When you get in touch with us regarding debt recovery (for an undisputed amount) we will provide you with a fixed fee quote, based on your individual circumstances, so you will know what your costs will be.
When you are considering recovering a debt you will need to budget for the following costs:
TSP's Charges for the Legal Work on Your Debt Recovery
The detailed quote that we provide to you, before we start work, will include a fixed fee, on which we will charge VAT, for TSP to carry out the legal work on your debt recovery.
Initially we will quote a separate fixed fee for
- Issuing a letter before claim
- Issuing Court proceedings
The fees quoted will be based on the value of your claim. They will not include the cost of any enforcement action that may be necessary. We will quote for this at the point that it is required.
Additional Expenses When Issuing a Claim
In addition to our fixed fee for issuing a claim there is also an associated Court fee, which does not attract VAT, which you will need to pay. The Court fee is based on the value of your debt.
If you are thinking about proceeding with a claim you should note that adding interest and compensation to your debt may take your debt into a higher banding with a higher associated court fee.
Enforcement and Insolvency
If enforcement action becomes necessary TSP will quote a separate fixed fee for our advice and assistance.
There will be additional costs associated with any enforcement action taken. The Court fees for making applications for the various enforcement methods and any associated costs, such as process server’s fees, can be found here.
Recovering Your Costs?
The court allows you to recover some of your costs on issuing, judgment and enforcement but not all of your costs will be recovered from the debtor.
Recovery of costs will depend on:
- What your written contract says, if there is one
- Who wins or loses
- A party’s conduct and compliance with court rules and orders (for example, a failure to comply with a pre-action protocol can have cost consequences even for the party that wins)
- When the matter is concluded (whether before or after proceedings have been commenced)
- The financial value of the claim and consequently the track the claim is allocated, and
- How the claim is concluded (whether by agreement or at trial)