Cash collection is key to the health of any business. We have experience in acting for all types of business in debt recovery. We undertake volume collection of debts for business clients and are happy to discuss and agree appropriate rates to undertake such work
Our work is charged at an hourly rate. Hourly rates depend upon the level of fee-earner as follows:
– Partners, Solicitors and Legal Executives with over 8 years’ experience £200 plus VAT
– Solicitors and Legal Executives with over 4 years’ experience £175 plus VAT
– Other Solicitors and Litigation Executives £140 plus VAT
– Trainee Solicitors and Paralegals £100 plus VAT.
We will provide an estimate of costs at the outset and submit regular interim invoices so that clients are fully aware of the costs incurred.
The following court fees will also be payable if court proceedings are required:
– Up to £300 = £35
– Greater than £300 but no more than £500 = £50
– Greater than £500 but no more than £1,000=£70
– Greater than £1,000 but no more than £1,500 = £80
– Greater than £1,500 but no more than £3,000 = £115
– Greater than £3,000 but no more than £5,000 = £205
– Greater than £5,000 but no more than £10,000 = £455
– Greater than £10,000 but no more than £200,000 = 5% of the value of claim
– Greater than £200,000 = £10,000
Anyone wishing to proceed with a claim should note that interest and compensation may take the debt into a higher banding, with a higher cost.
The work we undertake on your debt recovery matter charged at the above hourly rate 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 Acknowledgment 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 7 days, providing you with advice on next steps and likely costs
Simple debt recovery matters usually take 1-8 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether 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.