Fast track process and costs
Fast track claims
Do you have an outstanding business invoice with one of your customers? Are you thinking about taking them to court but worried about how much it will cost?
If you have a claim of between £10,000 and £25,000 with a UK debtor, then you can use a fast track claim to get your money back. The costs for this process will vary depending on the complexity of the case.
What is a fast track claim?
A fast track claim can be used for claims between £10,000 – £25,000. The process, which usually takes a year, will result in a 1-day hearing, whereby both parties can present their case. After which, the judge will rule on the case.
Before filing a fast track claim
Generally, the court prefers for you to try and settle the case together with your business partner before filing a case. Mediation, or alternative dispute resolution (ADR), is also an important tactic to consider especially if your business relationship is important to you. However, unlike the small claims process, during mediation, all costs will need to be shared by both sides.
What is the fast track process?
When filing for a fast track claim there are several steps you need to take before getting to the hearing. Both parties must submit a document estimating the anticipated costs they are owed. Once these costs have been agreed, they are generally set, and these amounts cannot be deviated from.
On top of this, any evidence to support your case will need to be provided including witness statements and supportive documents that are related to the case.
If you’re unsure, you should always consult with a lawyer before filing a claim. Our debt collection lawyers are specialists and can help. With more than 65 years’ experience, our expert lawyers, specialise in business debt collection. We can collect your money on your behalf.
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Fast track claims costs
In England, to begin your fast track claim, you must pay an initial fee. You must also pay another additional fee when you complete and return the listing questionnaire and again once your hearing date has been set.
Should you be successful in recovering your debt it is important to note that you may not receive the entire cost of your collection back. It is usual to receive 2/3rds of your costs on average. However, should you lose the case, it is likely you will also need to pay some or all of the legal costs of your business partner.
There are other costs you need to be aware of when taking a customer to court, for example, your business relationship. If a customer isn’t paying your invoices on time, you should question whether it is a relationship you want to continue.
To make sure your business partners take you seriously, you should consider using a debt collection agency as soon as the invoice becomes overdue. It may sound odd, but using an agency or law firm from the get go, communicates to businesses that you are serious and will not stand for unpaid invoices.
On top of this, a debt recovery lawyer can ensure your debt collection policy is included within your terms and conditions and contracts. This makes it very clear to business partners what happens if business invoices are not paid on time.
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More information about fast track claims and costs
Want more information about fast track claims? Are you unsure whether you can afford to or should take your business partner to court? Get in touch with us today. Our debt collection lawyers can help. They can review your case and will always give honest advice regarding the validity and potential success of your case.
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