FabSwingers.com forum: govenment deposit protection scheme

By *ichaelangela OP Couple
over a year ago

notts

Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?"

title should read government ffs

Reply privately

Reply in forum

Reply +quote

By *a petite madameWoman
over a year ago

London / Essex

No it doesn't. The most you'll ever have returned is what you put in

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

No you don't get interest on it

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

what a swizz.

someones making money out of that then

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

"what a swizz.

someones making money out of that then"

No one makes money it's there to protect the tenant along with the landlord....they have to apply for the money it's not a bank so no interest is earned on it

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

i see, just thought maybe cameron & co were getting another dip

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

"i see, just thought maybe cameron & co were getting another dip "

Now you are just being silly.....think whatever you want I was giving you the answer....on that note I'll leave you to your thread

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?"

As an agent I detest the government scheme, as a tenant no interest is accrued, the government or the agent get this x hope it helps x

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"i see, just thought maybe cameron & co were getting another dip

Now you are just being silly.....think whatever you want I was giving you the answer....on that note I'll leave you to your thread "

i know you were, and thankyou, it was just a general comment of what i thought may be happening until you enlightened me

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"what a swizz.

someones making money out of that then

No one makes money it's there to protect the tenant along with the landlord....they have to apply for the money it's not a bank so no interest is earned on it "

Money is made as interest is paid to the bank account that it is held in but this is minute x

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?

As an agent I detest the government scheme, as a tenant no interest is accrued, the government or the agent get this x hope it helps x"

you say the government or the agent gets the interest but _isscheekychops says it don't accrue interest.

confused now

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?

As an agent I detest the government scheme, as a tenant no interest is accrued, the government or the agent get this x hope it helps x

you say the government or the agent gets the interest but _isscheekychops says it don't accrue interest.

confused now

As an agent we hold it in a client account, all bank accounts accrue interest, the deposit doesn't accrue interest for you as the tenant but does the government or agent... Hope this clarifies? X

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"Wonder if the forumites can answer a question someone has asked?

When a letting agent puts your deposit in one of these schemes (which they have to by law) does it accrue interest for the tennant while its locked in the scheme ??

I have tried google without success so wondered if anyone knew the answer?

As an agent I detest the government scheme, as a tenant no interest is accrued, the government or the agent get this x hope it helps x

you say the government or the agent gets the interest but _isscheekychops says it don't accrue interest.

confused now

As an agent we hold it in a client account, all bank accounts accrue interest, the deposit doesn't accrue interest for you as the tenant but does the government or agent... Hope this clarifies? X"

yes, thanks, not that it affects me at all, it was just a discussion that was going on in the pub earlier on, and no one seemed to know the answer so the general consensus was that as its a government scheme, they either paid or kept any interst on it.

i was just wondering what the real answer was

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

The Deposit Protection Scheme says (re interest payments)

"No, under the terms of our contract with Communities and Local Government (CLG), we are no longer obliged to pay interest on deposits. Whilst there is a Statutory Instrument - The Housing (Tenancy Deposits) (Specified Interest Rate) Order 2007 - it only applies when the scheme allows for interest to be paid.

However, any deposit that accrued interest before the Bank of England base rate fell below 2.32 per cent in December 2008 will still be eligible to be paid with the interest previously accrued."

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"The Deposit Protection Scheme says (re interest payments)

However, any deposit that accrued interest before the Bank of England base rate fell below 2.32 per cent in December 2008 will still be eligible to be paid with the interest previously accrued.""

and now we know for sure

thanks

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

One day, ALL computers will come with search engines.

Reply privately

Reply in forum

Reply +quote

By *ichaelangela OP Couple
over a year ago

notts

"One day, ALL computers will come with search engines."

lol ... idid i did, just couldnt find anything that was not gobbldygook

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

"One day, ALL computers will come with search engines.

lol ... idid i did, just couldnt find anything that was not gobbldygook"

I reckon my post was gobbledygook. It was just copy and pasted gobbledygook.

Reply privately

Reply in forum

Reply +quote

Post new Message to Thread