Being paid on time is essential to any business. Unpaid debts affect cash flow, creating uncertainty and potentially preventing payment of your staff or creditors, harming your reputation.
The debt recovery team at Heald Nickinson is fast, efficient and gets the results you need. We are debt recovery specialists, and can assist with undisputed invoice debt cases on a fixed-fee basis to deliver exceptional value for money.
For a fixed fee of £50 plus VAT, our commercial debt recovery team will send a letter before action demanding payment within 14 days otherwise court proceedings will be issued.
In many cases a letter before action from a solicitor will be all that is required to obtain payment. However, if no payment is received, the next step will be our undefended debt collection service.
This is a fixed fee service, calculated on a sliding scale on the basis of the value of the debt, as set out in the table below:
||Court fee||Our fee (Exc. VAT)||Total|
|Up to £300||£25||£50||£85|
|£300 - £500||£35||£70||£120|
|£500 - £1,000||£60||£90||£160|
|£1,000 - £1,500||£70
|£1,500 - £3,000||£105||£150||£265|
|£3,000 - £5,000||£185||£300||£505|
|£5,000 - £10,000||£410||£500||£955|
|£10,000 - £200,000||4.5% Value of the claim.||7% Value of the claim.|
|Over £200,000||£10,000||5% Value of the claim.|
Matters usually take 1-6 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.
In the event that the debtor defends the claim, the matter falls out of our undefended debt service, and we will then discuss your options with you. This may include immediately stopping work on your matter following payment of any outstanding fixed fees, or continuing to assist you in the matter on the basis of an hourly charging rate.
Our debt recovery team consists of commercial litigation specialists, who handle disputed or complex claims professionally and efficiently and will also advise more thoroughly on business debt recovery, commercial debts and prospects of recovery.
For assistance with your debt recovery matter, please call 01276 680000, or contact us