Debt collection and recovery specialist law firm, Lovetts Solicitors, recently joined a Federation of Small Businesses (FSB) roundtable hosted by National Chairman, Mike Cherry OBE and attended by, amongst others, Managing Director for UK Connect, Pj Farr.
In addition to supporting the Prompt Payment Code over many years, the firm has previously collaborated with the Federation of Small Businesses to promote the importance of prompt invoice payment for SMEs (Small-to-Medium sized enterprises) and offer advice on how small businesses can optimise their credit management procedures. The recent event provided an opportunity to update the group on best practices within the wider context of how the FSB can successfully support small businesses going forward.
Despite advancements in late payment law and credit management software, many UK entities remain reluctant to chase both domestic and international debts, fearing a long, drawn-out procedure.
However, Lovetts research shows that the firm’s Letter Before Action (LBA) is successful within 86% of UK cases, and with a No Win, No Fee service in place internationally, the process of chasing overseas debts is now also risk free.
“We work with companies of all size and sector, from FTSE 100 organisations down to independent businesses with less than ten employees.” says Charles Wilson FCICM, Chairman of Lovetts. “Despite progress in recent years in legislation and the debt recovery sector, and the relentless mission of organisations like CICM and FSB, we still find that not all businesses are clear about the debt recovery process. It’s a shame. Educating themselves on the current regulations and best practice processes is particularly important for smaller businesses, where cashflow is their operational lifeblood. As always, we were delighted to sit down with the FSB and provide input in this area.”
Lovetts CaseManager software is a free tool that provides clients with a complete solution to manage the legal aspects of their collections online. It’s just one initiative that the firm has implemented to help make the credit management and debt recovery processes more transparent, more hassle-free, and more direct for businesses of all shapes and sizes.
Photo by Richard Dunford