Tenancy Deposit - additional way for LL to scheme register a deposit

tbs624

The RLA ( Residential LL assoc) have got together with TDS and Ts may now find their tenancy deposits registered with TDS, via "Deposit Guard"

mydeposits is a tie in with the NLA ( National LL Association) and the RLA offering seems to be undercutting their pricing structure


See: http://www.rla.org.uk/landlord/tenancy_deposit_scheme/deposit_guard.shtml?

greenjellybean

tbs624 wrote: »

The RLA ( Residential LL assoc) have got together with TDS and Ts may now find their tenancy deposits registered with TDS, via "Deposit Guard"

mydeposits is a tie in with the NLA ( National LL Association) and the RLA offering seems to be undercutting their pricing structure


See: http://www.rla.org.uk/landlord/tenancy_deposit_scheme/deposit_guard.shtml?

I searched the Forums and found your thread so thank you. Have you set up a deposit scheme under this process? I am about to become and first time LL and am quite keen on using this method. Has anyone got any info to offer on it? Good or bad? Thank you!

jamie11

You might prefer to register for the 'Deposit Protection Service' (DPS).

It's free and it's simple.

sequence

I wouldn't trust an organisation that represents landlords to be dealing with deposits.

jamie11

sequence wrote: »

I wouldn't trust an organisation that represents landlords to be dealing with deposits.

Really? Why?

Or is that just a kneejerk reaction?

sequence

Beacuse I fear they're going to be more interested in keeping their members happy (and richer) rather than being an impartial dispute service. But it is a knee jerk reaction...

rpc

Trust is a bit of a moot point - it is for the LL to decide where to register the deposit so the T's opinion of particular schemes doesn't really enter into it.

I guess if one scheme developed a reputation for being totally crooked, then Ts might start asking before signing but I doubt that will happen.

tbs624

jamie11 wrote: »

You might prefer to register for the 'Deposit Protection Service' (DPS).

It's free and it's simple.

Thanks for your response and yes, many LLs prefer to hand over the deposit money to DPS and be covered foc, rather than retain the funds for the duration of the tenancy and pay for insurance cover via TDS or mydeposits.

However, my OP was more aimed at Ts, who may query who/what Deposit Guard was should their LL be using it.:)

tbs624

sequence wrote: »

Beacuse I fear they're going to be more interested in keeping their members happy (and richer) rather than being an impartial dispute service. But it is a knee jerk reaction...

So, in line with your kneejerk reaction, in your view, are both TDS and mydeposits schemes non-impartial?

If the answer is yes, then IMO you are talking nonsense as can be seen by the [typo edit:large] number of tenants who manage to successfully challenge their LL's potential deductions.


From the TDS webpages:

The Dispute Service is an independent, not-for-profit, company ...... We operate the Tenancy Deposit Scheme in accordance with the requirements of the Housing Act 2004.

TDS is a Complaint Handler Member of the Ombudsman Association. We operate in accordance with the Ombudsman Association’s Principles of Good Complaint Handling, ensuring that we make impartial decisions about tenancy deposit disputes

From the mydeposits webpages:

• mydeposits is the trading name of Tenancy Deposit Solutions Ltd.
• mydeposits is jointly owned by the National Landlords Association and Hamilton Fraser Insurance.
• Hamilton Fraser Insurance is authorised and regulated by the Financial Services Authority (FSA Register entry)

Both Schemes act within the requirements of the Housing Act 2004

The Deposit Guard is a vehicle which enables RLA members to obtain a discount on the TDS Scheme Membership costs, similar to the discounts enjoyed by NLA members over at mydeposits.

jamie11

sequence wrote: »

Beacuse I fear they're going to be more interested in keeping their members happy (and richer) rather than being an impartial dispute service. But it is a knee jerk reaction...

I should say that from the cases I have seen here and elsewhere that all the deposit scheme arbitrators (appear to) have a strong bias towards awarding the tenants their money back, that is why landlords are often encouraged to take their dispute to court, at least in court they have a judge that will (usually) listen to them.

sequence

Well, I have to say I was under the impression that this was a completely new deposit protection service but it's not so I'll agree with you that it's no different. I have no problem with the deposit schemes as they are.