Haggling prices and chasing debts - tradespeople hit with cost of living headache
Summary
Tradespeople in Wales are facing challenges because more customers are late paying or ask for lower prices due to the rising cost of living. Many businesses now spend a lot of time chasing debts, setting up payment plans, and sometimes taking customers to court to get paid.Key Facts
- Over half of tradespeople report more late payments compared to a year ago.
- About 68% are chasing late payments, with 23% managing four or more unpaid bills at once.
- The average amount tradespeople write off from unpaid invoices is about £1,646.
- Rising costs like food, energy, rent, and mortgages are making it harder for customers to pay.
- Some tradespeople have started asking for proof of funds or half payment upfront before starting work.
- A tree surgery company keeps fixed prices but faces frequent customer requests for cheaper rates.
- Tradespeople are trying new payment options like paying by the hour to help customers manage costs.
- The situation is described as difficult for both customers and tradespeople, who also have fixed business costs like vans and equipment.
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