tenancy deposit-advice needed

bella63_2

Hi

I'm a first time landlord and need to put my tenants deposit into a protection scheme. Can anyone please advise me- what would be best in the long run- to put it into the custoidal deposit protection scheme (i know its free but i would prefer to have control over the deposit...) or the insurance based 'my deposits'? Is there anyone who has experience of dealing with the custoidal scheme? thanks

clutton_2

i have lost deposits unfairly, and illegally via DPS, and i know of other landlord who have also.

i have recently joined Mydeposits - and some of their call centre staff have no knowledge at all about landlord and tenant law ..... In my view you have no more control really than if you had sent it to DPS (although Kevin who is the DPS CEO is making interest on more than £500m in deposits but claims he cannot give any interest out to L or T)

As soon as a dispute arise, you have to deposit the disputed amount into Mydeposits anyway - and if you dont they throw you out of the scheme

seems to me the only way to get deposit money successfully is to negotiate with the tenant and/or have 150% accurate evidence to either submit to the Dispute resolution service, or to refuse to use ADR and force the tenant to take you to court , or you take the tenant to court

hard choices