The Deposit Protection Scheme requires landlords to place all deposits in a scheme within 30 days of the landlord receiving the money, with proof sent to … A recent YouGov survey revealed that 43% of tenants currently in rented accommodation would prefer to see classic tenancy deposits scrapped, and instead have the option of taking out deposit protection insurance. The worst Deposit Protection Service there is, we have over 200 deposit protected with them unfortunately. If your landlord does not protect your deposit with one of the three tenancy protection schemes within 30 days of receiving the deposit they are liable to a penalty of between 1-3 times the amount of deposit … From April 2016 mydeposits shall also be providing a custodial based tenancy deposit protection scheme. Kong Deposit Protection Board (the Board) starting from May 2016 for reviewing Scheme members’ compliance with the Guideline on Information Required for Determining and Paying Compensation (the IS Guideline) and the requirements of All the staff are incompetent and have no idea what they are doing. However, 20% of the tenants, especially tenants with children, reported that they had a tenancy in the last five years where the deposit had been unprotected. | Read 41-60 Reviews out of 270 Rent your property faster! Been waiting 2 months for tenants deposit to be returned to me to pay off some of the 4 months unpaid rent arrears. Advantages of deposit free renting for tenants The law states that every Landlord who takes a deposit from a Tenant has to protect that deposit by lodging it with one of 3 tenancy deposit protection schemes. Tenancy Deposit Scheme, Offering government backed deposit protection services across the UK Landlords, stay protected! A typical deposit will be between one month and six weeks' worth of rent. A deposit-free scheme aims to slash the upfront cost of moving while providing the landlord protection in case of damage to the property and rent arrears. One of the most common problems with landlord and tenants are Deposit disputes. Adjudication was fair and just and will be taking out a scheme as both a landlord through TDS shortly having witnessed a professional, responsive and thorough handling of … The Pros and Cons of Zero Deposit Schemes. JOIN OUR SCHEME. It allows you to protect deposits online and hold onto the deposit money; providing you with simple, cost-effective deposit protection. The Deposit Protection Service, The Tenancy Deposit Scheme, MyDeposits. The vast majority of tenants claimed that their deposit was protected by one of the schemes, with 7 out of 10 reporting that it has been protected within 30 days of the start of the tenancy. There are 2 types of schemes to protect the deposit – a custodial tenancy deposit scheme and an insurance deposit scheme and the landlord decides which scheme to use not the tenant. Deposit protection and Insurance Backed Guarantees Safeguarding customers’ interests since 2009, we’ve built up an outstanding reputation for trust, honesty and support, whilst raising the bar for standards within our industry. We provide tenancy deposit protection for Agents and Landlords. In Scotland, the government-approved schemes are: The Deposit Protection Service has now returned over 4,700 deposits totalling £2.5 million. Compulsory deposit protection schemes are a huge improvement on the haphazard system that preceded them. There are three deposit protection schemes: Deposit Protection Service TDS is the longest running tenancy deposit protection scheme in the UK. 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