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Debt Recovery Pricing
Thank you for looking at our Commercial Debt Recovery services. Debts can arise in all walks of life and we regularly advise and assist businesses and individuals alike.
The bulk of our debt recovery instructions come from businesses across various sectors. With many years of experience and strong expertise in dispute resolution both in and out of court, our debt recovery service is fast, efficient, and cost-effective.
Why us?
We have an experienced team who can assist you with recovering both disputed and undisputed debts. We will offer you clear, practical advice, and we will ensure that you understand all of the options available to recover what is owed to you.
Our Debt Recovery Team is led by Andrew Turner, Director and Solicitor in the Litigation Department. Click here to learn more about the team.
Pricing
We understand that it is important to minimise the fees involved in debt recovery. With this in mind, we review our fees on a regular basis, considering clients' feedback, to ensure that we maintain a cost-effective debt recovery service.
We work on a fixed fee basis so that from the outset you know precisely what the fees will be for your recovery action. These costs apply in relation to undisputed debt recovery claims. If during the debt recovery process, the matter becomes disputed or enforcement action is required (involving the appointment of a bailiff), we will discuss and agree with you the change in fees. Hourly rates apply to additional work.
When claiming costs from the debtor, it is important to note that the VAT element of any fees cannot be claimed. You can claim interest and compensation and we will advise you of the applicable rates.
Debt Value | Court Fee | Our Fee (including VAT) | Total |
|---|---|---|---|
Up to £300 | £25 | £300 | £325 |
Greater than £300 but no more than £500 | £35 | £300 | £335 |
Greater than £500 but no more than £1000 | £60 | £600 | £660 |
Greater than £1,000 but no more than £1,500 | £70 | £600 | £670 |
Greater than £1,500 but no more than £3,000 | £105 | £900 | £1,005 |
Greater than £3,000 but no more than £5,000 | £185 | £900
| £1,085 |
Greater than £5,000 but no more than £10,000 | £410 | £900 | £1,310 |
Greater than £10,000 but no more than £15,000 | 4.5% of the value of the claim | £1,200 | £1,200 plus Court fee |
Greater than £15,000 but no more than £50,000 | 4.5% of the value of the claim | £1,500 | £1,500 plus Court fee |
Greater than £50,000 but no more than £100,000 | 4.5% of the value of the claim | £1,800 | £1,800 plus Court fee |
Exclusions
Our fees are fixed on the basis of the debt values detailed above. Please note that interest may take the debt into a higher banding, with a higher cost. The costs detailed above do not include enforcement action, such as the appointment of bailiffs.
Timescale
Where a debt claim is not defended, it can typically take 8 weeks from service of a letter of claim to receipt of Judgment in Default. A solvent commercial debtor will ordinarily pay upon being served with the Judgment in Default.
If enforcement action is required, the matter will take longer than 8 weeks to resolve and involve additional costs which will be agreed with you in advance.
Services included within the fixed fees
The fixed fees detailed above include the following:
- Taking your instructions and reviewing documentation
- Undertaking appropriate searches
- Sending a letter before action
- Receiving payment and forwarding payment to you or, if a debt is not paid, drafting and issuing court proceedings
- Where no Acknowledgement of Service or Defence is received, applying to the Court to obtain Judgment in Default
- When Judgment in Default is received, writing to the other side to demand payment
- If payment is not received within the specified timescale, providing you with advice on next steps and likely costs
