6 Steps Your Business Can Take to Protect Cash Flow over the Holidays

Businesses face a unique challenge when it comes to cash flow during the months of December and January as many companies close their doors between Christmas and New Year's Day, so payment of invoices are often not processed until mid to late January. This delay in payments can put a huge strain on businesses that have to pay tax, VAT and rent during this period.

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Unpaid Debts - How to Issue a Legal Claim Through the Court

When customers do not pay your invoices, it can be difficult to know how to proceed. If your pre-action correspondence has not resulted in payment, it is usually worth taking legal action to ensure your company is paid. Let's take a look at how legal debt recovery works. 

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How Does the Recent UK Interest Rate Rise Impact Late Payment Law?

On 2nd November 2017, the Bank of England increased the base rate of interest from 0.25% to 0.5%. This is the first time that interest rates have been increased in more than a decade.

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Lovetts Protects Clients with Leading Cyber Security Accreditation

In July this year one of the best-known credit monitoring companies in the UK, Equifax, admitted that well over half a million UK consumers had their personal information compromised in a cyber-attack.

Sadly, this kind of thing is not uncommon, and as our reliance on technology grows the threat of such attacks will only increase, according to the National Cybersecurity Centre.

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Late Payment Charges - What You Need To Know

When the Late Payment of Commercial Debts (Interest) Act 1998 was introduced it had two clear purposes.

The first was to ensure that creditors were properly compensated for the late payment of any debts, and the second was to avoid late payment being an issue in the first place.

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How Do I Assess The Effectiveness Of My Third-Party Collection Agency or Lawyers

Written by: Charles Wilson - Lovetts Solicitors, Chairman

The many advantages of using a third party collection agency or law firm to recover debt have been well documented over the years, and although there are also some benefits to having an in-house collections team, more and more companies are using third parties today than ever before.

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Help! I’ve Just Overpaid An Employee!

Many of us have enjoyed the classic board game Monopoly, and we’ve most likely received the “Bank error in your favour, collect £200” card.

In real life though, it doesn’t quite work like that.

Overpayments can and do happen, but the recipient isn’t legally entitled to pocket the money, unlike the player in a game of Monopoly!

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The New Pre-Action Protocol For Debt Claims - What Is It? And How Will It Affect My Business?

As many of you will no doubt already be aware, the Ministry of Justice has released a new Pre-Action Protocol for Debt Claims that comes into effect on October 1st, 2017.

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Offering Credit & Managing Risk - A Balancing Act

There comes a time in the life of all businesses where they have to look at the possibility of developing a credit policy, and ask themselves if they are going to offer credit to other businesses.

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Debt Reminder Letters - The Best Approach

If you consider yourself the kind of business that dreads having to deal with customers or clients who have an outstanding account or an unpaid bill that needs collecting, trust me, you’re not alone.

No one likes to risk destroying customer goodwill by having to demand payment, but in many cases, there is no other option.

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The Good Invoicing Checklist

Let’s be honest; no one really enjoys invoicing. It’s monotonous and takes up time that you could be spending on other aspects of your business.

But, it’s a necessity. And if you have to do it, you’d better do it correctly, as it'll save you headaches later on down the line.

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Meet Karen Johnson, your new Legal Department Manager

We are pleased to announce the appointment of Karen Johnson as the new Legal Department Manager here at Lovetts. With a career within the debt recovery industry dating back nearly two decades, Lovetts are excited for her to share her expertise in both commercial debt recovery and operational management.

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