Professional Indemnity Insurance Premiums

Given the current economic climate more and more businesses are finding it increasingly difficult to pay or maintain their premiums and the professional services industry is no exception.
The Solicitors Assigned Risks Pool is all but one example of the latter, but similar pressures are being experienced by accountants, architects and other professionals.

We act for a number of insurance companies and brokers to assist in the collection of these unpaid premiums and in circumstances where the insured company or individual is unable or unwilling to make their payments, we believe that - where appropriate - the use of insolvency action is an efficient means of expediting the collection of your unpaid premiums and brokerage fees.

If you delay you risk loosing out to other stakeholders such as the bank or landlord.

What is the advantage of using solicitors instead of a Debt Collection Agency (DCA)? Some clients do not appreciate the advantages of instructing a firm of solicitors instead of a debt collection agency.

As solicitors we can use our legal knowledge to expedite payment and place the burden of litigating on the debtor. We do this in a variety of ways for example by using Part 36 offers made pursuant to Part 36 of the Civil Procedure Rules 1998.

We will also seek to claim interest under your terms of business or under the Late Payment of Commercial Debts (Interest) Act 1998

How do you charge?

Clients often wrongly believe that lawyers only charge by the hour. The latter is not always true and Welbeck Solicitors take an innovative approach to litigation funding. The vast majority of our work is undertaken through a Damages Based Agreement (DBA) or conditional fee agreement (CFA). This means that you pay by results and only pay fees if a recovery is made.

In addition where possible Welbeck Solicitors will endeavour to recover our fees and any related disbursements from the debtor or a third party.

For further details please see the explanation below.
A damages-based agreement (DBA) is a form of "no-win, no fee" agreement between a lawyer and client under which the lawyer is paid an agreed proportion of the sums the client recovers in litigation. This kind of arrangement is perhaps more often described as a "contingency fee", but in England and Wales that term would also cover a "conditional fee agreement".

Until recently, English law only permitted DBAs in relation to non-contentious transactional matters and proceedings before employment tribunals but, from 1 April 2013, they are now permissible in relation to proceedings before the English courts. In debt collection cases, the payment a lawyer may agree to receive under a DBA will be subject to a cap of 50% of the sums recovered by the client but Welbeck Solicitors charges a lot less.

State-of-the-art technology and software systems to get your
money back quicker.

We provide Internet access so that your management teams can always monitor the progression of your cases.

Our software also enables us to contact your debtors using SMS (text messaging) and our tracing system which is linked into one of the major credit reference agencies means that we can assist you to try and locate your debtor’s current address.

Pay Now. Our website also enables debtors to pay their debts electronically 24 hours a day, 7 days a week.

Our promise to you:

  • The protection afforded by instructing a firm of solicitors.
  • You will always deal direct with a team member who has the knowledge and experience to handle your case from start to finish.
  • We do not use call centres;
  • A client care client care solicitor partner with over 20 years’ experience in debt collection, insolvency law and litigation.

How to get in touch

If you would like more information on our Debt Collection services or for a free no-obligation discussion please call us on 020 7467 3999 or make an Online Enquiry.