Latest statistics released by the NHS Digital indicate that social care deferred payment agreements are on the increase.
Deferred payments offer an alternative way of funding residential care costs in specific circumstances set out in the Care Act 2014. Wrigleys have summarised some frequently asked questions about deferred payment agreements on the following webpage 'Guidance - FAQs On Deferred Payments.'
Figures published on 31 October 2024 reveal that the value of deferred payment agreements made by local authorities in England amounted to £343.3 million for the year ending 2023/24. This shows a significant increase since 2020/21, when the value of outstanding loans at year end was £237m.
By far the greatest majority of applicants intended to use the agreement as a bridging loan.
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