Is the process of claiming my money back going to cost me anything?
Attempting to recover any amount of money from an individual or company yourself is always going to require some upfront costs and can be a stressful and timely process for you or your staff. Here at Oakwood Solicitors Ltd, our experienced Debt Recovery Paralegals advise our clients of the most cost-effective way to recover outstanding monies owed to them and have a variety of different payment options available to suit your needs. We take the stress of the process away from our clients and achieve the best possible outcomes.
How much is the process going to cost me?
We can offer a no win no fee agreement for commercial clients. This covers everything from letters, phone calls, emails and text messages, right up to the Litigation stage. In the event that the prospects of recovering the money are favourable, you would be notified of the relevant Court Fees that are payable and you can then decide whether or not you wish to proceed with Litigation. For our individual clients, we offer an upfront fee of £35 (+VAT) along with a deduction of 5% of any sums recovered for you. This completely covers the Pre-Litigation Debt Recovery process. The Court Fees required to commence legal proceedings depends on the total sum of money being claimed and our experienced litigation Paralegals will have advised you of the costs and risks of taking this form of action. Each individual case can differ.
Can I recover any additional costs back from the Defendant?
The costs you can claim back from the Defendant depend solely on the amount of the money being claimed. You can also claim late payment compensation under the Late Payment of Commercial Debts (Interest) Act 1998.
On the 7th August 2002. The Late Payment of Commercial Debts Regulations 2002 was added to legislation and it was amended to allow small businesses to charge each other statutory interest, as well as large businesses and the public sector, for the late payment of commercial debt.
The legislation provided for interest to be a statutory right claimed at 8% over the Bank of England base rate and for three tiers of compensation. £40.00 compensation can be claimed for debts under £1000.00, £70.00 for debts under 10,000 and £100.00 for debts over £10,000.
You are also entitled to fixed costs under rule 45.2 part 45 fixed costs on commencement of a claim for the recovery of money or goods, this is applied when issuing the claim with the court.
WHAT TO DO NEXT:
For a FREE initial consultation, call the Debt Recovery Team on 0113 200 9720 or contact us online here to discuss how we can help you.
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