Debt Recovery Pricing
Thank you for looking at our 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 litigation both in and out of court, our debt recovery service is fast, efficient and economical.
We have an experienced team who can assist you with recovering both disputed and undisputed debts – please see our team profile page for more details of each individual team member’s qualifications and experience. This page covers our pricing for undisputed debt recovery – please get in touch to find out more about our fee structure for pursuing disputed debts. We pride ourselves on our exceptional customer care skills enabling you to send out the right message and retain the goodwill of your customers whilst recovering outstanding payments.
We can offer you clear, practical advice and will discuss all the options available to establish the most appropriate way of dealing with debtors. We have tried and tested processes in place to ensure we can recover undisputed debts quickly, efficiently and cost-effectively, with transparent fixed fees.
We are proud to hold Lexcel Accreditation, issued by the Law Society. This involves the company undergoing a rigorous audit process which ensures we maintain high levels of client care.
We appreciate that the fees involved in debt recovery are important to you. We review our fees on a regular basis, considering client’s feedback, to ensure we continue to offer a cost-effective debt recovery service.
We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. These costs apply for unpaid and undisputed payment of invoice(s). If during the debt recovery process, the matter becomes disputed or enforcement action is required (where you need to appoint a bailiff), we will discuss the change in fees with you and agree a way forward.
We charge fixed fees for sending an initial letter before action, the value of the fixed fee will depend on the number of instructions we receive from you. Typically, the cost of sending the initial letter can be from £5.00 to £50 plus VAT.
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.
The following fixed fees apply to undisputed debt claims where court proceedings are necessary.
Up to £5,000
£5,001 - £10,000
5% of the value of the claim
£10,001 - £50,000
5% value of claim
Our fees are fixed and include items detailed above, however there may be factors which would typically increase the cost of the fees. Where there is likely to be any additional cost, we will tell you at the earliest opportunity and give you a clear estimate of those extra costs.
Factors that may lead to an increase in cost include:
- Enforcement proceedings
- Instructing a Bailiff
A typical debt recovery will take between 2 to 6 weeks, from instruction through to payment from the other side. This may be quicker or longer depending on whether we are required to issue a claim and whether the other side pay promptly on receipt of any Judgment issued by a court. As detailed above, if enforcement action is required, we will discuss the fees and timescales involved.
With every transaction there are key milestones, which may vary according to individual circumstances. Our fee will include these milestones and may be as follows:
- Taking your instructions and reviewing documentation
- Undertaking appropriate searches
- Issuing a letter before action requesting payment from the debtor
- Receiving payment and sending this on to you
- Drafting and issuing a claim form to the relevant court if the debt is not paid
- Applying to the court to enter a Judgment in Default if the debtor fails to respond to court proceedings
- Contacting the other side to request payment where a Judgment in Default has been issued by the court
Face-to-face not faceless…
Working out fees and the options for dealing with debt recovery and disputes can be tricky; it will vary according to individual circumstances. We have a dedicated enquiries team who specialise in providing jargon free, initial advice to help you get the information you need, so there are no surprises down the line. Call us on 0800 118 1500, or email email@example.com.
For more information please contact us