Fair Deal/Nursing Homes Fair Deal scheme final Calculation

[VantheMan]

Hi 1st time poster here on these forums.
Family member passed away 5 yrs ago and due to some ongoing issues the Fair Deal Scheme is set to be paid off but I can't get a straight answer from the Controller and Auditor General (Revenue) regarding the total sum, "Initial sum has to be paid first and then we'll let you know what the interest is" except I need to figure to borrow from the bank
Is there a way to roughly get the total fee?
Example: Outstanding Fee €25,000. Interest is charged at 0.1219% per day...is there a way to calculate so I can get even an approximate figure.
Any help with this would be appreciated.

 

[ClubMan]

Interest is charged at 0.1219% per day...

Did you mean 0.0219%?

Interest on late payments

Interest will be charged on any part of the loan that is paid after the due date.

www.revenue.ie

Example: Outstanding Fee €25,000. Interest is charged at 0.0219% per day...

Isn't it €25K x (number of days late x 0.0219%)?

E.g. if the loan repayment due date was 12 months after death then it's presumably overdue by c. 4 years so...

€25K x (4 x 365 x 0.0219%) = €25K x 32% = €8K

So €25K principal + €8K interest = €33K total?

Approximately! You'd need to adjust the calculation for the actual number of days that repayment of the loan is overdue.

 

[Des Pondent]

Also bear in mind;
There is no interest on the FD loan if repaid within 12 months of death.
If it is not paid within 12 months interest will be applied from the date of death.
So in this case, I think 5 years interest would apply.

 

[ClubMan]

So in this case, I think 5 years interest would apply.

I think you're correct @Des Pondent - my mistake.
So it would probably be more like €10K in interest.

 

[VantheMan]

Ok thank you guys, much appreciated

 

[jim]

Whats the C&AG got to do with the FDS?

 

[ClubMan]

I can't get a straight answer from the Controller and Auditor General (Revenue) regarding the total sum

Whats the C&AG got to do with the FDS?

I suspect that @VantheMan actually simply meant Revenue and not the C&AG:

The role of Revenue and the Health Service Executive (HSE)

Revenue collects the nursing home fair deal loan on behalf of the Health Service Executivce (HSE).

www.revenue.ie

Role of Revenue​

Revenue collects the loan on the behalf of the HSE.

When the loan is fully repaid, Revenue informs the HSE, who then remove the Charging Order registered against the asset.