23 March 2011
Mydeposits.co.uk, the tenancy deposit protection scheme, has announced it has protected over £1 billion worth of deposits on behalf of tenants.
The scheme has reached the significant milestone on the eve of the fourth anniversary of tenancy deposit protection in England and Wales.
mydeposits.co.uk now protects an average 30,000 deposits on behalf of landlords every month and is the only tenancy deposit protection scheme specifically designed for both landlords and letting agents wanting to manage the deposit themselves.
Eddie Hooker, Chief Executive, mydeposits.co.uk, commented:
“my|deposits has gone from strength to strength since we launched over four years ago, firmly expelling the myth that landlords and agents can't be trusted with holding 'client money'. We have adequately protected deposits for more than one million tenancies across England and Wales, valued at more than £1 billion and counting.
That's £1 billion worth of deposits that landlords have been able to look after rather than lodging it with the custodial scheme.
We are proof that tenancy deposit protection works and that it has been embraced by everyone in the private rented sector.”
Nearly 14 thousand disputes between tenants and landlords over the return of a deposit have been resolved through the my|deposits free, award nominated, alternative dispute resolution service, keeping them out of the courts and relieving a huge burden from the legal system.
For more information about my|deposits and tenancy deposits, visit http://www.mydeposits.co.uk/ or call 0844 980 0290
NOTES TO EDITORS:
Mydeposits is the trading name of Tenancy Deposit Solutions Limited, a company jointly owned by the National Landlords Association and HFIS plc T/A Hamilton Fraser Insurance (the Scheme Administrator) to deliver an insurance-backed tenancy deposit protection scheme under contract from Communities & Local Government. Landlords and letting agents wishing to use this scheme are required to register with the Scheme Administrator. They can find out more and register by visiting www.mydeposits.co.uk. Registered members of the Scheme are able to protect and unprotect deposits at the beginning and end of tenancies. Fees are tax-deductible. In the event of a dispute at the end of the tenancy agreement, both parties are offered access to alternative dispute resolution (ADR). This procedure will be evidence-based, relying on documentation and records.