Deferred Payment Agreement Interest Rate

If the person has sold their home or died, there is a time limit to pay the deferred payment contract in full. It is either: from it, you should deduct interest and fees for the deferred payment system, the maintenance and insurance costs of the home and the fees for each owner you use. In Northern Ireland, there is no formal system for deferring payments. But it might still be available – ask your local care and social care company. A deferral payment contract is an agreement with the local authority that allows people to use the value of their homes to pay the cost of care homes. The deferred payment plan is currently available to all persons living in a nursing home who meet the clear criteria set by the government (see below). If people living in a nursing home meet the criteria of a deferred payment contract, the municipality must offer one. If you have a deferred payment contract and someone owns your home with you, they must accept the agreement and accept that the house is sold when the time comes to reimburse the local authority. Local authorities may also charge installation and management fees. However, these should only cover the costs of setting up the loan. You cannot take advantage of the agreement. We cannot revoke the treaty without your consent.

The person may choose to terminate the deferred payment contract at any time, before the agreed deadline or agreed capital limit, by communicating in writing with the local authority. There are a number of reasons why the person can terminate the account: if the person terminated the contract because he or she returned to their home, no other deferred payments can be made against the property and the property must be ignored with each new financial assessment. The person is responsible for deferred payments until today and interest will continue to be incurred until the account is settled. You can also compare with a deferred payment contract with the alternative, z.B. Sell your home and put the product into a savings account. In the event of the rejection of new deferred payments to a deferred payment contract, the local authority should allow at least 30 days to stop the additional deferrals; and should give the person an indication of how their care costs will have to be covered in the future.

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