Deposit Protection Scheme SCANDAL

Bookworm105

what a shame you did not research before wasting your time ranting 

who pays for the DPS scheme?
what interest rates have been available for the last 7.5 years?

what is the DPS' source of income from which it can fund its services? 

Gutsy_Fungus

Done some digging.... Looked at the Landlord's bible...

It states: "The scheme is financed out of the interest earned on the deposited money. Interest is paid at the Bank of England Base rate. DPS takes 2.32% of this as its’ charge. Any surplus interest is then repaid to the landlord or tenant depending on who is entitled to it."

Taken mean weighted averages of the base interest rate for 2024 (5.11%) and 2023 (4.67%). There was no interest payable in prior years. (interest rates didnt exceed the 2.32% DPS rate - aformentioned)

Taking the base rate, less the 2.32% then I am due back £625.94.

(Yes TheSpectator the base rate does have something to do with it)

A grand return of £30.94 by my calculations.

Why is it I have been returned just £6.32 ? that is 20% less than my due!

If we paid only 20% of people's pensions; it would be a scandal.

So why not here?

Give me my £24.62!!!!!!!!

Am I on my own?

theartfullodger

You signed a contract which included deposit, informed where it would be held, their (schemes) would have told you (or anyone else) the interest paid.

Entirely above board, no scandal, but good luck trying to get more back.

Next time if you don't like the deal go elsewhere - there's a market for rentals.  And/or go with one of those "no deposit" schemes/scams.

IMHO the bigger scandal is the profits made by landlords. (I'm one, for my sins).

Best wishes to all.

Gutsy_Fungus

theartfullodger said:

You signed a contract which included deposit, informed where it would be held, their (schemes) would have told you (or anyone else) the interest paid.

Entirely above board, no scandal, but good luck trying to get more back.

Next time if you don't like the deal go elsewhere - there's a market for rentals.  And/or go with one of those "no deposit" schemes/scams.

IMHO the bigger scandal is the profits made by landlords. (I'm one, for my sins).

Best wishes to all.

Not sure I am catching your point here. The DPS are witholding 4 times the money over and above what they should be doing.

That's wrong.

Gutsy_Fungus

Bookworm105 said:

what a shame you did not research before wasting your time ranting 

who pays for the DPS scheme?
what interest rates have been available for the last 7.5 years?

what is the DPS' source of income from which is can fund its services? 

Crikey Bookworm can you not troll somewhere else?

theartfullodger

Gutsy_Fungus said:

theartfullodger said:

You signed a contract which included deposit, informed where it would be held, their (schemes) would have told you (or anyone else) the interest paid.

Entirely above board, no scandal, but good luck trying to get more back.

Next time if you don't like the deal go elsewhere - there's a market for rentals.  And/or go with one of those "no deposit" schemes/scams.

IMHO the bigger scandal is the profits made by landlords. (I'm one, for my sins).

Best wishes to all.

Not sure I am catching your point here. The DPS are witholding 4 times the money over and above what they should be doing.

That's wrong.

Thank you for your kind words.  I disagree.

Best wishes to all.

Gutsy_Fungus

Thank you for your kind words.  I disagree.

Best wishes to all.

You disagree with the arithmetic?

Gutsy_Fungus

Well folks...

Last post here.

I had an issue with the DPS witholding my interest on my deposit. looking for help etc etc.

I even did the research, did the arithmetic and calculated it all from the bottom up.

Again it shows the money returned isnt what it should be.

In return I have been trolled by gawd knows who and what arguing a different agenda of whether the DPS deserve paying etc etc etc. No one saying they are not!

If I am foolosh enough to imagine things come free etc etc,

Accused of ranting.

Enjoy your forum, the guys that like to troll number 1000s and 10s of thousands of posts in here. I guess you love your trolling. Im out of here.

Troll away folks.

#Best wishes to all

:-)

housebuyer143

Gutsy_Fungus said:

Well folks...

Last post here.

I had an issue with the DPS witholding my interest on my deposit. looking for help etc etc.

I even did the research, did the arithmetic and calculated it all from the bottom up.

Again it shows the money returned isnt what it should be.

In return I have been trolled by gawd knows who and what arguing a different agenda of whether the DPS deserve paying etc etc etc. No one saying they are not!

If I am foolosh enough to imagine things come free etc etc,

Accused of ranting.

Enjoy your forum, the guys that like to troll number 1000s and 10s of thousands of posts in here. I guess you love your trolling. Im out of here.

Troll away folks.

#Best wishes to all

:-)

What about the years where the base rate was 0.25%? That's 2.07% less than it's allowed to charge. Are you sure they didn't calculate it over the 7.5 years and take this into account?

Essentially your interest was -2% for 5 years and then 5% and 4% over two years, somehow bringing you to the amount they gave you? 

Mr.Generous

First things first, well done for getting 100% deposit back, you did a great job looking after the property.

As a landlord I use the TDS, I pay a fee for every tenant to bond the deposit, the tenant does not pay a fee.

There is no interest from them as I hold the money, the only cash the TDS see is the fee. I keep any interest - when a tenant causes more damage than the deposit covers or runs up rent arrears it comes in handy.

It has also been a clause in standard template tenancy agreements for any interest to belong to the landlord, so congratulations again on your windfall. 

Maybe the deposit schemes should be allowed to charge tenants a fee (as they side with them in any dispute - like award £50 to re-paint a room after tenant damage) and then pay more interest?