mitchell wilde solicitors nottingham and derby

0115 8371 430

info@mitchellwilde.com

Debt Recovery Pricing

Here at Mitchell Wilde we offer a debt recovery service. Our expert team can work with you to assess, firstly, whether the debt is worth pursuing and whether the debtor can pay and then the various methods of collecting from simple letters all the way through to issuing formal demands for payment and petitioning for the debtor’s bankruptcy.

If recovering debt in full is not viable, we are successful in coming up with negotiated solutions that maximise the amount we recover. We can offer advice on a range of options for our clients once they have a judgement against their debtor, these might include for instance using enforcement officers or getting a charging order over the debtor’s property.

We are able to offer various fee structures by discussion with you.

Our general fees for obtaining a County Court judgment in undisputed claims are set out below.

Often we advise our clients that a County Court judgment is not the best way to collect a business to business debt, and that there are quicker and more cost effective methods, which have a very high success rate.

To send an initial letter before action and to report back:

Pre-action Our fee
First letter before action Free
Debt pre-action protocol letter/second letter before action £25

To issue a claim form and report back:

Proceedings Our fee Court fee Recoverable fees
Claim form debt
Up to £5000 £50 £25 Up to £255
£5,000-£10,000 £100 £455 £555
£10,000-£100,000 £250 £50% of claim value £100 + 5% of value of claim

To enter judgment by default and report back:

Requesting judgment    
Up to £5000 £22 £22
£5,000 + £30 £30

Where enforcement action is necessary, we will advise and discuss the various options for enforcement, their timescales and the likely costs of such enforcement.

Our fees include

  • Taking instructions and reviewing invoices (but not advising on possible contractual or other disputes)
  • Undertaking any necessary Companies House searches
  • Sending a letter before action
  • Receiving payment and sending it on and, where payment is not made, drafting and issuing claim form
  • Where no acknowledgement of service or defence is received, applying to the Court to enter judgment in default
  • If payment is not received within 7 days of judgment, advising on the next steps and likely costs

If an intention to defend a claim or a defence is filed the matter will be treated as a defended claim. We will at that stage revert to an hourly rate basis, generally £225 + VAT per hour, if we are to continue to act.

Note

Late Payment fees and interest

Where appropriate we will look to recover interest pursuant to the Late Payment of Commercial Debts (Interest) Act 1998 (“the Act”) which is currently set at 8% above the Bank of England base rate. Interest is due from the date the account became overdue until the date of payment. Where the above interest is claimable we will also seek to recover any fixed sums (“fixed sums”) due under the Act. Fixed sums are calculated on each debt as follows:-

Where the debt value is less than £1,000 the fixed sum claimable is £40

Where the debt value is between £1,000 – £10,000 the fixed sum value is £40

Where the debt value is between £10,001 or more the fixed sum is £100

Reasonable costs of collection (“costs”) are also claimable where Late Payment of Commercial Debts (Interest) Act 1998 applies. These are claimed at 5% of the debt balance with a minimum charge of £50. Where interest and fixed sums are recovered, these will be paid to you. Where costs of collection are recovered, they will be charged to you in addition to any fixed sums payable.

Insolvency proceedings

Where insolvency proceedings are to be pursued, we will agree the basis upon which our costs of the proceedings will be charged, before proceedings are commenced.

Alternative fee structures

Where appropriate we offer alternative charging structures which include the ability to work on a matter on a fixed or capped fee basis, hourly rate basis, on a conditional fee or on a percentage of monies recovered basis. This would be discussed and agreed on a case by case basis with you.

 

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Head Office

Telephone:
0115 8371 430

Address:

72 Wollaton Road,
Beeston,
Nottingham,
NG9 2NZ

Email:
info@mitchellwilde.com

Derby Office

Telephone:
01332 460031

Address:

Wyvern House
Railway Terrace
Derby DE1 2RU

Email:
info@mitchellwilde.com

Legal

Mitchell Wilde LLP is a Limited Liability Partnership registered in England and Wales (LLP Number OC 311296) and is authorised and regulated by the Solicitors Regulation Authority. Our VAT registration number is 847246995. Our professional rules are available from the Solicitors Regulation Authority website.

If you are a client and we have made a contract with you by electronic means you may be entitled to use an EU online dispute resolution service to assist with any contractual dispute you may have with us. This service can be found at http://ec.europa.eu/odr. Our email address is info@mitchellwilde.com.

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