Our specialist solicitors provide a business debt recovery service that is simple, effective and fast. We have specifically developed our commercial debt recovery service to deal with invoice debts, which means that, when payment problems arise for your business, our team can focus on recovering your debts on a low cost, fixed fee basis.
We have 3 stages to get your money back !!
1st Stage
LBA or LPD (Letter Before Action or Late Payment Demand)
LBA lets your debtors know that they have 7 days to pay up or you will take the matter further and instigate court proceedings and they will face legal cost. Cost of this: £15.00 plus Vat.
LPD can only be used when both parties are or have been acting in the course of business. The Late Payment of Commercial Debts (interests) Act 1998 allows compensation, reasonable debt collection cost and interest to be claimed for late payment of debts. Regulations 2002 and 2013 allows you to charge interest at annual rate of 8% for unpaid and due debts. You are further allowed to charge for compensation even if the debt is only a day late.
For debts from:
- £0.01-£999.99 compensation claims can be £40.00
- £1000.00 - £9999.99 compensation can be £70.00
- £10,000.00 plus compensation up to £100.00
2nd Stage
If there have been no payment then only if you instruct us to we will then commence court proceedings. We will issue a claim form and the other side will have 14 days to admit or defend the claim
We have fixed fees upfront which will be our cost and all you further pay is the court fee which can vary depending on value of the claim.
Our fixed fees to deal with such matters start from £200.00 – £500.00 excluding court fees.
3rd Stage
If the claim is admitted then we will ask the court to issue a County Court Judgment (CCJ). We can ask the court bailiffs or High Court Enforcement Officers to enforce the judgment and will attend and remove items and goods to the amount value outstanding.
ENFORCEMENT
If you have a Judgment and not sure what to do, our enforcement team can help and can utilise a variety of means to get your money back. These can be:
- Attachment of earnings whereby an Employer pay the debt through deduction from wages
- Charging orders
- Bankruptcy proceedings
- Bailiffs removing assets and goods
- Court ordered instalment orders
- Return of Goods Orders
