On the 6th December 2018 the SRA introduced pricing transparency rules for certain areas of law, where law firms now have to publish some of their prices online. One of those areas is debt recovery services where the claim value does not exceed £100,000.
We recognise that debt recovery work and the way in which it is priced depends heavily on a number of key factors such as the volume of instructions you send to us, the age of the debt, the type of debt, how many attempts have been made to collect the debt already, the contract which underpins the contractual relationship you have with your debtor and whether your debtor has any assets etc.
We are under a professional obligation, to tell you the following at this stage:-
1 We must tell you about our people who will be providing you with these services.
2 We must tell you the range of prices for certain things and how long it will take to complete each of these steps. We must provide details of the prices we will charge you for:-
the work we do before we issue legal proceedings,
the work we do when we prepare for and issue legal proceedings on your behalf,
the work we do when we prepare for and enter default Judgment on your behalf.
Due to the difficulties in costing certain parts of our services the SRA do not currently place us under any professional obligation to publish the cost of any defended matters or any enforcement methods we may use to recover each Judgment debt. However, notwithstanding this, once we understand your specific requirements we will be able to confirm our hourly rates for all defended work and also our fixed prices for most enforcement methods you may wish to use.
3 We must tell you the likely disbursements that will be incurred during the above stages.
Our team has well over 30 years of collective experience in delivering high quality work in all matters relating to debt recovery. For further information go to our “Meet the Team” section.
If you instruct us Michael Devlin will represent you. Michael’s aim is to always complete each task to the highest possible standard but for a competitive price. Michael has been qualified since 2004.
Our fees and possible timescales
In terms of our fees, as explained above, we are only required to identify our range of charges before we issue proceedings and up to the point when a default Judgment is entered against your debtor. We are also under an obligations to provide you with timescales setting out how long each particular step might take. As explained above, these charges will depend on a number of variables including the volume of instructions you send to us. The more instructions we receive the lower our prices will be for the services we provide, which is why it is important to talk to you to discuss your specific requirements.
Pre-issue costs – these are clearly set out on the fees table
In terms of likely timeframes it is again dependent upon the circumstances of your case. Our pre-issue packages range from as little as 3 days to as long as 4 months if the debtor is an individual who requests time to set out their position.
Issuing costs - Depending upon a number of variables, some of which have been set out above, our range of prices for our issuing services (drafting a claim form and drafting particulars of claim) are set out on the fees table.
In terms of likely timeframes it is again dependent upon the circumstances of your case. We estimate that from the point when we are in a position to issue proceedings up to the point when we are ready to enter Judgment in default we would expect the likely timeframes to range from as little as 16 days if there is no additional information to collect before issuing up to 40 days if the case is particularly complex and it takes three weeks to draft the paperwork.
Default Judgment/Judgment on admission costs - Depending upon a number of variables, some of which have been set out above, our range of prices for entering Judgment in default (where no defence has been filed) are set out on the fees table.
In terms of likely timeframes it is again dependent upon the circumstances of your case We estimate that from the point when we are in a position to enter Judgment in default up to the point when we obtain Judgment in default the likely timeframes will range from as little as 2 days to 14 days in most circumstances. This will depend on how quickly we apply for default Judgment and how quickly the Court are in a position to process the application.
In terms of disbursements the most likely disbursements you will incur on a matter are Court fees for issuing your claim and possibly an Advocate or Barrister's fee for representing you at a hearing. The Court issue fee is roughly 5% of the debt value but will be less than this if the debt value is less than £10,000.00. Court fees do not attract a charge for VAT whereas all other disbursements are likely to. If any other disbursements are incurred we will of course advise you of these charges in advance and many disbursements will be charged at fixed prices once we have discussed your specific requirements.
We trust the above is informative but we still cannot stress enough that speaking to us to discuss our services and bespoke pricing in greater detail is the best step you can take. We are more than happy to speak to you free of charge so we can understand what your specific debt recovery requirements are and see how we can provide a package of services that properly meets your debt recovery needs.