RESOLVED:

1.    That Cabinet notes and recommends to Council the approval of the updated Deferred Payment Policy in appendix 1;

2.    Cabinet noted the following main proposed changes within the policy:

·         Increased one-off setup fee from £610 to £750;

·         The introduction of an annual administration charge to reflect the work undertaken during the lifetime of the DPA in notifying interest rate changes and supplying statements;

·         Introduce legal charges to reflect the work done in entering the DPA, registration at Land Registry and removing the charge once repaid.

·         Maintain the application of interest from contract signing.

·         Implement process improvements to reduce completion timelines and strengthen compliance.

·         The charges income is used to reinvest in critical staff roles to manage the increasing demand and complex process, this will ensure efficiencies and clear oversight, providing a more consistent approach and improved experience for clients.