Helphire criticises late paying insurance firms

by David Masters

Story link: Helphire criticises late paying insurance firms

Helphire has hit out at insurance companies who delay paying their bills.

The accident management firm – which provides courtesy cars for no blame traffic accidents – said despite many insurers paying on time, a significant number are still paying too late.

According to the firm’s first quarter report, it received 106% of billed invoices during the quarter, compared to 72% during the same period the previous year.

Money owed to the company decreased from £291 million to £279 million during the first three months of 2009.

Helphire has struggled financially since the onset of the credit crunch, and recently announced 350 job cuts.

It was also forced by its lenders to raise £50 million.

Managing director Martin Ward, appointed this week, has announced plans to cut £10 million from the company’s cost base through redundancies and reducing its fleet of vehicles.