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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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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Michael Higgins Appointed Managing Director Of Lovetts Debt Recovery

Lovetts, the commercial debt recovery law firm based near Guildford has appointed Michael Higgins as Managing Director, with immediate effect.

Michael joined Lovetts in 2007 and has played a significant role in its growth and the launch of innovative solutions to support the cost-effective and speedy recovery of bad debt. Michael, a qualified solicitor, joined the Lovetts management team in 2012,with responsibility for the Commercial Litigation Department and in 2014 he was made Operations Director.

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More Businesses Act On The Late Payment Act

Making It More Expensive For Customers To Pay Late Confidence Boosted By Ability To Recover Costs

More businesses are taking matters into their own hands when it comes to tackling late payment rather than wait for Government intervention according to new analysis by Lovetts, the commercial debt recovery law firm.

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Conciliation Service Will Do Little To Solve Late Payment Problem

Lovetts Responds To Business Secretary’s Proposals

Secretary of State for Business Sajid Javid has today confirmed the creation of a Small Business Conciliation Service to help settle disputes between small and large businesses, especially over late payment practices. This will form part of the government's new Enterprise Bill.

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SMEs Denied Access To Justice In Court Fees Shake-Up

Access to Justice for SMEs across the UK was dealt a hard blow in recent weeks. Following a Government consultation last year, in March 2015, a new Court Fee tariff was introduced. As a result, the Court Fees for money claims to recover overdue debt from businesses rose in some cases by a staggering 622%. 

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Late Payment: Late Payers Allowed 20 More Days To Pay In Q1 2015

Time From Invoice To Letter Before Action Increases 24% Year On Year

New figures on the amount of debt UK businesses are dealing with through late payment of their invoices throw into sharp relief the huge scale of the issue. With respected industry bodies such as The FSB and IoD calling for action, the new figures from Lovetts,

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Late Payment Bullies Liable For Compensation Claims In £Millions

Tesco Could Face Claims Amounting To Over £60m From Suppliers

Lovetts, the commercial debt recovery law firm is warning major businesses who have consistently paid their suppliers late that they could be liable for compensation claims amounting to millions of pounds.

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Businesses Get Lax On Late Payment As Confidence Grows

Average Debt Owed To Business Rises 

The current boom in UK business confidence could be short-lived if firms fail to keep an eye on cashflow warns Lovetts, the commercial debt litigation firm. In the third quarter of 2014, businesses saw the average debt owed to them rise by 17% on Q2 2014.

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Lovetts grows litigation team as demand for legal advice jumps

Cassandra McCarthy joins the Commercial Litigation team

Lovetts Plc, the debt recovery law firm has seen demand for its subscription based legal advice service jump significantly in 2014 compared to 2013. With demand set to growfurther as the recovery continues and as other law firms withdraw legal advice services for SMEs*, Lovetts has expanded its team of solicitors with the appointment of Cassandra McCarthy as a solicitor in the Commercial Litigation team.

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Lovetts grow Debt Recovery team

Ben Millward Appointed Paralegal To Enhance Recovery Success

Commercial debt recovery law firm, Lovetts Plc has expanded its legal team with the appointment of Ben Millward as Paralegal.

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