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Hi,
Sound like a particularly stupid question but I have a question regarding payment of interest on a DPA.
Out local councils website states that
So who is paying the interest if you are dead? Seems pointless sending a statement to a dead person as they aren't likely in a position to do anything about it.
Does this come down to the executor? What happens if the interest exceeds the value of the estate, who then is responsible for paying it?
Sound like a particularly stupid question but I have a question regarding payment of interest on a DPA.
Out local councils website states that
The deferred payment will build up as a debt that you'll need to repay. The agreement ends automatically following your death.
For most people, they'll pay us back from the money they get from selling their home either now or later on. Some people choose to keep their house until their death, so we will be repaid from your estate. Your executor will usually need to do this within 90 days.
For most people, they'll pay us back from the money they get from selling their home either now or later on. Some people choose to keep their house until their death, so we will be repaid from your estate. Your executor will usually need to do this within 90 days.
We charge interest on the amount owed to us, and an administrative fee to cover our costs.
The interest rate is set nationally and reviewed every six months.
You'll receive a statement every six months detailing the costs. It'll include what your deferred payment debt is to date.
The interest rate is set nationally and reviewed every six months.
You'll receive a statement every six months detailing the costs. It'll include what your deferred payment debt is to date.
Does this come down to the executor? What happens if the interest exceeds the value of the estate, who then is responsible for paying it?
