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|For the cost of a coffee, a solicitors’ letter prompts payment in 84% of cases|
|Wednesday, 12 August 2015|
For roughly the cost 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. Responding to the invoice financing reforms, which may only benefit a small number of businesses, Lovetts is urging firms struggling with cash flow to use the low cost tools already available to them to tackle late payment at an early stage.
A Letter Before Action (LBA) is a formal letter which sets out what is owed and gives the customer a set time period in which to pay. A new service from Lovetts means clients can opt to issue an email LBA for as little as £1.50 plus VAT, putting the demand for payment straight into a company’s inbox. There is no minimum spend or commitment, making this a practical and cost-effective solution for SMEs.
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