Deposit Protection Service
DPS - The Deposit Protection Service
Since 6th April 2007 Landlords and letting agents have had to safeguard any deposits taken from tenants as part of the letting agreement. This has to be done through one of three governments approved tenant deposit protection schemes.
The Deposit Protection Service better known as DPS is the only scheme that is free to use for landlords and agents.
DPS is fast, easy to use and offers online access and support as well as dedicated help lines.
All you have to do is sign up, submit the deposits you have entering the details of your properties and tenants, the tenant will then be sent a unique deposit ID, so they can view the schemes details and rules.
At the end of the agreement the both the landlord or agent and tenant are entitled to request all or pat of the deposit back which must be approved by the other, it is advised that the decision on the payments is made between both parties, and the request can be made jointly. However, if there is a conflict over the repayment every effort will be made to resolve the dispute quickly without the need for court action.
