DID
YOU KNOW that if you are a business and are owed money by another
business you can
claim interest on your unpaid debt at 8%
over base rate under the Late
Payment of Commercial Debts (Interest) Act
1998 even when you have no term in your
contract allowing you to claim such
interest.
-
Our Debt Recovery Service
- In order to
collect an outstanding debt
successfully and economically, It
is vitally important that we
receive accurate information about
the debt which you want us to
recover. Clearly if you are
thinking of instructing us there
is some reason why the debtor is
not paying you. The debtor may
therefore look for any opportunity
to resist your claim. The wrong
information about the debt will
allow the debtor to delay matters
and will increase our fees if we
have to do extra work.
-
Details of the
Debtor
- We
will provide you with an
Instruction form in which we ask
for a copy of anything you might
have received from the debtor with
the debtor's business details on
it. Ideally we would like a copy
of the debtor's letterhead or
perhaps a compliment slip or a
business card. One of the main
problems in debt collecting is
getting the details of the debtor
correct. We try to get these right
at the start to avoid unnecessary
and costly delays to a successful
recovery.
-
Credit Checking
- If you have
not had your own recent credit
check carried out against the
Debtor, we recommend that you
instruct us to do so. We have a
direct computer link to one of the
largest computer based credit
referencing agencies and can
obtain a report on any limited
company or individual within
minutes. The Cost involved is
£5.00+VAT for each individual
searched against and £30.00+VAT
for each company or business
searched. If you require a search
we will ask you to let us have
payment in advance for the search
you want us to do.
What
will all this cost you?
Table 1 shows the
amount we will charge for each matter on
which we are instructed to deal with
through the County Court
Table
1
Fees Charged by Photiades
|
Step |
Action
taken |
Number of
letters included in fee |
Our Fees |
Disbursements |
|
1 |
Log
matter on to our system and write a
letter before action to the debtor
and report to you. |
2 |
£25.00 + VAT |
Credit
search fee (optional). See above |
|
2 |
Arrange
for proceedings to be issued in the
County Court |
3 |
£25.00
+ VAT |
Court
fees as per table 2 below |
|
3 |
In
default of a defence, obtain
judgment against the Debtor |
2 |
£25.00
+ VAT |
none |
| |
Anytime
for each additional letter over the
number shown in column 3 and each
telephone call |
1 |
£5.00
+ VAT |
none |
Table
2
Court Fees for issuing County Court
Summons from 1st April 2005
|
Amount of Debt |
Court Fee Payable
in £'s |
Amount of Debt |
Court Fee payable
in £'s |
|
Not
over £300 |
30 |
Over £50,000 but not over
£100,000 |
700 |
|
Over £300 but not over
£500 |
50 |
Over £100,000 but not over
£150,000 |
900 |
|
Over
£500 but not over £1,000 |
80 |
Over £150,000 but
not over £200,000 |
1,100 |
|
Over
£1,000 but not over £5,000 |
120 |
Over £200,000 but
not over £250,000 |
1,300 |
|
Over
£5,000 but not over £15,000 |
250 |
Over £250,000 but
not over £300,000 |
1,500 |
|
Over
£15,000 but not over £50,000 |
400 |
Over £300,000 |
1,700 |
Payment of the Fees
shown in Table 1 will be required either
at the time the Debtor pays the debt, or
on receipt of your instructions to stop
any further action or upon obtaining a
Judgment against the Debtor.
Payment of
the Court fees will be requested in
advance of the issue of the proceedings.
We will write to you and advise when we
require your payment.
|
Amount of Debt |
Over £25.00 but
less than £500.00 |
Over £500 but
less than £1,000.00 |
Over £1,000 but
less than £5,000.00 |
Over £5,000 |
|
Costs that can be
added to the Claim |
£50 |
£70.00 |
£80.00 |
£100.00 |
Additional
Information:
If you wish us to contact you with further
details please click the envelope 
If you would like us to evaluate a debt
for you and advise on its recovery go to
our Debt
Recovery Form
Music by special request of Janine at HSBC PI
Brokers.
|
