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Tenancy Deposit Scheme vs Deposit Protection Service
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HarryGray
Posts: 179 Forumite
Hi all,
Does anyone have any thoughts on which is better for tenants? We have always had our deposit protected through Tenancy Deposit Scheme but our new place is suggesting Deposit Protection Service. Are they pretty much the same thing?
Does anyone have any thoughts on which is better for tenants? We have always had our deposit protected through Tenancy Deposit Scheme but our new place is suggesting Deposit Protection Service. Are they pretty much the same thing?
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Comments
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As long as the deposit is protected it doesn’t really make a difference.HarryGray said:Hi all,
Does anyone have any thoughts on which is better for tenants? We have always had our deposit protected through Tenancy Deposit Scheme but our new place is suggesting Deposit Protection Service. Are they pretty much the same thing?1 -
One is insurance backed, so you keep the money and pay an insurance premium and the other they keep the money. I would rather a 3rd party kept the money. If you are using an agent use TPS because if the agent goes under the deposit is still safe0
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I read it that the OP is the tenant not the landlord?Wanderingpomm said:One is insurance backed, so you keep the money and pay an insurance premium and the other they keep the money. I would rather a 3rd party kept the money. If you are using an agent use TPS because if the agent goes under the deposit is still safe
The TDS offers both insured and custodial scheme (not sure about DPS as cant seem to get on their website ).0 -
You're the tenant?Hardly worth asking since you won't have a choice (other than to find a different property). The landlord selects the scheme.From your perspective, provided it is protected it makes little difference.Post 3: Deposits: Payment, Protection and Return.
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