Debt Recovery
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Experienced Counsel
Michael Law Solicitors can be the solution for your Debt Recovery needs. By combining a fundamental understanding of the big picture with the complexity of daily interactions and experiences, Michael Law provides proactive solutions to a diversity of clients. Michael Law is involved in some of the most innovative, sophisticated, and complex Debt Recovery cases in the UK.
Our fees
Standard Undisputed Invoice Debt Collection
Schedule of Fees and Appropriate Timescales
Key StageTime EstimateMachins or Agents’ feeVAT at 20%
Instructions and prepare and send Letter before Action (7 days) - £150.00
Review invoice, prepare and issue money claim in the County Court (14 days) - £250.00
Apply for Default Judgment (28 days) -£25.00
Prepare a Statutory Demand (17 days)-- £250.00
Statutory Demand personally served - £125.00
Prepare for and issue an Application for a Charging Order - £150.00
Notes
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To issue Court proceedings, we would normally anticipate the Court to issue the proceedings within 14 to 28 days and serve the proceedings on the Defendant. The Defendant would have 14 days to acknowledge service and 28 days to file a Defence. If they fail to do either of these, default Judgment can be applied for. This is likely to take a further 14 days.
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If the Defendant defends the action, the matter is likely to take between 3 and 6 months to get a small claims trial, 6 to 12 months for a fast-track trial and 6 to 18 months for a multi-track trial.
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Court fees and other disbursements will be invoiced and must be paid in advance.
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All fees quoted are on the basis that the claim is not contested or defended that the details on the invoice are full and correct, and a statement of account is provided if more than invoiced. In the event that a claim becomes contested then the matter will no longer be dealt with within our fixed fee structure.
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We will charge for defended matters on the basis of our hourly rates. The applicable hourly rates are between £165 and £300 per hour (plus VAT), reviewed annually.
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Whilst we do all in our power to obtain a successful outcome we cannot guarantee payment or recovery from the debtor and you will remain responsible for our fees.
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The costs quoted above are not for matters where other enforcement actions are required. We can provide cost estimates for those on request.
The above fees include:-
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Taking your instructions and reviewing documentation
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Undertaking appropriate searches
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Sending a letter before action
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Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
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Where no Acknowledgment of Service or Defence is received, applying to the Court to enter Judgment in default
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When Judgment in default is received, write to the other side to request payment
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If payment is not received within 14 days, providing you with advice on next steps and likely costs
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If the matter is undefended it usually takes approximately 2 months to obtain a Judgment from instructing us.
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However we can agree on a contigency fee for Debt recovery (up to £100,000)
The total cost of this work varies depending on the value of the amount of damages to be recovered.
We are entitled to charge 50% of the damages recovered. This is inclusive of any VAT payable.
The range of paying would be the following;
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Value Claimed: Between £0-£5,000- 50%
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Between £5,000- £15,000 - 40%
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Between £15,000- £100,000- £35%
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Any amount above £100,000 we would deal and agree separate terms either on a hourly rate or a fixed fee basis.
This is based on a Contingency Fee Agreement or a Damaged based Agreement where our costs will be paid at the end of the case.
This does not include any disbursements to be charged which can include but not limited to; Barristers fee for attending the tribunal hearing, which will needed to be paid to us at the outset of accepting instructions. Barrister fess can range from £1000-£2000 and court fees which are listed in the below attachment. These will need to be paid to the outset of taking instructions.
The service included in this claim is all work starting the claim to end of the claim at the court.
Key stages in the process are negotiating with reviewing documents, Submitting your letter of claim, Complying with directions of the court till the end of the trial date. Average timescales of this work 8-12 months but can be longer depending on any unforeseen circumstance or response from the court.
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The work will be carried out by a solicitor in the firm and maye assisted with by a paralegal. The solicitor will have no less than 4 years post qualified experience as a solicitor. Any paralegal will be supervised by the partner of the firm.