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Unfair interest

You wrote about specialist contractors waiting upwards of 60 days to be paid. (‘Late payment gets worse for specialists’, 22 November). This is a frequent problem.

Companies are relying on interest to make money. By holding millions and millions of pounds it is not that important if a project actually makes a profit.

I have felt before as if I’m in a room full of con men. It’s funny how British Plc thinks corporate espionage is confined to Hollywood movies or mystery novels.

I would get back into contracting if they introduced a law that forced participants to pay invoices 15 days after receiving them, with failure to do so incurring an 18 per cent annual penalty fee.

I would have received such a penalty on all my invoices, so in the worst case, after a court judgement, all my interest would be paid.

This would deter financial engineers from using money owed to specialist contractors for their own ends.

Paul Carr
By email