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JGM, Solicitor
Category: Scots Law
Satisfied Customers: 16866
Experience:  30 years as a practising solicitor.
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I was looking for some advice We are going to pay off our

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I was looking for some adviceWe are going to pay off our invoice finance as its costing us too much then we will get the clients to pay us direct and the invoice finance company has agreed to this however they have stated the following"my client will write to Divesource's customers to release them of their obligation to pay Bibby following receipt of (1) the instalment of £15,000 and (2) an extract of the registered written repayment arrangement. The extract of the registered repayment agreement won't be received by us by 5pm on Friday 11 June 2021 as the agreement needs to be drafted, signed on behalf of Divesource, signed on behalf of Bibby and then sent for registration. My client will write to Divesource's customers as soon as the extract is received provided that the instalment of £15,000 has been received in cleared funds by 11 June 2021 and all other repayment conditions have been complied with"My impression is that if we have paid the £15,000 and signed the repayment agreement on Friday and returned it to their lawyer they should immediately write (via email) to our clients advising them to pay us directly. Is this correct? Why would they need to wait other than to stall our clients paying us?Any help greatly appreciated!
JA: Where are you? It matters because laws vary by location.
Customer: scotland
JA: What steps have you taken so far?
Customer: We have agreed a replayment plan which is to be paid first thing on Friday 11th june
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no

Thanks for your question. I am a solicitor in Scotland with 35 years of experience in private practice and I hope that I can help you with your question today. Let me have a quick look at your question and I will either  give you an initial answer or ask you for further information. I aim to respond as quickly as I can but sometimes I may want to take a little time to consider your question so as to give you the best possible answer.

Provided that the £15,000 is paid and the Agreement has been signed by you and is in their hands there is no reason why you have to wait for the agreement to be registered. The reason is that they have the agreement and then in control of the registration. In other word you can't stop the registration happening once the deed is delivered to them so they are fully protected the minute the deed is handed over..

I hope this helped you today. Please do let me know if I can clarify anything. I am always happy to help. You are always welcome to ask a follow up question if it will help you further.

Customer: replied 11 days ago.
That’s great thank you so much!

You're welcome.

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