Why work with our Debt Recovery team?
Chasing those that owe you money is time consuming, frustrating and a waste of valuable resources. It is damaging to cash flow and damaging to business and relationships. We offer a specialist advice and a cost-effective process to recover debts.
We are commercial in our approach. We understand the need to balance the money owed against the cost of recovery of the money owed. Our experience tells us that a well timed and well drafted solicitor’s letter can be all that is required but sometimes the full force of court action is the only way and we will advise you on which course of action is most suited to your situation.
With a challenging economic outlook predicted for the foreseeable it is more important than ever to ensure that businesses have procedures in place for prompt, cost effective, commercially astute debt recovery.
How we can help you?
Debt Recovery up to £100,000 fixed fee charges
Stage 1- Pre-action
In our experience, if the debt is undisputed, most matters will settle at this stage. We will send a letter to the debtor demanding that payment is made immediately. The letter will threaten county court or insolvency proceedings in the event that payment is not made and we will follow up with a chaser and a telephone call if necessary.
- First letter of demand £65 + vat
- Second letter of demand £35 + vat
- Detailed reply and final demand letter £95 + vat
- Negotiating a settlement/instalment plan £125 + vat
- Drafting a settlement agreement £150 + vat
Stage 2 – Court action
If payment is not recovered at Stage 1, we will issue a county court claim against the debtor. Once the claim is issued, the debtor will have 14 days to respond after which time we can apply for default judgment then move onto enforcement. It usually takes the court about 2 weeks to enter a judgment once they have received our request.
- Request a judgement £95 + vat
Stage 3 – Enforcement
If the debtor fails to respond or pay following stage 1 and 2, we are left with no alternative but to start enforcement proceedings. There are a number of options available and how we proceed will largely depend on the facts of the case and level of debt. We will go through the options with you first. Please see below for our standard costs and court fees for this stage.
- Letter demanding payment of judgement £65 + vat
- Letter threatening winding up petition £65 + vat
- Warrant of execution £95 + vat
- Writ of Control £65 + vat
- Charging Order (excl hearing) £750 + vat
- Third Party Debt Order £500 + vat
- Order that debtor attends for questioning £350 + vat
Third party Costs – NB these may be subject to change without notice
- Court fee for writ £66
- Court fee for Warrant and third-party orders £110
- Court fee for debtor questioning £55
- Attachment of Earnings application £200
- Process Server £150 – 300 +VAT
- High Court Enforcement officer fee £90
- Registration of charging order £40
- Agent/Counsel fees £ dependant on hearing
- Detailed advice by appointment on enforcement options £250 +vat ph
The above prices relate to undisputed debt only. If your debt is disputed, we will go through your options with you and provide a fee estimate based upon our hourly rates.