What is a Letter Before Action?

 

deadline

Several debt recovery news articles over the past few days have mentioned the positive effects of a ‘Letter Before Action’, but what exactly is one of those?


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Outstanding SME invoices total estimated £212bn

outstanding debts

The total amount owed to SMEs in the UK via outstanding invoices has been placed at an estimated £212 billion in a survey by e-invoicing network Tungsten.


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Late payment leaves Lotus suited but not booted

formula 1

The Lotus F1 team were left suited but not booted after a late payment to tyre suppliers Pirelli saw their wheels withheld in Friday practice ahead of the Hungarian Grand Prix.


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Anti-invoice-finance loophole to be closed

money

A legal loophole that inadvertently prevents small businesses from obtaining invoice finance on their outstanding invoices will be closed from the start of next year.


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What will rising interest rates mean for debt recovery?

money

Although the Bank of England’s Monetary Policy Committee decided to hold interest rates at 0.5% again in their August meeting, economists are generally agreed that the first rises are imminent.


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BCC: No need to raise rates

stop

The Bank of England this month opted once again to maintain the base rate of interest at its historically low level of 0.5% despite growing expectations of a rise – so what does this mean for businesses?


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One day in the red – a snapshot of UK credit

UK flag

On July 27th, several different companies in the financial services industry published reports relating to consumer credit, giving a rare one-day snapshot from a variety of perspectives.


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A Commissioner for supply chain credit disputes?

dispute

One of the great catch-22 of supply chain credit control is that the supplier is often a small business and the customer is often a bigger brand – putting the bargaining power firmly in the hands of the debtor.


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Aged debts – how much can I recover?

debt

Recently we’ve been talking about aged debts, which is not an entirely technical term but loosely means anything you might normally give up on, or anything that’s getting close to the six-year cut-off point put in place by the statute of limitations.


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Late payment leads 3 in 10 sole traders to stop service

chasing payment

We talk a lot about late payment among companies – from micro-businesses with 1-3 employees, right up to the big brands with 500+ in their workforce.


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