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.

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.

Why Us

We have an experienced team who can assist you with recovering debts. 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 debts quickly, efficiently and cost-effectively, with transparent fees.

We are proud to hold Lexcel Accreditation, issued by the Law Society. This involves the firm undergoing a rigorous audit process which ensures we maintain high levels of client care.

Pricing

We appreciate that the amount of fees involved in debt recovery is an important matter for you. We review our fees on a regular basis, and you will be kept informed of the amount of fees that your instructions are involving as we act upon your instructions to recover.  We offer an initial meeting to discuss your debt recovery options for up to an hour for a fixed fee of £125 (plus VAT).  Thereafter, should you choose to proceed with our instruction, then the following rates of fees will apply:-

  1. £250 per hour for attendance and preparation on documents
  2. £25 per letter or e-mailed correspondence
  3. £12.50 per routine letter or e-mail that is received.

Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.

Factors that may lead to an increase in cost include:

  • Enforcement proceedings following the obtaining of judgment.
  • Instructing a Bailiff

 

Example

Were you to instruct ourselves to demand and pursue a debt of £15,000 by means of County Court proceedings for judgment, then the following steps would apply with the shown average costs arising:-

1.     Letter of demand – Pre-Action Protocol steps - £400 + VAT

2.     Drafting and issue of claim - £750 + VAT

3.     Court fee to issue is presently £750

4.     Obtaining Judgment in Default - £250 + VAT

5.     If defended attendance upon Case Management Conference - £1,000 + VAT

6.     Pre-trial matters - £1,500 + VAT

7.     Trial (Fast-Track – 1 day) £2,500 + VAT

8.     Court fee for trial presently fixed at £545.

Totalling for this example - £5,500 + VAT for costs 

                                                 £1,305 for Court fees

(NB:- costs are generally recoverable against the unsuccessful party subject to the discretion of the Court)

Time Scales

You will be advised as to the likely time-scales for a debt recovery action upon instructing ourselves in the matter.  For the above example the period would be an average 6 – 9 months.  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, additional fees and timescales involved at that time.

Key Milestones

With every transaction there are key milestones, which may vary according to individual circumstances. Our fees charged will reflect the stages that your case progresses through, such as:-

  • Taking your instructions and reviewing documentation
  • 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/or issuing a Statutory Demand
  • Applying to the court to enter a Judgment in Default if the debtor fails to respond to court proceedings
  • Presenting your action before the Court if proceedings/statutory demand are contented.