Trying to collect money from a debtor can be both difficult and time consuming, especially if the debtor is unwilling to cooperate or is proving impossible to locate. We recognise that there is often not enough time in the day to deal with running your business alongside chasing payment of unpaid debts.
We aim to relieve the pressure upon you so that you can focus your attention back on your business, in the knowledge that the debtor is being taken to task.
There are various routes that can be taken with a view to the recovery of unpaid debts, and we work closely with you to decide upon the best course of action in your particular case.
In particular, we provide advice and assistance in relation to:
- Engaging a tracing agent
- Negotiating payment terms
- Serving statutory demands
- Commencing bankruptcy proceedings
- Issuing money claims
- Enforcement proceedings
We would usually seek to have an initial consultation with you at the outset of the matter so that we can establish the relevant details and facts. If you decide not to pursue the matter, a consultation fee of between £75.00 - £125.00 plus VAT would be charged.
If, alternatively, you decide to proceed with the matter having discussed it with us at the consultation, our fees would be:
- £500.00 + VAT for debts up to £10,000.00;
- 1% of the value of the debt for debts in excess of £10,000.00 but no more than £50,000.00
- 10% of the value of the debt for debts in excess of £50,000.00 but no more than £100,000.00
Our fees quoted above assume that no defence is raised by the debtor. If a defence is raised, all further work would be carried out on an hourly basis at the rate of between £200.00 - £300.00 per hour.
The above costs do not take into account the amount of Court fees and other disbursements, such as counsel’s fees (if required).