Three Graces Legal are a highly-specialised team of commercial debt recovery lawyers ready to get your business back on track.
Where invoices and bills are not paid on time, this can have a huge impact on the performance and progress of your business activities. At the same time, chasing debt can be time consuming and often fruitless for those without specific expertise and understanding of the legal process. Three Graces legal can handle all aspects of debt recovery, from encouraging early payment using letters before action, to obtaining and enforcing judgments.
To discuss your specific circumstances, call us today on 0151 659 1070 or complete our online enquiry form and we will get back to you right away. We look forward to helping you take control of your business finances.
Expert debt recovery lawyers for business, Liverpool, Wirral, Merseyside and across England & Wales
We are an experienced, director-led firm and our lawyers know how to work with debtors to extract payment even where you have previously been unsuccessful. However, we also understand the need to balance recovering bad debts against the cost of recovery, so we will always provide value for our services.
Our debt recovery services for claimants
We know that your business may be struggling financially as a result of carrying outstanding debt. That is why Three Graces Legal offer debt recovery services with a minimal upfront cost, or even ‘no-win, no fee’ so that we can work with you without putting you under further financial pressure.
We will request the full file of papers of proceedings and carry out a full review & risk assessment of the matter. Providing the debt is undisputed we will then draft and send a Letter Before Action to the Debtor demanding payment of the outstanding debt within 14 days. There is no charge for this aspect of our work.
If the payment is made within 14 days and the debt settled, we will deduct 15%+VAT from the total amount recovered. If any legal costs are recovered, these will also be payable to Three Graces Legal.
Should the Debtor not respond, then Three Graces Legal will review and assess the prospects of the case again and look to issue Court Proceedings. We will draft the Claim Form and Particulars of Claim. The cost for doing this work is dependent on the size of the claim and we will seek to recover these costs from the debtor as part of the overall claim.
If we receive no response to the Claim Form, then Three Graces Legal will apply for a default judgment asking the Court to make an Order in the Creditor’s favour.
Once a Judgment is received if no payment is made within 14 days (or whatever time ordered by the Court) then we will take steps to enforce the judgment using one of many options, including:
Entitlement to claim interest
Under the Late Payment of Commercial Debts Regulations 2002, you have a statutory right to claim interest for late payment of debts along with a fixed sum for costs. Ideally, your invoices and contracts will already make clear that you will exercise this right if payment is not made on time. This means that if a payment is late, then you can claim for the interest on the amount owed.
If your invoice or contract states that payment will be made in instalments, you can claim statutory interest separately on each instalment paid late.
Statutory interest runs payable from the date that goods or services are delivered if there is an agreement that payment is to be made ‘up front'. Three Graces Legal will, therefore, claim the amount of interest based on the number of days late using the relevant legislation.
Alternatively, you could include a contractual right to interest clause within your contract's trading terms. in addition, we can also seek to recover a fixed sum to compensate you for the costs of collecting the debt which is:
- £40, for debt less than £1,000;
- £70, for a debt of £1,000 or more but less than £10,000;
- £100, for a debt of £10,000 or more.
Contact our debt recovery solicitors
If you need a strategic and cost-effective team of expert debt recovery lawyers, Three Graces Legal can help. We always fight for your best interests and are ready to help you take control of financial worries in your business. For free initial advice with one of our experienced solicitors, call now on 0151 659 1070 or complete our online enquiry form and we will get back to you right away. We look forward to helping you get back on track.