Deferred Payment Agreement Scotland

If you were hoping to transfer your inheritance assets to the family, a payment deferral can complicate matters, as it is likely that the house will have to be sold in the future. In Scotland, there are no interest charges while you have the payment deferral agreement. Interest is only collected if the contract is terminated by the person or from 56 days after his death. Interest should then be calculated at a „reasonable rate“ set by the local authority. The implementation of a payment deferral agreement should not exceed 12 weeks. The value of your home is not taken into account for the first 12 weeks after entering care. So the deal should be ready when you start contributing to the costs. .

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