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2 out of 3 Businesses Are Failing To Take Advantage Of Free Debt Recovery

Yet almost 1 in 4 is experiencing more late payment problems, reveals Lovetts

August 2014 - A survey of over 100 businesses by Lovetts Plc, the commercial debt recovery law firm has found that while late payment issues have worsened in the past year, few firms are fully exploitingtheir legal and regulatory rights

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Businesses Are Busy, But Battling Bad Debts

The Number Of Debts Referred For Legal Collection Jumps By 27%

Reports that business confidence is now at its highest level in 20 years have been borne out by the latest late payment analysis from Lovetts Plc, the commercial debt recovery law firm.

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94 Days Is The Limit For Late Payers

4 Months Is Typical Waiting Time For Payment From Invoice Point

From gentle reminders to pointed demands, businesses are waiting 94 days on average before admitting defeat and using the threat of legal action through a Letter Before Action (LBA) issued by their solicitor to prompt payment on overdue invoices.

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Businesses Act Faster On Debts

In a further sign of increased business confidence, during Quarter 4 2013, businesses clamped down on the time they allowed customers to delay payment before threatening legal action.

The time from invoice to instructing a Letter Before Action (LBA) to be issued decreased by 12 days between Q3 2013 and Q4 2013, according to the latest debt recovery statistics from commercial debt recovery law firm, Lovetts Plc. Furthermore, the average debt being chased rose by 31% on the previous quarter.

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How To Best Manage Your Legal Claims

Sending a letter before action (LBA) is only as effective as the creditor’s willingness to enforce it. The risk is that once debtors know you have no intention to carry out your threat of action, your front line weapon rapidly becomes increasingly ineffective.

You may be reluctant to make a claim due to worries about offending your larger clients because you are fearful of not getting further orders.  You shouldn’t be.

If you have tried every other avenue of approach with no success, it is worth remembering that a customer who is no longer paying your invoices is no longer a customer? They are a debtor.

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