Legal Debt Recovery
Newtons debt recovery solicitors provide advice and assistance for commercial organisations and individuals.
Debt can have a crippling impact on cash flow with the additional time and effort in chasing payment eroding any remaining profit from the settlement. The financial implications of unpaid invoices can have a significantly detrimental effect on mental health, and we recognise the immense stress and pressure that chasing debt can cause.
Because debt recovery can be complicated, our debt recovery solicitors work closely with you to find the best legal debt recovery strategy. Our debt recovery law team offers a one-to-one approach, tailoring the legal debt recovery process around your personal or business needs and advise on the best recovery methods for you, including how to recover unpaid invoices.
Our debt recovery solicitors can help with:
- Pre-Action Advice and Collection:
The legal debt recovery process begins with the pre-action protocol. A pre-action Letter of Claim should be provided to the debtor by the collector with information including the amount of debt, the date of the agreement, where the debt has been assigned etc. Our debt recovery solicitors will provide you full support in drafting this letter with the aim of recovering debts without heading to court.
- Court Proceedings:
You can instruct us to issue court proceedings if a debtor has failed to return debts owed after pre-action has been taken. We will advise you on the likelihood of making a successful claim and, if you wish to proceed, we will issue a claim quickly and support you throughout the entire process.
- Enforcement Action:
With a court order, enforcement action can be taken immediately. Our debt recovery law specialists will advise on the best course to take when it comes to enforcing debt effectively.
If a debtor is already bankrupt, according to the bankruptcy threshold, then we would advise on bankruptcy proceedings and advise on winding up proceedings.
If a debtor has liquidated their assets without settling their debt, our experienced solicitors will advise on the best course of action to take to give you the best chance of recovering all money owed.
The sooner debts are acted upon, the better the chance of a successful outcome. Our highly experienced litigators regularly achieve excellent results for clients across the business and individual spectrum. We can also offer you advice and assistance with statutory demands, winding up petitions, as well as personal and business bankruptcies.
We can advise on writing letters or assist with negotiation if the claim is disputed. In the event of a dispute, our team of disputes solicitors can step in. Suppose the situation escalates to taking legal action against the debtor. In that case, our debt recovery solicitors will guide you in the best course of action to lead to a favourable result for your business or you as an individual.
Our charges are based upon the amount of time we spend on your behalf. Our hourly rates are as follows;
Senior Solicitors: £250 per hour plus VAT;
Solicitors: £230 per hour plus VAT; and
Paralegals: £150 per hour plus VAT.
The likely overall cost of your matter depends upon the amount of work that is required. This will depend upon how your opponent responds. Estimated costs where matters get to the point of issuing court proceedings will be in the region of £3,000 – £5,000 plus VAT.
If the case is not resolved and we have to prepare for trial, then the cost of your case is likely to be considerably higher. If we end up going to trial then your case is likely to cost between £10,000 and £15,000 plus VAT. Again, this does depend upon the amount of work that is required.
We may need to amend these estimates as your case progresses, but we will keep you regularly updated on the question of costs. If you decide not to proceed with your matter, and we have given an estimate of costs, we will calculate our bill according to the time we have spent on it using the hourly rates set out above, but that charge will not exceed our estimate of costs.
During the course of your case we may need to make payments to other parties, for example court fees; expert witnesses or barristers. We will discuss this with you in advance and advise on the likely costs where this is necessary.
The costs information provided above is intended to provide a rough guide on likely costs, we would always recommend you contact us in person to discuss your matter and we will be able to provide you with a bespoke cost estimate.
Contact our expert debt recovery solicitors.
To get the legal debt recovery process started, please contact Newtons Solicitors today. We will deal with your predicament with the highest level of professionalism, expertise, and sensitivity to help you recover the debts you are owed.