25 November 2009

The starting gun has been fired on a deposit protection price war, according to mydeposits.co.uk.

Today’s announcement by The Dispute Service (TDS) of the ‘likely severity of the subscription increases’, may cause concern for letting agents, but mydeposits.co.uk will offer more competitive deals for letting agents without compromising on quality.

In its statement TDS said that unless subscriptions rose ‘the number of disputes will reach a level that is well above the resources available to the scheme’. TDS has also recently announced that every disputed deposit will be adjudicated in-house in a bid to reduce spiralling costs.

Eddie Hooker, Chief Executive, mydeposits.co.uk, said:

“This latest decision by TDS will hit letting agents hard just when they don’t need it. We also have to question how the decision to bring all adjudications in-house will affect tenants and landlords with the quality of adjudication they receive in dispute cases. With all disputes dealt with in-house, how can we be sure of impartiality? TDS looks as if it is trying to cut costs at the same time as increasing subscriptions – a double whammy.

“mydeposits.co.uk continues to offer the same high levels of service, quality dispute resolution by external adjudicators, and a robust pay-as-you-go pricing structure which is standing the test of time. This will not be changing. Obviously, we are happy to hear from letting agents who feel TDS can no longer offer them the quality service they require.”*

* Letting agents wishing to join mydeposits.co.uk will have to comply fully with the Scheme Rules and pass the acceptance criteria.

For further information, please contact:

Ellie Irwin
mydeposits.co.uk
E: ellie.irwin@mydeposits.co.uk
T: 020 7840 8925

NOTES TO EDITORS:

About mydeposits.co.uk:

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.