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Are Two Suppliers Better Than One?

For many businesses, it is no longer favourable to be locked into one contract for a service. Instead, companies are employing two or more suppliers for the same service. Those who adopt this strategy say they are able to negotiate costs more effectively and have seen an improvement in the quality of the service they receive.

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7 Late Payment Excuses & How To Deal With Them In Debt Recovery

Late payment is a common problem for all businesses. Large companies aren't excused from urging businesses to pay suppliers on time and calling for small firms to pursue those who put them at risk by delaying this frustrating everyday occurrence either, and they too face the battle to receive payments on time. Here we reveal the most common excuses for late payments and how you can deal with them.

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Your 12 Point Guide To Writing A Debt Recovery Letter Before Action

Starting legal proceedings should always be the last resort when it comes to debt recovery. That’s because reminding a debtor of his or her responsibilities, along with the potential consequences of not paying, is often enough to secure compliance. In the final stage of correspondence this is done through a document known as a letter before action, or LBA.

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Debt Recovery Solicitors vs Debt Collection Agents

If you are owed money that isn’t being repaid then you are probably wondering how you can get it back. The two main options available are debt collection agents and debt recovery solicitors. But which is best?

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Debt Recovery Do's and Dont's

Unpaid debts are unfortunately an everyday occurrence for many business owners and finance teams. Debt collection can be frustrating, time consuming and can seriously affect cashflow. But no business can afford to ignore debt recovery. 

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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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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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Low Cost Letter Before Action Collects Debt In 84% Of Cases


"Cut to the chase" urges Lovetts, in response to latest initiative to stamp out late payment

For roughly the cost of a coffee or daily newspaper, firms struggling with late payment can instruct a solicitor to issue a Letter Before Action and have an 84% chance of being paid according to new data from Lovetts, the commercial debt recovery law firm.
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Businesses Must Claim For Late Payment Compensation

Massive payout due to firms, for late payments going back 6 years

Today, the Institute of Directors has said that large businesses risk regulation by failing to pay their bills on time. James Sproule, chief economist at the IoD said: “If large businesses continue to behave in this way, they are inviting regulation.

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What Pitfalls Are There In Claiming Interest In Company T&Cs?

More and more businesses are including clauses in their Terms & Conditions to allow them to claim interest or costs from their debtors for late payment. However there is a significant risk that if these clauses are not drafted properly you could end up losing out on your entitlement to these costs.

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