We use our experience to provide cost effective solutions in recovering debts to maximise cash flow for your businesses.
Stage 1 – Initial Consultation and Letter Before Action
- Taking instructions
- Reviewing documentation
- Preparing letter before action
- Reporting the response back to the client
£175 plus VAT or 10% of the money recovered (whichever figure is higher)
Please see cost section at the bottom of this page for more details of our pricing structure.
Stage 2 – Court Claim
If the debtor hasn’t made the payment after the initial process, we will issue a claim in the County Court and seek an undisputed judgment against the debtor.
We can claim for the amount owed by the debtor and any Interest and compensation that would be payable on the debt.
£250 plus VAT
Stage 3 – Insolvency
We can advise on the best way to secure payment of the money owed to you. This may mean service of a Statutory Demand. We can draft and arrange for service of the Statutory Demand, if interested. When the individual or company that owes you money (the ‘debtor’) receives a statutory demand, they have 21 days to either pay the debt or reach an agreement to pay.
If payment is not received we can, if instructed, issue a Bankruptcy of Winding up Petition.
Statutory Demand – £350 plus VAT
Bankruptcy or Winding Up Petition – £500 plus VAT
Stage 4 – Enforcement
If a County Court Judgment (CCJ) has been entered against a debtor it is then possible to ‘enforce’ that Judgment immediately. Various enforcement options are available and we will advise you of your options if and when we get to this stage.
£400 plus VAT
The above assumes that the debts are not disputed. If at any stage the debt does become disputed the matter will need to be dealt with by the Dispute Resolution team. If this becomes necessary we can advise you on the costs that may be involved. The quoted figures do not included disbursements such as Process Servers our Court Fees.
The time it takes to recover a client’s debt varies. We will act swiftly but external factors could delay the process. Our solicitors will keep you informed throughout the process.
The above figures are the minimum costs for each service. If your debt is recovered we will charge 10% plus VAT of the money recovered. If 10% of the recovered funds is lower than the minimum costs, we will charge the fees set out on this page.
If you would like more information please contact:
Karl Thomas, Partner and Head Employment and Dispute Resolution
Number – 029 2080 3112
Email – ThomasK@loosemores.co.uk