Debt Recovery Fees
The costs set out below apply where your claim is in relation to recovery of a debt up to and including £100,000 (inclusive of any interest), it is not disputed and enforcement action is not required. If the matter is disputed, our fees will be on a time recorded basis at an hourly charge rate of between £480 and £300 per hour plus VAT and disbursements which may include counsel’s fees and various Court fees.
| Debt Value | Our fees (plus VAT) |
|---|---|
| Up to £5,000 | £1,500 |
| £5,000 to £10,000 | £2,800 |
| £10,000 to £100,000 | £3,750 |
The exact nature of the fees involved will depend on how complex the matter is and this will be discussed with you at the outset and set out in the terms and conditions.
Our fees include:
- taking your instructions and reviewing documentation;
- undertaking appropriate searches and enquiries;
- drafting a letter before action in accordance with the Civil Procedure Protocols;
- receiving payment and accounting to you, or if the debt is not paid, drafting and issuing the 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, considering the Order and writing to the other side to request payment;
- if payment is not received within 21 days (or as directed by the Court), providing you with advice on the next steps and approximate costs.
Court fees for the issue of debt proceedings are between £35 and £455 for claims up to £10,000. For claims greater than £10,000, the Court issue fee is 5% of the total claim.
Other Court fees that may be payable include £255 for an interim application; £100 for a Consent Order and Court hearing fees of between £25 and £1,090 depending on the value of the claim and the Court track allocation. Should the matter require possession proceedings to be issued in the County Court, the issue fee is £355.
The level of Court fees are subject to change and are beyond our control. We will notify you of the current Court fees when instructions are received.
Debt recovery matters usually take between 8 and 16 weeks from taking instructions to receipt of payment from the debtor. This is however, very much an estimate. Depending on whether or not it is necessary to issue a claim, this time frame is on the basis that the other side pays promptly on receipt of Judgment in Default and there are no significant Court delays. If enforcement action is needed, the matter will take longer to resolve and additional charges will become payable depending on the type of enforcement action required, precise details of which will be set out in the terms and conditions.
The fee earners who may be involved in your matter and their hourly rates will be:
- Jonathan Greenwood - £480
- Ronald Friend - £480
- Chennel Scott - £300
- Olegas Petrikas - £300