Claim Calculator Helps With Late Payment Costs
Businesses worried about the cost of recovering bad debt or late payment costs can now get an immediate indication of costs with the new claim calculator…
The issue of paying for claims against bad debts or puruing late payments can be a concern for small businesses when they do not know what the costs of action will be.
A new claim caculator, launched by Guildford law firm Lovetts, allows businesses to enter their details so that fixed costs, interest and compensation can be worked out before taking action.
Taking advanatge of the Late Payment legislation introduced in 2013, the claim caculator tool estimates the interest, reasonable recovery costs, admin and legal fees.
The tool has been designed to empower businesses and give them the confidence to pursue bad debts by showing that the expenses of pursuing the claim could be balanced out by any recoverable costs to which they are entitled.
Charles Wilson, the CEO of Lovetts, commented:
“The Lovetts Claim Calculator is simple to use and gives an immediate indication of the different types and levels of costs that can be recharged against the debtor when making a claim. We believe that if businesses know the costs that can be recovered as a minimum, they will have greater confidence in pursuing a claim to recover outstanding debt. However, before proceeding, we recommend getting free advice from one of our legal team to ensure they can actually claim.”
“This enhancement to our website is part of Lovetts’ commitment to helping businesses reduce their legal costs and get the best results when chasing debts.”
The Late Payment of Commercial Debts Regulations came into force on the 16th of March 2013 and applies to invoices on contracts made after that date.
Payment must be made within 30 calendar days of the receipt of the supplier’s invoice or 60 days if there is an express payment term. Mutually-agreed terms beyond 60 days are allowable as long as they are in writing and not "grossly unfair". More can be seen in the business advice article Get Paid on Time – Now it’s the Law!
To use the tool visit the Lovetts Claim Calculator