When a business needs to get involved in debt recovery it can be very damaging and a drain on resources. At the wrong time, it can have a knock-on effect and have a detrimental influence on your own commercial standing in terms of fulfilling obligations and maintaining healthy business relationships.
How Truth Legal Can Help
Being faced with having to recover outstanding debt can create uncertainty and frustration and is often the unfortunate consequence of a separate legal dispute. This situation can often escalate and you will need legal advice to help resolve the issue as soon as possible, including how to take the matter further up the legal chain where necessary.
Types Of Debt Recovery Disputes
Debt recovery is often connected with legal issues such as tenant/landlord disputes over a commercial property. Rent arrears can occur in many ways relating to a tenant’s ability to pay, also disputes over rent increases can create debt, the condition of a property can lead to a tenant refusing to pay, while tenant insolvency and various other contractual disputes over a property can also result in debt building up.
Of course, debt can also arise from unpaid invoices, a breakdown in agreements over asset sales and many other forms of contractual disputes between two commercial parties.
Get In Touch With Truth Legal Today
Truth Legal are ideally placed to help with contested debt recovery matters. We are a local, accessible solicitors who only uses clear and effective language that is jargon-free and commercially-focused to help your individual business. We also apply an ethical approach to resolve disputes quicker, cheaper, without unnecessary stress and upheaval and with the objective that you can maintain your ongoing business relationships.
Our Debt Recovery Expertise
Contact us today to discuss your debt recovery requirements. We have fixed fee and hourly rates to cover every service including writing standard letters, drafting and issuing claim forms, entering judgments, defending claims and issuing demands and petitions.
You should be aware that some fees are recoverable from the other party should your claim be successful, but we can explain exactly where this applies before we proceed with any legal action on your behalf.
Debt Recovery Pricing
|Description of Work||Truth Legal’s Fee (excluding VAT)|
|Standard letter before action||£50.00 plus commission of 10% upon recovery of the debt|
|Drafting and issuing standard claim form (under £5k)||Fixed fee of £100.00|
|Drafting and issuing standard claim form (between £5k and £10k)||Fixed fee of £200.00|
|Drafting and issuing standard claim form (over £10k)||Fixed fee of £400.00|
|Drafting and issuing bespoke claim form||Hourly rates with cost estimate provided on a case by case basis|
|Entering default judgment||Fixed fee of £50.00|
|Entering judgment on admission||Fixed feed of £100.00|
|Defended claims||Hourly rates with cost estimate provided on a case by case basis|
|Statutory demand||£100.00 per person|
|Application to set aside statutory demand||Hourly rates with cost estimate provided on a case by case basis|
|Bankruptcy petition||£150.00 per person|
|Winding up petition||£150.00 per company|
|Substituted service||£200.00 per person|
|Contested bankruptcy petition / winding up petition||Hourly rates with cost estimate provided on a case by case basis|
|Annulment application||Hourly rates with cost estimate provided on a case by case basis|
|Uncontested charging order||Fixed fee of £400.00|
|Contested charging order||Hourly rates with cost estimate provided on a case by case basis|
|High Court Enforcement||Fixed fee of £66.00|
|Order for Questioning||Fixed fee of £60.00|
|Third party debt order||Fixed fee of £100.00|
|Attachment of earnings||Fixed fee of £100.00|
Disbursements are payments which must be made to third parties and include (but are not limited to) court fees, barristers’ fees, agents’ fees, process servers’ fees and experts’ fees. Truth Legal will advise you of any likely disbursements in relation to your matter and obtain your express approval before incurring them.
Certain fees may be recoverable from the other party if your claim is successful. Truth Legal will advise you in relation to this on a case by case basis.
We can also provide you with a cost estimate for any services not listed that you require.