| Debt Recovery > Our Fee |
| Depending on the volume of debt recovery that you require, we are always happy to negotiate individual packages to suit your needs, including a discount on rates. In general practice we offer a standard debt recovery package. Its details are set out below: |
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| For Uncontested Debts [No Win - No Fee] |
We do not charge any fee at all to issue a letter before action but will instead take a percentage share of the debt recovered. This is normally called No Win - No Fee. The percentages we will receive exclusive of VAT (we are not VAT registered as yet) are as follows:- |
| £1.00 |
- |
|
£250.00 |
= |
|
25% |
| £251.00 |
- |
|
£500.00 |
= |
|
15% |
| £501.00 |
- |
|
£1,000.00 |
= |
|
10% |
| £1,001.00 |
- |
|
£2,500.00 |
= |
|
5% |
| £2,501.00 |
- |
|
£5,000.00 |
= |
|
4% |
| £5,001.00 |
& |
|
above |
= |
|
3% |
|
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In a large debt if you do not find it advantageous to employ our No Win - No Fee service for letters before action then in those circumstances we are happy to individually negotiate the cost of a letter before action which will typically be a fixed fee of £40 for a single instruction. |
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| What happens if recovery is not made following a letter before action? |
In this situation the next step will be to issue a Claim Form, in the local County Court where your debtor is situated. In such an event, you will be able to claim not only your invoice sum but, in addition, a claim will be made for statutory or contractual interest, our fixed costs on issue (£100) and the Court issue fee that is payable to the Court. Where debts are business to business debts, compensatory costs may be claimed in addition.
In these circumstances we would keep our fixed costs on issue in payment of our fees plus a percentage of the monies recovered according to the scale set out above.
If a debt is recovered following the institution of Court proceedings then, whilst we will keep our fixed costs, any court fees paid and interest that is recovered as part of the Judgement Debt will be returned to you. The only cost to you will be our success fee in recovering the debt and the fixed costs for issuing the proceedings in the court. |
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| What happens if no recovery is made? |
In the event that no recovery is made then our charges will be limited to our fixed costs on issue (£100). |
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| What happens if you are not interested in No-Win, No-Fee basis? |
| We are very happy to accept instructions from clients who do not wish to deal with recovery of a No Win - No Fee basis. In those circumstances, depending upon the complexity of the matter, you will be referred to a Fee Earner with the relevant experience for collection, who will make an hourly charge agreed with you in advance. |
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