Cost-Free Debt Recovery Through Lovetts’ CaseManager
Lovetts enhances CaseManager to make cost recoveries part of Claims www.lovetts.co.uk
Lovetts PLC, the law firm specialising in commercial debt recovery, is making it easier for businesses to take advantage of new regulations introduced this year to recover reasonable costs in pursuit of a claim. The firm has enhanced CaseManager, its innovative online client portal, to allow reasonable costs to be added to Claims as an automatic part of the process – effectively making Claims cost free.
In March this year, the Late Payment of Commercial Debts Regulations 2013 was passed which allows creditors to include all reasonable costs of recovering a debt, including any administration or legal fees, not covered by fixed amounts of compensation. As creditors need to be able to quantify those costs Lovetts has calculated the appropriate amounts which in most cases will cover all the legal fees and costs of issuing a claim. Streamlining the whole recovery process, businesses using CaseManager will find these costs added as part of the claim being issued.
Charles Wilson, CEO of Lovetts said: “We know that our clients are always looking for ways to reduce their legal costs. That’s why we have made this important enhancement to CaseManager, our unique online case management system. Provided the debtor pays in full, clients should effectively get free debt recovery. Normally these costs would have been irrecoverable.
“The only limitation is that the costs and compensation together must be ‘reasonable’ and the contract terms must not provide another “substantial remedy” for the creditor’s compensation, costs or interest. Therefore as an important back up to the service, we are offering clients free preliminary advice on what their Terms of Business actually allow them to claim. A quick chat with our one of our legal team will soon determine whether the new regulations can be applied.
“This latest development is a further demonstration of Lovetts’ commitment to exploit technology to help deliver efficiencies and saves costs for businesses pursuing commercial debts.”