A COMPLETE DEBT RECOVERY SOLUTION
At Taylor Rose, we understand that a commercial debt recovery means providing a results focused service which is both swift and available at a commercially realistic price.
DO YOU NEED ADVICE?
Specialist Debt Recovery Team
Our expert debt recovery and dispute resolution team consistently deal with a variety of instructions that differ in size and complexity. Therefore, the legal team can confidently act for you on a single instruction or bulk contracts. Whatever the size or scale of the problem, our debt recovery lawyers will create a constructive strategy. This strategy will help you achieve maximum debt recovery which is always built around avoiding costly court action.
Our debt recovery lawyers have represented several clients, ranging from local businesses to large blue-chip organisations. You can rest assured that your transaction is in experienced hands whilst our legal experts do all the hard work for you.
We offer a complete debt recovery solution to cover all your needs. We will also provide you with a single case handler, keeping you regularly updated throughout the process via effective communication.
Tailored Debt Recovery Assistance
Whether you require tracing, investigation, the serving of legal documents or just some advice, our debt recovery lawyers can assist you with a service that has been tailored to your exact needs but remains price competitive.
We also help with:
- Pre-action collection
- County Court Proceedings
- Winding Up Actions
- Defending Actions
- High Court Services
Do You Need More Information?
Our debt experts offer fixed fees and accept many cases on a ‘no win no fee’ basis. For more information, don’t hesitate to contact us here.
WHATEVER THE PROBLEM WE CAN CREATE A STRATEGY WHICH WILL HELP YOU
WE OFFER A COMPLETE DEBT RECOVERY SOLUTION TO COVER ALL YOUR NEEDS AND WILL PROVIDE YOU WITH A SINGLE CASE HANDLER
DO YOU NEED ADVICE?
YOUR DEBT RECOVERY LAW EXPERTS
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A COMPLETE DEBT RECOVERY SOLUTION SERVICES
OUR PRICES DEBT RECOVERY
Legal Fees (Fixed fee)
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 (excluding VAT)||Total|
|Up to £5,000||£35 - £205||£600 - £1000||£755 - £1,405|
|£5,001 - £10,000||£410 - £455||<£750 - £1,500||£1,310 - £2,255|
|£10,001 - £50,000||4.5% - 5% of the value of the claim.||£1,500 - £2,500||£2,250.05 - £5,500|
Anyone wishing to proceed with a claim should note that:
- Claims for sums of less than £10,000 are highly likely to be allocated to the small claims track where only nominal fixed costs are recoverable from the other party;
- The VAT element of our fee cannot be reclaimed from your debtor if you are VAT registered;
- Interest and costs may take the debt into a higher banding, with higher Court fees;
- 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 Judgment in default in received, write to the other side to request payment;
- If payment is not received within 21 days, providing you with advice on next steps and likely costs.
Matters usually take 2-12 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. 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.
Legal Fees (Hourly Rate)
These costs apply where the other party disputes your claim and further work is required. Our hourly rates vary depending on the location and experience of your solicitor.
|Directors, Partners and Solicitors or Chartered Legal Executives with over 8 years’ relevant experience|
|(Grade A)||£250 - £390 per hour plus VAT|
|Solicitors and Chartered Legal Executives with over 4 years’ relevant experience|
|(Grade B)||£220 - £275 per hour plus VAT|
|Other Solicitors, Legal Executives and fee earners of equivalent experience|
|(Grade C)||£185 - £230 per hour plus VAT|
|Trainee Solicitors, Paralegals and Clerks|
|(Grade D)||£120 - 175 per hour plus VAT|
On average, this type of work takes between 4-50 hours to complete. This means that on average costs are between £700 and £12,500 plus VAT.
The exact number of hours it will take depends on the circumstances in your case, such as:
- The amount of supporting evidence that we need to consider;
- Whether the debt is paid upon receipt of initial correspondence from us;
- The response received (whether the debt is defended or not);
- The level of disclosure that is to be provided;
- The amount of expert evidence (if any) which is required;
- The amount of days that any final hearing is listed for;
- The conduct of the other party.
If you are able to provide sufficient evidence at our first meeting, the cost is likely to be at the lower end of this range. If the claim is defended or a counterclaim is submitted then the fees may be in excess of these figures.
What services are included?
The work will involve:
- Discussing your circumstances in detail and confirming whether this is the most appropriate action for you to make and what other options may be available to you;
- Giving you advice about the requirements of the Civil Procedure Rules and whether you meet the criteria;
- Considering the supporting evidence you have provided, which we anticipate will take 1-5 hours;*
- Where necessary, helping you to obtain further evidence, such as expert reports or obtaining witness evidence;
- Preparing your claim and submitting it on your behalf, which we anticipate we anticipate will take 3-5 hours;
- Attendance at court, we will give you clear advice (and discuss the possibility of us attending with you) at the appropriate time or arranging representation for you by a barrister. This could be between 5-30 hours of work;
- Giving you advice about the outcome of the claim and any further steps you need to take; and
- Advising of any enforcement options available following a successful outcome.
*the amount of hours depends on the number of documents, whether anything is missing and how long it will take to obtain the missing documents.
Disbursements (not included in costs set out above)
Disbursements are costs related to your matter that are payable to third parties, we handle the payment of the disbursements on your behalf to ensure a smoother process. Potential disbursements you may incur are:
- Court fees;
- Counsels fees;
- Expert fees;
- Mediator’s costs;
- If we attend a court hearing, meeting or mediation there will be additional disbursements in respect of our mileage/travel expenses.
The costs quoted here do not include:
- Enforcement costs;
- Any additional application that may be required;
- The costs of other parties which you are ordered to pay;
- Where the court dismisses your claim, any advice and assistance relating to an appeal.
How long will my claim take?
We cannot guarantee how long the court will take to process any claim that you make.
We will normally be able to submit this type of application within 8-16 weeks of you instructing us, but we will let you know at the earliest opportunity if it is likely to take longer than this. There are Pre-Action Protocols which have to be followed before proceedings can be issued to ensure that there are no penalties in respect of the recovery of costs and these can take time. Also if mediation is requested by the responding party then this should be entered into as there are penalties of up to 30% reductions to legal costs for unreasonable refusal to mediate.
Please note the anticipated number of hours and fees are an estimate based on the facts above. All applications are likely to vary and of course, we can give you a more accurate estimate once we have more information about your specific case.