Debt Recovery up to £100,000
We can help you secure the repayment of a debt owed to you. This relates only to debt recovery up to £100,000. Our service is highly bespoke and will be tailored to your needs and type of debt to be recovered. You should note, however, that the course of the matter will be influenced significantly by the approach taken by the debtor and, as with all dispute resolution, there is no guarantee that you will be successful.
What is included
Taking your instructions and reviewing documentation.
Undertaking appropriate searches on the debtor.
·Sending a letter before action.
Receiving payment and sending the same to you, or if the debt is not paid, drafting and issuing a claim.
Where no acknowledgement of service or defence is received, applying to the court to enter judgment in default.
When judgment in default is received, writing to the debtor to require payment.
If payment is not received promptly, then providing advice on next steps and likely costs.
What is excluded
The fees set out below would not include any further work, such as dealing with any defended debt (whether through litigation, negotiation or any alternative means of dispute resolution), any enforcement of a judgment, insolvency proceedings, any ancillary applications (such as an application to strike out or amend), any counter-claim or any appeal.
What we charge
We charge an hourly rate for our services. The hourly rates of our solicitors vary, as do the number of hours required to recover a debt. Dispute resolution is inherently unpredictable, and each debt and debtor are unique. To give you an indication of our likely fees associated with the work set out above under the heading “What is included”, we set out below example fee estimates for matters of varying complexity:
Low complexity – from £2,000 to £4,000
Mid complexity – from £4,000 to £7,500
High complexity – in excess of £7,500
The following factors are likely to increase the complexity of the matter:
The debtor having a defence, counterclaim or a right of set off.
There being multiple parties to the recovery action.
The debt having been assigned or factored.
The debtor appointing solicitors.
A higher-value debt.
The debtor being based overseas.
The debtor being hard to locate.
The debtor being hard to serve.
The legal or factual basis for the debt being complicated, disputed or unclear.
You being unfamiliar with litigation in the English courts.
In addition to our fees, you will need to budget for some or all of the following:
Instructing a barrister to represent you in court.
Instructing a process server to serve your claim on the debtor.
Instructing overseas legal advisers to advise on any elements governed by matters of foreign law.
Instructing finding agents to locate hard-to-find debtors.
Court fees for starting proceedings and at other stages in the litigation process. The court fees for starting proceedings range from £25 to £10,000, depending on the value of the claim.
We would usually discuss these additional third-party costs and services (known as disbursements) with you in advance and incur those costs on your behalf when necessary. You are responsible for these costs, though we would usually handle their payment for you to ensure a smoother process and add these costs to your invoice.
The figures indicated are exclusive of VAT.