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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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6 Considerations You Should Make When Filing a Debt Claim

You get to the end of your credit control procedure and you still have some unpaid accounts, so, what are the options?

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Could A Winding Up Petition Help Your Business To Recover Debts?

As any company knows, late payments can have a devastating effect on operational functions. Whilst businesses must receive payment in full in order to remain profitable, they must also receive the funds in a timely manner to ensure that they can continue to operate.

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Debt Recovery For SMEs

While no business can benefit from late payments, a delay in incoming revenue can be disastrous for small or medium sized companies. With many SMEs relying on continuous cashflow, unpaid debts can affect the operation of the business as a whole.

As many SMEs don’t have the capacity to employ in-house debt recovery experts, they can find it difficult

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How can I resolve my commercial dispute without going to court?

Commercial disputes can prove costly for all types of businesses. Whether you operate as a sole trader, an SME or as a multinational corporation, resolving disputes quickly is key to maintaining good cashflow and the ongoing success of the business. Whilst disputes can arise over any type of business transaction, issues relating to goods or services supplied commonly arise when you start chasing your client or customer for outstanding payments.

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