77 High Street
Tel: 020 8658 3922
Fax: 020 8658 8694
Debt Recovery Pricing
We are able to arrange for a Letter Before Action (LBA) to be sent to your debtor from £5 plus VAT. Our commission rates start at 5% plus vat. Discounts are offered dependant on the volume of matters we are instructed on and the value of each debt.
These costs apply where your claim is in relation to an unpaid invoice 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, which could be on a fixed fee (e.g. if a one-off letter is required), or an hourly rate if more extensive work is needed.
SCALE OF COSTS FOR DEBT RECOVERY PROCEEDINGS IN THE COUNTY COURT BUSINESS CENTRE FOR UNDISPUTED ACTIONS
FROM 9TH March 2015
DEBT AMOUNT PLUS STATUTORY INTEREST CLAIMED
CLAIM FORM FEE
CLAIM FORM COSTS
DEFAULT JUDGMENT COSTS
4.5% of Claim amount
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.
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 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 14-30 days, providing you with advice on next steps and likely costs
Depending on what response we receive from a debtor, matters can usually be resolved in a matter of weeks or a number of years 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.