26 July 2011
my|deposits, the insurance-based tenancy deposit protection scheme, has spoken to some of its longest-running members to find out what they think are the main benefits of using the scheme.
Worcestershire-based landlord Alastair Graham joined my|deposits in April 2007, when deposit protection became mandatory in England and Wales. He uses the scheme to protect deposits for six properties.
Mr Graham said being able to keep the deposit money in his bank account during the tenancy was the biggest benefit, allowing him to continue dealing with his tenants in the same way as he did successfully for many years before mandatory deposit protection was introduced.
“I wanted to keep hold of the deposit. I always tell my outgoing tenants that I shall bring my cheque book to the check-out process and that my intention is to repay the deposit in full at that time.
“But that has nothing to do with the change brought about by the Housing Act 2004 which introduced compulsory deposit protection - that was my practice beforehand. So my|deposits has allowed me to carry on with business as usual.”
Landlord David Thurgarland joined my|deposits when the scheme launched. He protects 30 deposits for his properties around Stafford. He uses my|deposits because everything can be done online.
“I can protect and print the relevant documents and a receipt in a few minutes any time of day. It’s a very simple and effective solution which still leaves the landlord in control of the deposit.”
Eddie Hooker, CEO of my|deposits, commented:
“These members have been with us since the start of tenancy deposit protection and clearly see the benefits of using a non-custodial scheme such as my|deposits where they can control the release of the deposit themselves. We are constantly looking at ways to improve the service we offer members, to ensure they can protect deposits quickly and easily.
“There are nearly 70,000 landlord members using my|deposits. This is because we are the only deposit scheme designed specifically for landlords who want to keep control of the deposit.”
For more information about my|deposits and tenancy deposits, visit www.mydeposits.co.uk or call 0844 980 0290.
For further information, please contact:
T: 020 7840 8925
M: 07508 031 084
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.