they need to create a separation between effective, businesslike collections and managing the relationship with the customer."
How we can Help:
