No win – no fee:
Sterling operates on a contingency basis with no up front fees. We charge a success fee based on a percentage of the debt amount that we recover. There is therefore no risk of throwing good money after bad.
- No up front charges
- Our standard fee is 12% of debt recovered for UK debts.
- We charge lower rates for large debt values and portfolios of debt.
- For complex cases which require significant time from our solicitor* we may agree a low hourly rate plus success fee.
- Where legal action is required we can work on a low hourly rate or fixed fee in most cases.
Please contact us for rates for overseas debt.
Free debt recovery, your debtor pays our fee:
For business debts dated after 1st April 2013 the Late Payment Act allows us to add reasonable debt recovery costs to the debt in addition to late payment interest**. This means that provided we are able to collect the full debt value your debtor will effectively cover our fees. In many cases you will receive more than the original invoice value.
**This is provided that your terms of business do not conflict with UK legislation.
In the case where the debt is older than 1st April 2013 late payment and interest charges added can often cover our fee.
Low legal fees:
Sterling collect the majority of debts without the need for legal action. If we believe that legal action is appropriate then we will contact you to explain the recommended approach, risks, likelihood of success and costs. It is then your decision as to whether you proceed. Legal fees are only ever charged with prior written notice from the client. We have an exclusive arrangement with a specialist legal practice based in our office which allows us to provide discounted rates and in some cases litigation on a fixed fee basis. Our standard rate for a senior solicitor is £150 per hour. Please note that this rate is for a fully UK qualified solicitor specialising in debt litigation. In many cases these legal fees can be charged to your debtor.
*Sterling Debt Recovery uses an independent 3rd party solicitor. You can see more information here legal services.