DEBT RECOVERY FEES
Our Solicitors have considerable experience in pursuing debts against individuals or companies, and can provide advice as to the best way of recovering any monies that you are owed.
The costs below apply to a claim for an outstanding debt which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, calculated at our hourly rate.
Debt value Court fee Our fee (incl. VAT) Total
Up to £10,000 £35-£455 depending on £1,500.00 (Exc VAT) £1,835 -£2,255
the value of the claim
£10,001 – £50,000 5% of the value of the £2,000.00 (Exc VAT) £2,900 – £4,900
£50,001 – £100,000 5% value of the claim £3,000.00 (Exc VAT) £6,100 – £8,600
£100,001 – £2000,000 5% value of the claim £5,000.00 (Exc VAT) £11,000 – £16,000
£200,000 and above £10,000 5% of the value
of the Claim (Exc VAT)
Anyone wishing to proceed with a claim should note that:
The VAT element of our fee cannot be reclaimed from your debtor.
Interest and compensation may take the debt into a higher banding, with a higher cost.
The costs quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt.
The costs quoted above are not for matters relating to bankruptcy of winding up
Our fee includes:
Taking your instructions and reviewing documentation
Undertaking appropriate searches
Sending a letter before action
Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
Where no Acknowledgement of Service or Defence is received, applying to the court to enter Judgement in default
When Judgement in default in received, write to the other side to request payment
If payment is not received within 14 days, providing you with advice on next steps and likely costs
Matters usually take 4 – 6 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgement in default. If enforcement action is needed, the matter will take longer to resolve.