How much do collection agencies charge for recovering debt?

How much collection agencies charge will vary from agency to agency, different types of debt collection agencies have different fees and rules. At Forbes Collect, we work on a 'No Recovery, No Fee' basis.

This means that you will only pay a fee if we succeed in recovering the debt. We have developed a cost-effective system that keeps our fees transparent from the outset. Our fee structure leads us to conclude your debt recovery as quickly and efficiently as possible, with a focus on pre-litigation action, whenever possible.

To help maximise your return, we add statutory late payment interest and, in the case of business debt, compensation. The statutory late payment interest is charged at 8% above the Bank of England base rate for business debt, and at a flat 8% for individuals.

Compensation for business debt is calculated in the following way:

  • Debt value less than £1000: £40
  • Debt value less than £10,000: £70
  • Debt value of £10,000 or more: £100

The compensation and late payment interest goes a long way to help cover the cost of collecting the debt.

Another way we help you to save money is to issue County Court claims online through the County Court Business Centre. This means court fees are up to 18% less that the more traditional method of issuing County Court claims.

If you are pursuing debt from a company in Scotland or Northern Ireland, this is considered out of jurisdiction and thus a different fee structure applies. Out of jurisdiction claims that are resolved during the pre-litigation phase will be charged on a 'No Recovery, No Fee basis'. However, if a County Court Claim needs to be made, taking enforcement will be charged according to our fixed fees, as the process is more complicated.

If you want more information about our fees, contact Forbes Collect today on 0800 689 4176 and forbescollect@forbessolicitors.co.uk.

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0800 689 4176

06 Dec 2017

Forbes Collect

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