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View Full Version : Unprotected DPS deposit then long delay



Sportingdad
07-04-2008, 16:08 PM
I unprotected a deposit online on the 10 of March 08 and today 6th of April 08 received a letter dated 31st of March saying that they had sent the deposit back to the tenant, fortunatly I only have a few DPS, but what concerns me that if this was carried out online with this has taken 3 weeks to be sent out to the tenant.

I have muttered on here before that DPS earn their money by using the tenants deposit on the money markets and on a six month tenancy if the hold to the funds an extra 18 days they will increase the firms cash flow by 10%, surely there must be rule against this....as I can see if they get away with this, the timescales on returning the deposit will increase further.

Anyone have any other observations about this ?

jeffrey
07-04-2008, 16:12 PM
Yes. Use an alternative. See http://www.landlordzone.co.uk/forums/showthread.php?t=9002.

Sportingdad
07-04-2008, 16:25 PM
Jeffery, If the L is abroad full time you have to use the DPS...as for not taking a deposit...in the real world no...only last year I had a London Solicitor did a runner owing 3 months rent and left me with 4 crying cats as a present !

jeffrey
07-04-2008, 16:41 PM
Jeffery, If the L is abroad full time you have to use the DPS...as for not taking a deposit...in the real world no...only last year I had a London Solicitor did a runner owing 3 months rent and left me with 4 crying cats as a present !

1. Are you asserting that there is a law obliging non-UK landlords to use DPS? Please provide details.
2. Real world: SAT and tenant-insurance-guarantee (no-deposit) work very well, where appropriate. And whoever heard of a non-local student wanting to stay in city/town of University study for an instant longer than necessary after academic year ends?

Sportingdad
07-04-2008, 17:33 PM
1. Are you asserting that there is a law obliging non-UK landlords to use DPS? Please provide details.
2. Real world: SAT and tenant-insurance-guarantee (no-deposit) work very well, where appropriate. And whoever heard of a non-local student wanting to stay in city/town of University study for an instant longer than necessary after academic year ends?

http://www.mydeposits.co.uk/landlords/landlord-who_can_join.htm
Does not allow non-UK Landlords, and not wanting to be a member of the time consuming and overbearing rules of the ARLA deposit scheme only leaves DPS.

Yes, fully aware of SAT but must not be used in a "normal" let. I do like to use a Section 21 notice if the tenant is misbehaving.

As for the "no deposit" the only "schemes" that are advertising these are not underwritten by Lloyds. I leave you to think on that ! but if you know of one please PM me.