What does it mean for the IVA practitioner to make a bulk payment ?

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Carole.32

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Post by Carole.32 » Sat Sep 17, 2016 8:40 pm
Hi, can someone please explain to me, What it means for The IVA practitioner to make a bulk payment.Yet another delay for us apparently is for a Bulk payment to be made in September. However as yet, on the 17th September ,they don't know when this payment will be made. We received our RX1 which we signed, Believing this to be a positive sign but surprise surprise, they are not sendind it to the Land Registry until the Bulk payment has been made. Can anyone explain this? Thank You
 
 

Foggy

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Post by Foggy » Sat Sep 17, 2016 9:09 pm
I would imagine they distribute dividends on an automated cycle -- the next one, including your final distribution, being sometime this month (surely someone would know when).

Hopefully it was an RX4 you signed -- which is the release for the RX1 (the form that lodges the restriction in the first place).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Michael Peoples

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Post by Michael Peoples » Sun Sep 18, 2016 7:43 pm
I am not sure why there is a delay but a bulk payment is where an IP firm pays a lump sum to creditors [or their agents] and then provides a breakdown of which clients and which accounts the money relates to. It is easier than sending out multiple payments to the same people.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
http://www.mccambridgeduffy.com
If you would like to talk to me about proposing an IVA or have any questions at all please visit www.mccambridgeduffy.com
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