If your organisation is owed a debt by an individual or another organisation, our specialist debt recovery solicitors in London and Belfast will assist you in recovering the debt – whether you are owed a debt for goods sold or services rendered. Contact our experienced lawyers today for advice.
When Is A Debt Recovery Solicitor Needed?
Organisations and individuals often find it difficult to honour their contracts. When distributors or purchasers fail to pay your company on time, it can adversely affect your cash flow and anticipated profits, in turn inhibiting growth.
This is where our Debt Recover Solicitors can provide their expertise. Our team is experienced in extracting payments and will also set up systems whereby your business will not have these problems again.
Having effective and efficient credit control policies is therefore imperative to the smooth running of every business.
What Our Debt Recovery Solicitors Do
When our clients are being unlawfully pursued, we vigorously defend them to ensure that they are not being pressured into paying a baseless debt. We also provide a tailored risk and credit management service for businesses who wish to put effective credit control policies in place.
We offer a comprehensive service for each client. Our lawyers take time to understand the nature of our clients’ business and their relationship with the particular debtors in order to provide an effective result.
Credit issues have a big impact on businesses of all sizes. At Oracle, we understand how important it is to act quickly to recover debts owed because we know how unpaid invoices affect profits, potential profitability and cash-flow.
Our priority is always to secure your debt and position as a creditor using the most time and cost-efficient methods to recover the outstanding monies. These methods range from issuing a statutory demand to issuing a claim at court against the debtors. At Oracle Solicitors, we seek to provide practical advice tailored to suit your commercial requirements.
These costs apply where your claim is in relation to an unpaid invoice which is not disputed and enforcement action is not needed. If the other party disputes your claim at any point, 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.
Up to £5.000
£5,001 – £10,000
£10,001 – £50,000
5% of value of the claim
£500 (+ VAT)
£1,500.00 (+ VAT)
£2,000.00 (+ VAT)
(The above Court fees are for filing a paper form. The online Claim fees are slightly less)
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, is needed to collect your debt.
What services are included?
- Taking your instructions and reviewing documentation
- Undertaking appropriate searches
- Sending a letter before action
- Receiving payment and sending onto you, or if the debt is not paid, drafting and issuing claim
- Where no Acknowledgment of Service or Defence is received, applying to the court to enter Judgement in default
- When Judgement in default in received, write to the other side to request payment
- If payment is not received within 10 days, providing you with advice on next steps and likely costs
Matters usually take 10-12 weeks from receipt of instructions from you to receipt of payment from the other side, depending on whether or not it is necessary to issue a claim. This is on the basis that the other side pays promptly on receipt of Judgement in default. If enforcement action is needed, the matter will take longer to resolve.