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Deposit Protection Scheme
glitter123
Posts: 495 Forumite
I just had a look at the DirectGov site regarding tenants deposit protection. My agent tells me this is optional, though I didn't get that impression from the Gov site .
Can anyone tell me roughly how much this is?
Can anyone tell me roughly how much this is?
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Comments
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Just spoken to agent again - we were obviously at cross purposes and he is talking about an insurance backed scheme that protects against tenants non payment. He quoted £360 per annum for this.0
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I use the Deposit Protection Service (link). It costs nothing and is a straightforward process.
Deposit protection (either by insurance or a custodial scheme - more information) is mandatory but can be avoided by NOT taking a deposit.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
One of the schemes requires the funds to be physically transferred to it (DPS, I think) and the other two are insurance-based ones where the monies are registered with the scheme (TDS and MyDeposits) but still physically retained by or on behalf of the landlord. I suspect it's one of the latter two which the agent is using and perhaps they pay an annual fee rather that a fee for each tenant's deposit registered.
The release of the deposits works the same way in all of the three schemes, I believe.0 -
Has anyone had any experience of getting their money back via Mydeposits ?0
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I suggest you start your own thread.
And provide a few more details of your circumstances/reason for asking.0
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