At Staploe Solicitors LLP, our specialist team offers an efficient and cost-effective solution for your debt recovery.
Whatever size your business is, it is crucial to maintain your cash flow and to have in place an efficient system for credit control and the recovery of debts.
Once your debt has been referred to us, we will keep you fully informed of all progress and every effort is made to secure payment, without recourse to mediation or litigation proceedings. In any event, we will help you keep litigation costs to a minimum.
We offer a cost-effective debt recovery service comprising of:
- first telephone request
- demand letter
- second telephone request
- letter before action
Often a simple letter from us will produce payment and if no payment is made by the debtor, we can take action through the court on your behalf.
Example Range of fixed fees for a business to business debt that is undisputed
Court Claims
These costs apply where your claim is in relation to an unpaid invoice which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed.
| Debt value | Court fee* | Our fee (incl. VAT) | Total |
|---|---|---|---|
| Up to £5,000 | £35-£205 | £1,200 (inc £200 VAT) | £1,235-1,435 |
| £5,001 - £10,000 | £455 | £2,400 (inc £400 VAT) | £2,855 |
| £10,001 - £50,000 | 5% value of the claim | £3,600 (inc £600 VAT) | £3,600 plus 5% of the claim (court fee) |
*Court fees depend on the value f the claim and are available here: https://www.gov.uk/make-court-claim-for-money/court-fees
Anyone wishing to proceed with a claim should note that:
- The VAT element of our fee cannot be reclaimed from your debtor.
- Interest and compensation may take the debt into a higher banding, with a higher cost.
- The costs quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt.
Our fee includes:
- Taking your instructions and reviewing documentation
- Undertaking appropriate searches
- Sending a letter before action
- Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
- Where no Acknowledgment of Service or Defence is received, applying to the court to enter Judgement in default
- When Judgement in default in received, write to the other side to request payment
- If payment is not received within 14 days, providing you with advice on next steps and likely costs
Matters usually take 4-12 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim and court timescales. This is on the basis that the other side pays promptly on receipt of Judgement in default. If enforcement action is needed, the matter will take longer to resolve.
Please note that in the normal course of business for residential conveyancing, probate and debt collection we do not make a charge for AML searches or bank transfers (TT fees). We never charge for BACS payments but where due diligence becomes complex or several CHAPS payments are required we charge £36 per instance (including £6 VAT).
For any enquires . . .
