Decision details

Agreed:-

(1)     that Cabinet approves the proposed Deferred Payments Agreements Policy, as set out in Appendix A, for implementation following Cabinet agreement;

(2)     that Cabinet agree to charging of interest at the rate specified in government regulation, which from 1st July 2022 is 1.55% with rates reviewed every six months by the government.

(3)     that Cabinet agree to the charging of administration fees based on actual costs on the deferred payments amounts, and authorise the Director of Finance to update the fees each year to reflect the actual cost to the council of providing the service. For the financial year 2022/23, the existing charges are £590 legal costs and valuation fees; from 1st December(subject to Cabinet approval), and a new administration fee of £125 is proposed which takes the total charge to £715.

(4)     that Cabinet Delegate authority to the Director of Finance to amend the scheme in line with changes made by statutory provisions (such as, for example, the change in the upper capital threshold limit proposed in the government’s Care Cap proposals).