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TDS – “the scheme is financially sound”.

publication date: May 1, 2010
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TDSLetting agents are still writing to PROPERTYdrum venting their fury about the Tenancy Deposit Scheme (TDS) invoicing debacle. In the interests of fair journalism, PROPERTYdrum has attempted to meet members of the TDS management team to talk through the issues and the success (or otherwise) of their efforts to placate their clients, but TDS does not want to talk.

The other deposit protection schemes are happy, both reporting massive increases in business. MyDeposits are particularly happy with their recent contract to manage all of Countrywide Residential Lettings deposits. The Deposit Protection Service reports that they had 3800 deposits added in a single day last month and have enlisted 4295 letting agents in the last year.

However, TDS issued a statement in mid April (very shortly after receiving our last letter requesting a meeting) announcing that 87 per cent – 2430 member firms) have renewed their membership in spite of the massive rise in costs. The statement also declared that the scheme “is financially sound”.
“The Tenancy Deposit Scheme (TDS) announced today (12 April) that 87 per cent (2430) of member lettings firms have renewed their membership. With more firms’ subscriptions still being processed following the Easter holiday break, the scheme is financially sound.

The Board of The Dispute Service, the not-for-profit company that runs the TDS, also confirmed that with the structure of the Scheme confirmed, the governance and management review already underway can be completed. Details will be made public over the next few weeks.”


Complaining“Our TDS subscription has risen from £670 last year to an outrageous £5608 plus VAT this year – an 835 per cent increase based on zero claims submitted!”

“I believe that due to the involvement of Directors of ARLA and NAEA with the board of TDS, both organisations’ members have a lower membership fee than any other organisation. This is outrageous.”

“We have 281 properties registered with the TDS and last year we paid the fixed membership of £1050 + vat which was a very fair price. We received the new bill for £7587 + vat for this year based on 281 tenancies and five disputes registered in the whole of 2009!”