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Business debt recovery costs

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Business debt recovery costs

Debt recovery: unpaid invoices

Unpaid invoices can have a significant impact on your business, including cash flow problems and damage to your reputation. That is why it is vital to ensure money owed to you is paid quickly.

We offer a fast and efficient service for all business debt recovery matters, whether you are dealing with a small or significant unpaid amount.

For all unpaid invoice debts up to a value of £100,000 we offer a fixed fee Letter Before Action service.

If further action is required after this stage to recover your unpaid invoice debt, we offer different fee structures depending upon the total amount you are looking to recover.

Our debt recovery team has over 15 years of collective experience in delivering high quality work in all matters relating to debt recovery. We have three members of the team who may work on your matter. Regardless of who works on your matter, they will be supervised by Stacey Pocock, Partner and Head of Commercial Litigation.

Fixed Fee Letter Before Action – for all debts up to a total value of £100,000

Our fixed fee for our Letter Before Action service is £102 (£85 plus VAT)

For our fixed fee we will:

  • Take instructions and review your unpaid invoices and/ or statement of account;
  • Prepare and send out a letter of claim to the other party;
  • Send one standard chaser letter (if instructed to do so);
  • If payment is not received, consider any response received from the other party and advise you on the next steps and likely costs.

We expect you to provide full details of the debt you are looking to recover, including full details as to the identity of the person or entity that you owe you money.

Our range of fees for court claims – undisputed business to business debts

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 provided with you revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or on an hourly rate if more extensive work is needed.

Value of Debt Our fees
Up to £5,000 Fixed fee of £500 (£600 plus VAT)

Expenses are payable in addition to our fixed fee.

£5,001 to £7,500 Fixed fee of £1,500 (£1,250 plus VAT)

Expenses are payable in addition to our fixed fee.

£7,501 to £10,000 Fixed fee of £2,100 (£1,750 plus VAT)

Expenses are payable in addition to our fixed fee.

£10,001 to £25,000 Fixed fee of £3,000 (£2,500 plus VAT)

Expenses are payable in addition to our fixed fee.

£25,001 to £100,000 Fixed fee of £6,000 (£5,000 plus VAT)

Expenses are payable in addition to our fixed fee.

Anyone wishing to proceed with a claim should note that:

  • The VAT element of our fee cannot be reclaimed by 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 fixed fee includes:

  • Taking your instructions and reviewing documentation.
  • Undertaking appropriate searches.
  • Drafting and issuing the court claim.
  • Service of the court claim on the other party by post. If personal service is necessary, this will incur an additional fee and expense.
  • Where no Acknowledgment of Service or Defence is received, applying to the court to enter Judgment in default.
  • When Judgment in default is received, writing to the other side to request payment.
  • If payment is not received within 14 days, providing you with advice on the next steps and likely costs.

Matters usually take 4 to 8 weeks from receipt of instructions from you to receipt of payment from the other side, depending whether or not it is necessary to issue a court claim. This is on the basis that the other side pays promptly on receipt of Judgment in default. If enforcement action is needed or the matter is disputed, it will take longer to resolve.

Our standard hourly rates

Partners                                              £210 per hour, plus VAT

Associates                                          £195 per hour, plus VAT

Solicitors                                             £170 per hour, plus VAT

Chartered Legal Executives               £165 per hour, plus VAT

Trainee Solicitors & Paralegals          £110 per hour, plus VAT

Enforcement:

Our fees quoted above do not include the cost of enforcement action if the other side fails to pay (even after the case settles by negotiation or you obtain judgment).

Details of the options available to you for enforcement and out typical fees are available on request.

Contact Ironmonger Curtis debt recovery solicitors Sheffield

Our dispute resolution lawyers are highly experienced in dealing with commercial debt recovery on behalf of our business clients and have a reputation for sensible, down to earth commercial legal advice together with an exceptional success rate should court proceedings be required.

Ironmonger Curtis is a specialist commercial law firm based in Sheffield and serving clients in Rotherham, Chesterfield, Barnsley, Dronfield and further afield. If you are interested in our fixed fee debt collection service or wish to discuss how we can help with any other commercial litigation matter, call us on 0845 225 2635 or fill in our online contact form and we will get back to you shortly.

 

For business law advice call 0845 225 2635

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