Debt Recovery
Removing the headache and hassle out of debt collection so that you can focus on what matters to you.
ELMS Legal Ltd have a specialised and dedicated debt recovery team to work with its existing clients on recovering any outstanding invoices no matter of their size.
We adopt a commercial approach on working with clients in finding a realistic and most importantly, a sensible financial way forward for all concerned no matter of the economic climate.
ELMS Legal Ltd have found that 9 out of 10 people who make contact with our team to discuss their situation, whether this be an existing client or a debtor, have a better understanding of their situation before taking any further steps.
For debt recovery we ask to be paid a percentage of the sums we recover as a commission rate. Our average rates range from 5% to 25%. Prior to ELMS Legal Limited taking on instructions, we will agree terms and conditions of business which will be explained and detailed in a bespoke client care letter.
We understand that each case may be different and so we will discuss with you your specific needs dependant on the task.
Please note the commission rates for ELMS Legal Ltd in relation to our debt recovery services as below. This will be based on the amount that we recover. Please be advised that there are no disbursements for our letter debt recovery process.
| Debt Value | Commission Rate + VAT of 20% |
|---|---|
| £50 – £10,000 | 25% + VAT of debt recovered |
| £10,001 – £99,999 | 15% + VAT of debt recovered |
| £100,000 and above | 5% + VAT of debt recovered |
For example, on a £1,000.00 debt, ELMS Legal Ltd would charge 25%, which is £250.00 + VAT = £300.00.
On a matter that is £15,000.00 debt, ELMS Legal Ltd would charge 15%, which is £2,250.00 + VAT = £2,700.00.
On a matter that is £150,000.00 debt, ELMS Legal Ltd would charge 5%, which is £7,500.00 + VAT = £9,000.00.
How We Can Help
If you are owed a sum of money, ELMS Legal Ltd can act on your behalf to recover outstanding monies.
As soon as we are instructed on your matter, we will be there to explain the process each step of the way. We understand that legal proceedings can be complicated and we are here to assist from start to finish.
For all the above prices all fees are included for the debt recovery process below.
Stage 1 – Notification of Instruction Letter
We will send a notification of instruction letter to the debtor to explain the debt and to request payment promptly and allow 14 days for the debtor to respond.
Stage 2 – Letter Cycle
Thereafter, 3 further letters are sent separately to the debtor in order to prompt payment. This letter cycle will take approximately 60 days, depending on whether the debtor corresponds or not.
After the expiry of our debt recovery process, instructions will be taken whether the client wishes to enter into the Civil Litigation process, which can be found on our Civil Litigation page.
Should you need any further assistance in this regard or feel as though you may have a dispute that requires a legal opinion to be resolved then please contact us on 01529 406097 or email us at info@elmslegal.co.uk.