No Win No Fee Debt Collection
DebtFast is pleased to announce our new no win no fee debt recovery offering.
The service consists of sending your debtor a Letter Before Action and up to two further chaser letters if no response is received. DebtFast is powered by Debenhams Ottaway LLP and letters will be sent on Debenhams Ottaway solicitors headed paper. There are no costs to you for this service unless a recovery is made by us, in which case a percentage of the recovery made will be payable. This is a ‘no-win / no-fee’ service which is suitable for undefended matters.
Our contingent fees are between 2-25% depending on the level and age of the debt. Once instructed our fees are payable at the agreed percentage whether payment is made to us or directly to you.
The fees set out above for the work prior to issuing court proceedings includes the following services:
- taking your instructions and reviewing documentation
- undertaking a Companies House check
- sending a letter before action and two further chaser letters
- receiving payment and sending on to you
The fees above do not include reviewing and responding to the debtor’s response to any pre-action letter unless the debt remains undefended. If the debt is defended, we can provide a fee estimate for the next steps should you require this advice.
An administration fee of £120.00 plus VAT is payable to us should the following occur:
- you withdraw your instruction within 60 days of sending the Letter Before Action
- you require advice as to how the matter should proceed if a recovery is not made after the Letter Before Action and follow up letters have been sent.
If payment is not received, a claim or Winding up Petition will need to be issued. You can find more information on these here:-
Issue of Claim
Winding up Petitions
DebtFast is backed by a full team of dispute resolutions, litigation and insolvency solicitors and collectively we have many years of experience in dealing with a wide range of matters from straightforward contractual debts to high value complex debts. We also have extensive knowledge of insolvency options that often provide fast and effective recovery of undisputed debt.