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Anybody using the custodial scheme run by the Deposit Protection Service will be interested to know that they are now running a scheme that allows you to ask a question on how it works and then get a pretty instant answer. Hence the name given to the initiative - the virtual agent.
Has anybody used it. Is it any good? Let us know your experiences.
Tenant referencing - instant results
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I asked Emma, about something DPS forgot to publicise to us landlords, that they no longer pay interest on our deposits.
After a few attempts I did get a definitive answer:
So far, you've told me that:
You are an Agent or Landlord
You want to know if you will receive interest on your deposit repayment
No, under the terms of our new 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.
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