Debt Recovery
Recovering money owed to you in the most time efficient and cost-effective way.
SERVICES PROVIDED
- Initial meeting to take your instructions, understand the nature and prospects of the debt that you wish to recover and to understand your requirements and objectives.
- Advise you by giving a clear explanation of the issues involved and the options available to you and the prospects of success.
- Agree with you the next steps to be taken in your matter.
- Obtaining disclosure of relevant debt and case material.
- Send out official ‘letter before action’ solicitor’s letters.
- Engage in asset tracing where necessary.
- Take court action where necessary.
- Further meetings as required to prepare you for any hearings including, explaining court procedure.
- Enforce any court judgement.
- Attendance and representation at Court.
- Review of your hearing outcome with you.
| CLAIM VALUE | BASIS OF CHARGING | MAXIMUM FEE |
|---|---|---|
| Up to - £6000 | 20% to 17% of claim value (tapered) | £1020 + VAT = £1224 |
| £6000 – £15000 | 17% to 10% of claim value (tapered) | £1500 + VAT = £1800 |
| £15,000 - £30,000 | 10% - 8% of claim value (tapered) | £2400 + VAT = £2880 |
| £30,000 - £60,000 | 8% - 6% of claim value (tapered) | £3600 + VAT = £4320 |
| £60,000 - £100,000 | 6% - 4% of claim value (tapered) | £4000 + VAT = £4800 |
| £100,000 - £1,000,000 | 4% - 1.5% of claim value (tapered) | £15,000 + VAT = £18,000 |
| Above £1,000,000 | 1.5 - 1% of claim value (tapered) | Depends on claim value |
HOURLY RATE OPTION (Disbursements not included)
- Directors and Senior Solicitors: £270 + VAT = £324
- Solicitors (Over 3 years) £200 + VAT = £240
- Solicitors (0-3 years) £180 + VAT = £216
- Caseworkers/Trainee solicitors £120 + VAT = £144
LIKELY DISBURSEMENTS
- Experts: from £100 + VAT = £120 to £800 + VAT = £960
- Counsel: from £350 + VAT = £420 to £1200 + VAT = £1440
- Court fees: From £35 - £10,000
- Asset tracing: From £450 + VAT = £540 to £2000 + VAT = £2400
- Process servers: £90 + VAT = £108 to £260 + VAT = £312
LIKELY TIMESCALE
- Without litigation (court action) 3 – 12 weeks.
- With litigation (Debtor admits debt) 4 – 20 weeks.
- With litigation (Debtor defends the case) 10 – 56 weeks.
PERSONS RESPONSIBLE FOR SUPERVISING AND CARRYING OUT YOUR WORK
- Supervision by a Head of Department.
- Work conducted by a Senior Solicitor.
- Assisted by Solicitors.
- Supported by Trainee Solicitors/Paralegal Caseworkers.