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Government Announces Mandatory Late Payment Reporting

The Government has published their proposals to require large companies to publish their performance when it comes to late payment. This comes after repeated surveys show that UK business is still dragging it's feet when it comes to paying invoices on time - one recent survey showed that 39% of all invoices issued in the UK are paid outside of terms.

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How 'The Late Payment Directory' Can Help You Avoid Being Paid Late

Late payment and debt collection are regrettable but inevitable aspects of business life that are likely to continue for the foreseeable future; the debt recovery process is not one that any supplier wants to find itself caught up in.

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What Happens When I Issue A Legal Claim?

What do you think of when you think of the court process? A severe looking man in a wig bashing a gavel and shouting? A room full of clerks scribbling away with quill pens like in a Dickens novel?

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County Court Judgments Reach Alarming New Levels

There has been an alarming increase in cashflow difficulties faced by UK businesses during the past year, exceeding levels last seen during the recession. In 2015, 56% of County Court Claims to recover debt, resulted in a County Court Judgment (CCJ) because the debtor was unable to pay. This is the highest level seen in over 6 years.

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4 Ways To Protect Your Business From Bad Debt

Good terms & conditions will strengthen a credit controller’s position when a customer pays late and protect your business from bad debt. However, terms & conditions are useless unlessthey have been properly incorporated into a contract between you and the customer. For example, there is a misconception that if you refer to your terms on an invoice, your terms will apply to the contract.
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6 Things to Consider Before "Going Legal"

There are various points you should consider before "going legal". Some of these should be considered before you give instructions to a solicitor to warn the customer by letter that court proceedings will be started unless they pay the debt within a specific deadline, i.e. 7 days.Going Legal
 
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Don't Let Bad Debt Cripple Your Business

Prevention is of course better than cure when it comes to late payments and bad debts in a business of any size and that means having robust terms and conditions in place to offer legal protection if a customer fails to pay when due.

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Lovetts Recognised For Excellence By Law Society

Lovetts has secured Lexcel accreditation once again, having first achieved the Law Society's top accolade in 2012. Lexcel recognises excellence in law management and is the Law Society's legal practice quality mark for the highest standards in legal practice management and client care.

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Fear Stops 58% Of Businesses Claiming Late Payment Compensation

The legal right many UK businesses have to claim late payment compensation is being stymied by a fear amongst firms that doing so will upset their customers and lead to loss of business. 

A recent survey of credit personnel* within small to medium sized businesses by Lovetts has found that 58%

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Tesco Move To Cut Payment Terms To 14 Days

Following the announcement by Tesco that it plans to cut its payment terms to 14 days, for suppliers that are small businesses, SMEs should not become complacent in the pursuit of overdue invoices, in the hope that other businesses will simply follow suit. Instead, it is urgent for SMEs to use Tesco's initiative as a signalthat a more robust approach to late payment may win them respect rather than lose custom as many SMEs fear.

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International Debt Recovery: Over £4,000 Collected From Chinese Debtor

Our client is a major company which deals in shares. They had a debt in China for just over £4,000 which they instructed Lovetts' overseas prelegal department to recover on a no collection, no fee basis.

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Small Business Commissioner Must Tackle Late Payment Of Debts Culture

"A mediation service will only support a fraction of the small businesses struggling with late payment", says Charles Wilson, Chairman of Lovetts, the debt recovery law firm.

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