Small Businesses Move Faster on Late Payers

Small firms are putting the pressure on and chasing overdue invoices more quickly than they were a year ago, new research has revealed. According to debt-recovery law firm Lovetts, small businesses are issuing Letters Before Action (LBA) 33 days sooner than during the same period in 2010. LBAs are typically sent out in an attempt to secure payment before legal action is started to recover a debt. The law firm said that the number of claims issued to recover payment had risen by 9 per cent, while the total value of claims had also increased by a quarter in the past year. Results were based on analysis of LBAs issued and claims made on behalf of Lovetts’ clients. Charles Wilson, Lovetts’ chairman and managing director, said the findings echoed business behaviour last seen just before the 200... »