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FYI DPS and return of interest ?


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DPS promise to return interest earned, "after deduction of DPS operating costs", so I asked How Much?.

My questions and DPS answers from <enquiries@depositprotection.com> May07.

DPS policy statment.

The DPS is funded entirely by the interest earned on deposits submitted. After deduction of The DPS' agreed operating costs interest will also be returned to agents, landlords and tenants on any proportion of the deposit they are entitled to retain at the end of the tenancy. This interest will be paid at the rate equivalent to the base rate of the Bank of England less 2.32 percent (in accordance with Statutory Instrument 2007 No. 798, The Housing (Tenancy Deposits) (Specified Interest Rate) Order 2007).

Question1. Your web site says fees are taken out of interest earned and also that returned deposits will include interest. Please tell me the amounts for total interest and fees taken on a deposit of £1000.

Answer1. As the base rate changes it is not possible to say how much interest will be returned on £1000.

Question2. Please tell me what are the actual or forecast 'DPS agreed operating costs' for the next 12 months.

Answer2. ... the DPS is not obliged, under the terms of the contract awarded by the Communities and Local Government, to supply the information requested.

Comment. Sounds like a license for DPS to increase costs without limit and in secret until the available money is all gone. Any volunteers to try freedom-of-information on the body that awarded such a nice contract . . .

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