How does purchasing a ‘listed’ building differ from an ordinary purchase? In the South East we have a number of properties of special architectural or historical importance. A listed building will fall into one of three categories of listing;...
Cash is king!
So why is it so hard to get paid once you have completed a contract and invoiced?
We provide a simple solution to help you maintain your cashflow and be paid. We provide an efficient business debt recovery service at a fixed affordable cost so that you can pass us your unpaid invoices in the knowledge that we will comply with all the relevant protocols and pursue the outstanding monies for you.
Our fixed fee debt recovery service only applies to UNDISPUTED business debts - if the debt is disputed or enforcement action is required, then we will provide you with a cost estimate for the work required, tailored to your particular requirements.
How much does our Business Fixed Fee Debt Collection cost?
The costs of the two stages of our debt recovery procedure are set out below:-
Stage 1 – Letter Before Claim
We charge a fixed fee of £25 plus VAT for each unpaid invoice.
This fee includes:
- Taking your instructions regarding the unpaid invoice
- Sending a Letter Before Claim to the debtor
Stage 2 – Issuing a Claim Form
The amount we charge in respect of issuing a Claim Form is dependent on the value of the debt, as follows:
Up to £5,000
£25 - £185
£325 - £710
£5001 - £10,000
£10,001 - £50,000
4.5% value of the claim
£1,050 - £2,850
£50,001 - £100,000
4.5% of the claim
£3,000 - £5,250
Please note that interest and compensation may be added to the debt which may take it into a higher banding, with higher cost.
The costs quoted above are not for matters where enforcement action, such as the bailiff, is needed to collect your debt, nor if the other party disputes, counterclaims or wishes to enter into negotiations regarding the debt – a further cost estimate will be provided in those circumstances.
This fee includes:
- Reviewing any response to the letter before Claim from the Debtor.
- Drafting and issuing a Claim Form via the Money Claim On-line service
- Where no Acknowledgement of Service or Defence is received, applying to the Court to enter Judgement in default.
- When Judgement in default is received, write to the other side to request payment.
- If payment in full is not received within 14 days, providing you with advice on next steps and likely cost.
Matters usually take 4 – 14 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, whether the debtor pays promptly on receipt of Judgement in default and how long the court takes to issue and serve the proceedings. If enforcement action is needed the matter will take longer to resolve and be subject to further costs.