Debt Recovery Information and Fees up to £100,000.
All debt recovery is undertaken by Savvas Panayiodou who with more than 25 years’ experience of recovering debts from several thousand pounds to several hundred thousand pounds.
He has experience in issuing proceedings in England and Wales for service in another Country and enforcing judgements obtained in England and Wales in freight Countries.
He has dealt with complicated debt recovery cases where there are several parties involved.
He will have conduct of your matter throughout.
Our charges:
Our overall fees vary depending upon how complex your case is and what you would like us to do and if they are defended.
Our fee in respect to 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 Including VAT |
| Up to £5000 |
£205.00 |
£1200.00 |
| £5001 - £10,000 |
£455.00 |
£2400.00 |
| £10,001 - £100,000 |
&£5% value of Claim |
10% value of claim |
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 28 days, providing you with advice on next steps and likely costs
Matters usually take 5 - 12 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether it is necessary to issue a claim. 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.
If payment is received by us sending a pre-action letter, then we will charge a fee of £500 plus VAT for the letter.
Defended Claims and more complex cases
If a debtor submits a defence to your claim or the case is otherwise more complicated, we will normally charge you an hourly rate for the time which we spend on your case. The hourly rate depends upon the experience of the fee earner handling the matter:
Principal/solicitors 8 years’ experience: £350 plus VAT
Junior solicitor: £250 plus VAT
Timescales for defended and more complex cases are more difficult to predict. Sometimes matters can be resolved within a matter of weeks but others can take much longer. Contact us for more tailored guidance on your circumstances.
Disbursements
You will need to pay for ‘disbursements’ in addition to our costs as described above. In a debt recovery matter the most common disbursement is the Court fee. If we need to go to Court then a barrister (sometimes called ‘Counsel’) is often used to deal with the hearing. Barrister’s fees tend to be in the region of £1000 - £3000 (plus VAT) per day. We will however guide you on this as and when such costs need to be incurred.
Other costs to consider>br>
The costs set out above do not include enforcement action such as for bailiffs to go out and collect the debt on your behalf.