Debt Recovery Cost Guidelines
Where the level of your debt is not disputed, we are happy to provide a fixed fee for our work. These charges would apply for instance if the debtor accepts that the debt is owed but, for whatever reason, was not paid.
The work included in the fees outlined below is as follows:
- Taking your instruction and reviewing your documents.
- Sending a letter before action.
- Receiving payment and sending onto you or, if the debt is not paid, drafting and issuing your claim.
- Where no Acknowledgement of Service or Defence is received applying to the Court to enter Default Judgment.
- When Judgment in Default is entered, writing to the debtor to request payment.
- If payment is not received we will advise on the next steps including the likely costs.
The time it takes to progress your matter will depend on a number of factors but perhaps most relevant will be whether proceedings need to be issued. We would, however, estimate that matters will take between 3 and 15 weeks depending upon what action is needed.
|DEBT VALUE||COURT FEE||OUR FEE|
|Up to £5,000||Will range from £35 to £205 depending upon the size of the claim||£690 plus VAT|
|£5,001 to £10,000||Will range from £205 and £455 depending upon the size of the claim||£920 plus VAT|
|£10,001 to £50,000||The Court fee will be 5% of the value of the claim||£1,265 plus VAT|
We are also able to assist when the claimed debt is disputed or if enforcement proceedings are needed to continue a Judgment that has been obtained.
Given that each case in these circumstances is likely to be somewhat unique, we do not offer a general fixed fee. In these circumstances all work will be undertaken on an hourly rate basis with the hourly rate of £240 per hour plus VAT being applied. We would, however, be happy to discuss fixed fees for the different stages of such matters to help provide you with certainty but would so do on a case by case basis.