Loan Type. You pay the care provider directly for the cost of your placement. The Council will loan you the money less any contribution you have been assessed to pay from your income and savings. Payments are made from the Council in installments on a four weekly basis. The deferred payment builds up as a debt – which in most cases is cleared when the money tied up in your home is released. For many people this will be done by selling their home, either immediately or later on. You can also pay the debt back from another source if you want to. However, you do not have to sell your home if you don’t want to – you may, for example, decide to keep your home for the rest of your life and repay out of your estate. See section Other Options for further details.
Appears in 2 contracts
Sources: Deferred Payment Agreement, Deferred Payment Agreement