Debt recovery fee guide
Your business needs prompt recovery of it’s debts. Debt recovery is important for cashflow. We can help by assessing your case, the risks of non recovery, and putting bespoke recovery options before you. All of our debt recovery process is supervised by a Senior Solicitor ensuring all options are considered at an early stage.
The timescales for recoverying debts can range typically from an immediate response after our letter of claim ( within a few weeks) to obtaining judgement after proceedings have been issued and enforcement action taken (6 months). These timescales are dependant on factors such as how busy the Court service is, whether we are able to resolve the matter by agreement without resorting to Court proceedings, and whether the Debtor engages with us or obliges us to follow full due process to recover the debt. If recovery of the debt becomes particularly complicated the case may take longer to resolve.
“Efficient service and detailed information, I was updated on a regular basis.”
Here at Harrisons the price for debt recovery ranges typically from £50 plus vat for a letter before action or Pre action Protocol ( PAP ) letter to us charging on an hourly rate. Where we have to undertake considerable work the fees can increase up to up to £5000 plus VAT.
The charges depend on a number of factors namely:
- Whether you require ad hoc advice and assistance only where we would charge for the time we spent advising and assisting, but you would carry out the majority of the work required
- Whether you will need all preparation and drafting of required documents to be undertaken by Harrisons.
- Whether you have clear records of the monies due and this is documented with clear terms of trading.
The case could be more expensive in complicated cases.
Harrisons provide you with a bespoke costs estimate in the very early stages of your case
Harrisons also regularly review the costs of your costs and keep you informed if the original costs estimate needs any revision, and if it does, why.
Harrisons also generally issue monthly bills so that you can keep a track on costs as they are incurred.
Our charges also vary in respect of the qualification and experience of the person dealing with your case. The hourly charge out rates applicable are:
- Trainee Solicitor / Trainee Paralegal £90 & vat per hour
- Paralegal £125 & vat per hour
- Legal Executive £150 & vat per hour
- Senior Legal Executive with over 4 years experience £150 & vat per hour
- Solicitor with between 0-4 year post qualification experience £160 & vat
- Senior Solicitor with between 4-8 years post qualification experience £175 & vat
- Senior Solicitor with over 8 years post qualification experience £195 & vat
Our price does not include external costs associated with debt recovery such as court fees.