We understand that late payment of invoices can cause difficulty when running your business. By employing us to collect this money for you, we can save you the time and stress involved in chasing these payments and allowing you to keep a good working relationship with your client or customer.
We will always discuss costs with you, before we undertake any work and provide you with a written costs estimate. How much your matter will cost will depend on the amount of work done and the stage reached, for example:-
STAGE 1 – INITIAL COSTS £275.00 + VAT (plus disbursements)
We will take your instructions and collect from you any information necessary. After that the initial step will be making contact with your customer or client, either by telephone or by letter to ask for payment to be made. A lot of people will pay a debt if they receive a letter from a solicitor and no further action needs to be taken.
If your client or customer is unwilling to make the payment or denies that all or some of the money is due, then if instructed to do so, we will endeavour to negotiate a settlement on your behalf. If we do this, our hourly charge will be between £125.00 and £200.00. No work will be undertaken without you agreeing costs beforehand.
If we cannot negotiate a settlement then court proceedings may have to be taken to recover the debt. If this is the case, your costs could be anything from £10,000.00 up to £30,000.00 plus VAT and disbursements if the matter proceeds to a final hearing. You may also require a barrister to represent you at a final hearing and these fees can range from £1,500.00 – £4,200.00 plus VAT.
If court proceedings are required, you will also have to pay a court fee to HM Courts and Tribunals Service in order to start the claim. You can see the appropriate fees on the Court’s website. The minimum fee is £35 and the maximum fee (for a debt of £100,000) is £5,000.