BUSINESS OBJECTIVES ACHIEVED
Forbes Collect primarily provides debt recovery services to all levels of business for the recovery of undisputed invoice based debt, contracted for in England or Wales and against debtors based in the UK. We refer to these debts as 'Qualifying Debts'.
For the majority of Qualifying Debts, we will act on the basis that will charge you only upon recovery of monies from your debtor, whether that be at a pre-litigation stage, after a claim is issued or during the enforcement process.
For smaller Qualifying Debts, we charge fixed fees.
The only exception to this is when the Debtor resides in either Scotland or Northern Ireland. In those cases we charge additional fixed fees (details available on request) to cover the additional work needed to issue and serve in these jurisdictions.
Where applicable, we will also add interest and late payment compensation to the debts claimed, which is lawfully recoverable from the debtor.
See below for details of these fees, all of which are subject to VAT at 20%.
We charge a percentage of the amounts recovered for Qualifying Debts, with the level of the fees charged dependent upon two factors:
The table below sets out the range of percentages that we charge at each stage and at the differing bands of recovery:
|£501 - £1,000||£1,001 - £3,000||£3,001 - £9,000||£9,000 -£15,000||£15,000 +|
|Post Issue of Court Proceedings||10% plus fixed fee (see below)||14%||10%||6%||5%|
|Enforcement||10% plus fixed fee (see below)||20%||14%||8%||6%|
NB: The only times we will expect payment before monies are recovered are:
For debts of less than £1,000, we additionally charge fixed fees, based upon the level of the debt referred to us. These are:
|Issue Letter Before Action, debt less than £500||£25|
Issue Claim, debt less than £500
|Issue Claim, debt between £500 -£1,000||£70|
|Instructing High Court Enforcement Officer/Bailiff||£50|
*all the above fees are subject to VAT at 20%
Disbursements are costs related to your matter such as Court Fees, which are payable in addition to our fees. These are payable:
Issue fees range between £35 and £10,000 dependent upon the value of the claim and these are set out at https://www.gov.uk/make-court-claim-for-money/court-fees
The court fee for enforcement through the County Court Bailiff (less than £600 debt) is £100 and through the High Court Enforcement Officer's (debt of £600 or more) is £66. If unsuccessful in recovering monies, the HCEO's will also charge an abortive fee of £75 plus VAT at 20%.
There may be other disbursements that we incur on your behalf from time to time but will advise you of these in advance.
If the debtor disputes the debt or seeks to negotiate with us on your behalf, then we also charge fixed fees for certain elements of work we undertake, but we will always discuss these additional charges with you first. We also offer additional services for competitive fixed fees for other methods of enforcement of debts and insolvency/bankruptcy. A full list of our services and fees is available upon request.