No Win-No Fee - Our work in relation to non-disputed debt recovery will incur charges on a No Win-No Fee basis. Fees for the work undertaken are listed below, but if we do not collect the debt, we will not make the charges.
Disbursements - For the avoidance of doubt, this No Win-No Fee agreement does not cover court fees, the serving of documents, tracing or other supplemental disbursements. These disbursements will need to be paid up front by you.
Letter of Demand – Personal Debts
|Amount of debt||Cost|
|Up to £750||£60 plus VAT|
|£751 to £10,000||£100 plus VAT|
|£10,001 to £25,000||£200 plus VAT|
|£25,001 and over||We offer a tailored service based on our hourly rates of £165 plus VAT and £215 plus VAT depending on who is undertaking your work. This charge will be discussed with you prior to work being undertaken.|
Letter of Demand – Business Debts
|Amount of debt||Cost|
|Up to £1,000||£100 plus VAT|
|£1,001 to £10,000||£200 plus VAT|
|£10,001 to £25,000||£350 plus VAT|
|£25,001 to £45,000||£450 plus VAT|
|£45,001 to £65,000||£500 plus VAT|
|£65,001 to £85,000||£550 plus VAT|
|£85,001 to £105,000||£600 plus VAT|
|£105,001 to £150,000||£650 plus VAT|
|£150,001 to £200,000||£700 plus VAT|
|£200,001 and over||We offer a tailored service based on our hourly rates of £165 plus VAT and £215 plus VAT depending on who is undertaking your work, this charge will be discussed with you prior to work being undertaken.|
The fees above include taking your instructions, sending a letter of demand, chasing the debtor if required and reporting back to you, either with payment or further advice to progress matters. We will also draft a basic Claim Form on your behalf to get your claim into court if this is required. Please see below in respect of the court fees that then apply.
Issue of a claim
If there is not a satisfactory response to the letter of demand, the next stage is to issue a claim in the County Court. The County Court sets the fees for the issuing of proceedings and these are set out below:
|Value of claim||Court fees* (payable on issue)|
|£10,000.01-£15,000||5% of value of claim|
|£15,000.01-£50,000||5% of value of claim|
|£50,000.01-£100,000||5% of value of claim|
|£100,000.01-£150,000||5% of value of claim|
|£150,000.01-£200,000||5% of value of claim|
*Current as at February 2018
We shall request a Default Judgment on your behalf at no further cost if the Defendant fails to file a Defence.
If a Claim is defended, the No Win-No Fee agreement will end at that stage. Our Debt Recovery Paralegal will deal with your case at her usual hourly rate of £165 plus VAT and Disbursements. She is supervised by a Solicitor whose hourly charge is £215 plus VAT per hour. Our standard fees to progress matters through the court can vary depending on the response of the Debtor. If the claim is straightforward, our fees can be anything in the region of £1000 plus VAT plus Disbursements to £10,000 plus VAT plus Disbursements. If the claim is complex, costs can rise to £50,000 plus VAT plus Disbursements. We would of course give you a detailed quotation based on your particular circumstances prior to issuing proceedings.
Fixed Fee of £200 plus VAT and disbursements
This is the first step in insolvency proceedings against Debtors. It is usual that we hear from the Debtors following receipt of the Statutory Demand if they are genuine and do have the money to pay. The Defendant has 18 days in which to pay or put forward an offer otherwise you can proceed with the presentation of a Bankruptcy Petition. Legitimate Debtors will do all they can to avoid their business being wound up or being made personally Bankrupt and often the service of a Statutory Demand is enough to make them pay.
As Statutory Demands have to be personally served on Debtors, we will need to forward the papers to our Service Agent. The Agent’s fees are usually in the region of £95 plus VAT. Please note that you will be responsible for payment of this fee and our Fixed Fee regardless of whether we make a recovery.
Bankruptcy and Winding Up
Due to the unpredictable nature of these procedures, it is not possible to provide a standard fee and therefore this type of work is undertaken on a time basis. If Bankruptcy or Winding Up proceedings are required, your case will be transferred over to Hayley Garnett as she specialises in all aspects of Insolvency law. Hayley is a Solicitor and is also one of the Partners at Pinkney Grunwells Lawyers LLP. Her hourly rate is £215 per hour plus VAT. Standard Bankruptcy costs are in the region of £1,000 plus VAT plus Disbursements up to £5,000 plus VAT plus Disbursements, depending on whether the application is contested by the Debtor.