Thank you for looking at our Debt Recovery services. Debts can arise in all walks of life and we regularly advise and assist businesses and individuals alike.
The bulk of our debt recovery instructions come from businesses across various sectors. With many years of experience and strong expertise in litigation both in and out of court, our debt recovery service is fast, efficient and economical.
We have an experienced team who can assist you with recovering both disputed and undisputed debts. This page covers our pricing for undisputed debt recovery – please get in touch to find out more about our fee structure for pursuing disputed debts. We pride ourselves on exceptional customer care skills enabling you to send out the right message and retain the goodwill of your customers whilst recovering outstanding payments.
We can offer you clear, practical advice and will discuss all the options available to establish the most appropriate way of dealing with debtors. We have tried and tested processes in place to ensure we can recover undisputed debts quickly, efficiently and cost-effectively, with transparent fixed fees.
We appreciate that the fees involved in debt recovery are important to you. We review our fees on a regular basis, considering client’s feedback, to ensure we continue to offer a cost-effective debt recovery service.
We typically work on a fixed fee basis, so that from the outset you know what the fees will be for your transaction. These costs apply where your claim is in relation to an unpaid invoice(s) in excess of £10,000.00 which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point during the debt recovery process, the matter becomes disputed or enforcement action is required (where you need to appoint a bailiff), we will discuss any further work required and provide you with revised advice about costs if necessary, which could be on a fixed fee (e.g. if a one off letter is required), or an hourly rate if more extensive work is needed.
Please note Malcolm C Foy & Co do not assist in debt recovery matters which are valued at less than £10,000.00.
When claiming costs from the debtor, it is important to note that the VAT element of any fees cannot be claimed. You can claim interest and compensation and we will advise you of the applicable rates.
Our Fee (plus VAT)
£10,000.01 - £25,000.00
5% of the Claim value
£750.00 - £1,500.00 plus VAT
£25,000.01 - £100,000.00
5% of the Claim value
£2500.00 - £3,000.00 plus VAT
Anyone wishing to proceed with a claim should note that:
- The VAT element of our fee cannot be reclaimed from your debtor
- Interest and compensation may take the debt into a higher banding, with a higher cost.
- The costs quoted above are not for matters where enforcement action, such as the bailiff, Charging Orders, or Attachment of Earning Orders etc. is needed to collect your debt
Our fees are fixed and include items detailed above, however there may be factors which would typically increase the cost of the fees. Where there is likely to be any additional cost, we will make sure you are informed of this at the earliest opportunity and a clear estimate of those extra costs will be provided.
Factors that may lead to an increase in cost include:
- Enforcement proceedings
- Instructing a Bailiff
A typical debt recovery will take between 8 - 16 weeks, from receipt of instruction through to payment from the other side. This may be quicker or longer depending on whether we are required to issue a claim and whether the other side pay promptly on receipt of any Judgment issued by a court. As detailed above, If enforcement action is required, the matter will take longer to resolve therefore, further fees may be incurred in which case we will discuss the fees and timescales involved.
With every transaction there are key milestones, which may vary according to individual circumstances. Our fee will include these milestones and may be as follows:
- Taking your instructions and reviewing documentation
- Undertaking appropriate searches
- Issuing a letter before action requesting payment from the debtor
- Receiving payment and sending this on to you
- Drafting and issuing a claim form to the relevant court if the debt is not paid
- Applying to the court to enter a Judgment in Default if the debtor fails to respond to court proceedings
- Contacting the other side to request payment where a Judgment in Default has been issued by the court
- If payment is not received within 14 days, providing you with advice on the next steps and the likely costs
For more information about Debt Recovery, please contact: