Debt recovery Services Pricing
Most debt recovery actions resolve at an early stage. Please see stages 1 – 6 providing an overview of the complete process.
Meet with you to take your initial instructions and consider the background of the matter; consider all paperwork available to you which assists in the matter and carry out any relevant due diligence on the debtor.
Letter before action; corresponding with debtor to establish liability and considering alternative methods of dispute resolution.
Issuing court proceedings; preparing all court papers and serving the same on the debtor.
Proceeding through the court process including considering documents and positions put forward by debtor; completing court requirements such as directions, case management conference, disclosure, witness statements and trial preparation; considering methods of alternative dispute resolution; making or responding to interim applications and advising you of the most effective way of resolving the claim.
Attending trial with a barrister to obtain judgment in your favour.
Enforcement; upon obtaining a judgment in your favour we can consider various methods of enforcement and the best way of recovering payment should the debtor fail to pay in accordance with the order
£500 – £2,500 plus VAT
£750 – £3,500 plus VAT
£1,250 – £4,500 plus VAT
£5,000 – £22,500 plus VAT
£1,500 – £5,000 plus VAT
Dependent on method of enforcement
Information on Average Fee
You should note that the amount of hours spent on your matter depends on the number of documents, whether anything is missing and how long it will take to obtain the missing documents. We will keep in close contact with you by your preferred method of communication (telephone, email or letter) and our time in taking your instructions will be taken into account when providing you with fee estimates.
Our hourly rates are between £150 to £450 per hour (plus VAT), depending on the person dealing with your matter:
Paralegals/Trainee Solicitors: £150 plus VAT
0-4 years PQE: £250 – £275 plus VAT
4-8 years PQE: £325 – £375 plus VAT
8+ years PQE: £395 – £450 plus VAT
The exact cost will be dependent upon individual circumstances. Your fee will reflect the time spent on the service, so where we spend more time on your matter, your costs will reflect the time spent to provide the service to you.
In the event that the claim is successful we will seek to obtain an order that the debtor pays all or a proportion of the creditor’s costs.
Likely disbursements (these are costs related to your matter that are payable to third parties. We handle the payment of the disbursement on your behalf to ensure a smoother process)
- Counsel’s fees estimated between £2,000 to £8,000 plus VAT per day (depending on experience of the barrister) (excluding preparation).
- Independent expert reports e.g. Medical reports (if applicable).
- If we are attending interviews with you- our travel/ mileage costs.
- Court fees to issue (commence) a claim are calculated at 5% of the value of the claim; e.g. a £50,000 claim will require a Court issue fee of £2,500. There will also be a hearing fee of either £545 or £1,090 depending on the value of the claim. If any applications are required to be made during the course of the claim then an additional Court fee of £255 is required per application.
Potential Additional Costs
The following factors could make a case more complex:
- If it is necessary to make or defend applications to amend claims or to provide further information about an existing claim.
- Defending any counter-claim made by the debtor.
- Defending claims that are brought by litigants in person (i.e. those that are not legally represented).
- Making or defending a costs application complex preliminary issues such as whether the claimant is disabled (if this is not agreed by the parties).
- The number of witness documents.
- Volume of documentation.
- Approach adopted by opponent.
- If the value of the debt exceeds £100,000.
We will always provide you with a fee estimate at the start of each new matter, therefore if you would like a bespoke estimate for your particular matter/ case please contact us to discuss.
Please rest assured, if your case involves unexpected complications, we will always inform you, including any additional fees that may apply, so that you can make an informed decision how to proceed.
If you would like information on our other dispute
resolution related services including:
- Emergency relief to include obtaining / defending against restraining and freezing injunctions
- Directors duties, shareholder disputes and company litigation
- Partnership disputes
- Intellectual property disputes to include copyright and other IP rights, libel and defamation
- Media law / sports law
- Insolvency and corporate restructuring
- Contractual disputes, to include joint venture agreements, franchise agreements, consumer rights and service agreements
- Professional negligence claims
- Property litigation – extensive services offered, including: residential, landlord and tenant and commercial property, adjudications, neighbour disputes / party wall disputes, possession proceedings
- Privy Council European Court of Human Rights
- Banking litigation
- Creditor recovery and insolvency
- Business crime
- Contentious probate
Please contact a member of our Dispute Resolution department on 020 3827 6100