Tenancy deposit protection which one is best

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    #16
    Originally posted by topguntone View Post
    I have no idea where a lot of not my money is going!!! The scheme websites have no contact phone numbers to ring for advice and all sounds really sketchy yet hundreds of people use them on a daily basis so they cant be as sketchy as all that.
    Have you actually looked at the right websites? DPS has its phone number right there on the home page, whereas one click to the "Contact Us" page on TDS & MyDeposits has that and other contact information....
    I am not a lawyer, nor am I licensed to provide any regulated advice. None of my posts should be treated as legal or financial advice.

    I do not answer questions through private messages which should be posted publicly on the forum.

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      #17
      All three schemes are Government approved, your money is safe. But if you’re really that concerned then pay for the insured scheme.

      There’s no discernible difference between any of the theee companies.

      I’ve used all three over the years for different companies I’ve worked for and at the moment I use mainly MyDeposits, but that’s for no other reason than that’s the one my predecessor used before I bought the company.

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        #18
        are there not different regs on reprotection depending on whether it's insurance or deposit based? If so, it's cheaper to leave it in deposit based where you only pay one fee if you let it go periodic.

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          #19
          If you go with the insurance scheme then read the details on when you need to re-insure and diarise all the dates. If you forget the deposit will become unprotected and you will be liable to a penalty.

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            #20
            that's it. Thanks for clarifying DPT. You also need to be careful to ensure nothing unexpected happens... like you're hospitalised... should be simple enough.

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              #21
              Many thanks for the information. We have owned this property for 50 years and in that time have had excellent tenants who have been with us for over half that time. In the last year I have had to take over the running of it and one of the long standing tenants has moved out the whole property has had to have a complete makeover to comply with the latest building regs and i have had to liaise everything between builders, local authorities, planning and the like. Its been a nightmare whilst trying to hold down a job too. But i see a small light at the end of the tunnel which is where i am heading.

              The term 'lark' is being taken out of context here. it sounds flippant yet it is not meant to be. As you all mention its a serious business which is why i am pretty tooled up on how to run it even though i am new to it.

              So i guess its a case of ringing the companies up and speaking to them about transferring the money over? I will ring this week and see how i get on

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                #22
                I am afraid that I am not convinced by your argument that the comment was just flippant. You still don't seem to have grasped the urgency of protecting the deposit within 30 days of receipt. You have already lost 2 weeks since your original post and you didn't say when you received the cheque, which may have been earlier. Just in case you are not aware, the penalty for failing to protect the deposit and issue the Prescribed Information within the deadline is that the tenant may claim the return of the original deposit plus a penalty of up to 3 times its value. I am really not trying to be rude here but I suggest you either pass the rental to someone who knows what they are doing or learn/re-learn the basics asap.

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                  #23
                  the deposit was taken on the 1st nov we are now 16th so i still have at least 14 days to sort it. as long as its sorted before the end of the month then that is fine right. Everyone has to start somewhere even you DPT57. I am fully aware of the penalties for non compliance and maybe you can offer me a lesson in the basics seeing that you know so much. So what else do i need to know? I have covered all bases that have already been suggested so what else is there to know? Only Wales has the landlords certificate which is issued through Rent Smart Wales and to get it you have to sit a course which costs £100 and gives you all the gen on what you need to know to comply under the rules and regulations. Nowhere else in the UK has this been set up yet and even at the end of the course you have to sit a exam and must pass in order to get the certificate. I did pass by the way and have the certificate. I thought this was a place for help and assistance not belittling and judgement. So maybe you could inform me of how i get a cheque into a custodial scheme over the internet?

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                    #24
                    Originally posted by topguntone View Post
                    So maybe you could inform me of how i get a cheque into a custodial scheme over the internet?
                    Deposit cheque into your bank account.
                    Submit a deposit.
                    It will ask how you want to pay.
                    Use your debit card.
                    Done.
                    "I'm afraid I didn't do enough background checks apart from checking her identity on Facebook" - ANON

                    What I say is based on my own experience and research - Please don't take as gospel without first checking the gospel yourself.

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                      #25
                      Custodial schemes normally have a facility for a bank transfer, which is how I do it.

                      I don't see any belittling - just a number of concerns being expressed.
                      When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                      Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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