Tenancy Deposit Protection
Tenancy deposit protection schemes do exactly what they say on the tin; they take your deposit and ensure that any disputed charges can be appealed.
There are a lot of different providers out there now, and who you get wholly depends on your landlord or letting agent.
The important thing to know is that there are two key types, insurance-based schemes and custodial schemes. When you sign up there are very few differences, but when you end your tenancy it is important to know what scheme you are with.
Insurance schemes keep any amount that is disputed until a resolution has been reached, whilst custodial schemes keep the entire deposit when there is a dispute.
Therefore, an insurance scheme will allow the return of any non-disputed monies immediately, whilst a custodial scheme will not. The benefit of custodial schemes is that some interest accrued whilst the agency holds your money may be returned to you.
Kevin Firth -
Fri, 01 Feb 2008
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