Unpaid debts can cause problems for businesses and cash flow. It can be very frustrating for both individuals and companies also having to keep chasing for payment. Unpaid debts can also result in a company or business going to financial crisis also.
N K Law Solicitors can help you with this.
N K Law Solicitors Ltd provides a fixed-fee debt recovery service based on the stage of the process of recovering an undisputed debt. We have three stages of escalation. There is a single fee associated with having a debt recovery solicitor carry out each stage.
If the debtor disputes that they owe the amount you are claiming, or the amount, then our fixed fee will not apply. We can still however offer you the advice you need to recover your debt.
Unpaid debts can cause problems for both individuals and businesses due to not being paid affecting cash flow.
It can be very frustrating for both individuals and companies also having to keep chasing for payment.
Unpaid debts can also result in a company or business going to financial crisis also.
At N K Law Solicitors we can assist in recovering these debts.
Are you owed money or are you being asked to pay money which you dispute as owed?
We are able to agree a fixed fee for undisputed claims.
Should the claim become disputed either on issue of liability or value the fixed fee the case will fall out of the fixed fee regime and revert to our hourly charges.
There are three stages for an undisputed claim:
For an undisputed claim, we charge:
Up to £1,000 we charge £80 + VAT
£1,001-£10,000 we charge £150 +VAT
£10,000 plus we charge £180 + VAT
Where the Claim is disputed above £10,000, we may be able to arrange a fixed fee depending on the amount of the debt and facts of the case, however failing which we shall charge our hourly rates:
Our hourly fixed rates as follows:
The charging structure of this firm is as follows:-
Partners, Solicitors and Associates with over 8 years’ experience (Grade A): £225.00 per hour
Solicitors and legal executives with over 4 years’ experience (Grade B): £195.00 per hour
Other solicitors or legal executives and fee earners of equivalent experience) (Grade C): £170.00 per hour
Trainee solicitors, paralegals and other fee earners (Grade D): £136.00 per hour
Letters out and telephone calls will be charged at a tenth of this hourly charging rate. (Hourly Charges are plus VAT)
Both Mr Mohammad Javid and Mr Nazakat Khan are Grade A Solicitors
In addition, there will be disbursement fees payable which will depend on the type of debtor. These include:
ID Verification: £10 plus VAT
Claim issue fee: Depends on the amount claimed.
Bankruptcy search: £1 per person
Office Copy Search £3
Asset Tracing Search(Optional) Prices range from £150-£300 depending on level of search.
Person Tracing Search (Option) £25-£45 Dependant on depth of search required.
If no recovery at Stage 1 and debt is not disputed we shall commence legal proceedings (Stage 2)
Debt owed Our fee Court fee Recoverable from debtor (Court fee + fixed costs)
Up to £1,000 £120 + VAT £25 – £60 £75 – £130
£1,001 – £10,000 £180 + VAT £70 – £410 £150 – £510
£10,001 – £100,000 £275 + VAT 4.5% of claim value Court fee + £100
£100,001 – £200,000 £375 + VAT 5% of claim value Court fee + £100
If Debt not settled at Stages 1 or 2, we shall proceed to stage 3 enforcement to recover the debt.
|Enforcement action||Enforcement action||Court fee|
|Application for order that the debtor attends court for questioning||£95 + VAT||Court fee of £55 + process server’s fee (£60 – £99 approx.)|
|Application for Writ of Control – High Court Bailiff (where debt exceeds £600)||£95 + VAT||If unsuccessful: £66 Court fee + bailiff’s fee of £75 + VAT. If successful: £66 Court fee (Court & bailiff’s fee recoverable from debtor)|
|Application for an Attachment of Earnings order||£95 + VAT||Court fee of £110|
|Application for Third Party Debt Order||£95 + VAT||Court fee of £110 Representation at court – estimated at £300|
|Application for Charging Order on Debtors Property||Charged on an hourly rate basis (an estimate will be provided based on the circumstances of the debt owed)||Court fee of £110 Land Registry fee of £40 Representation at court – estimated at £300|
- Debt Recovery
- Bankruptcy Issues
- Company Insolvency Issues