Tenancy Deposit Scheme Options: Deposit Protection Scheme (The DPS)

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Note: If you decide to use this scheme then you must issue your tenants with the "Prescribed Information" detailed here.

 

FAQ

The Deposit Protection Service answers a series of frequently asked questions. To see them, click here

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The Deposit Protection Service (The DPS) is a tenancy deposit protection scheme accredited by the Government. It is provided free of charge, and funded entirely by the interest earned from deposits held in the scheme.

The DPS is run by Computershare Investor Services Plc, which has successfully administered a deposit scheme in the Australian state of Victoria for the last eight years.

Online self-service allows landlords to register and make deposit payments, transfers and repayments 24 hours a day. Paper based transactions are also supported. Help and advice is available through a dedicated call centre during office hours.

An independent Alternative Dispute Resolution (ADR) service, run by the Chartered Institute of Arbitrators, will help to resolve any disputes quickly and without the need for court action.

How does the scheme work?

1. The tenant pays the landlord or letting agent their deposit.
2. The landlord/agent pays the deposit into The DPS within 14 days of receiving it.
3. Following receipt of the deposit, The DPS will provide confirmation and details of the protection scheme being used to both the landlord/agent and the tenant.
4. At the end of the tenancy, the landlord/agent and the tenant agree repayment of the deposit and inform the scheme administrators. The deposit repayment, divided accordingly and including any interest accrued, will be initiated to each party within 10 days.
5. If there is a dispute, The DPS administrators return any undisputed amount (plus interest) to the relevant party, but hold the disputed portion until the ADR service or the courts decide what is fair.

Example 1

• A tenant pays a deposit of £700.
• At the end of the tenancy, the landlord says he wishes to keep £50 to pay for cleaning the flat and the tenant agrees.
• £650 (plus interest) is returned to the tenant and £50 (plus interest) is returned to the landlord.

Example 2

• A tenant pays a deposit of £1,000.
• At the end of the tenancy, the landlord says he wishes to keep £200 to pay for replacing damaged furniture.  The tenant disagrees, claiming the furniture was damaged before they moved in.
• Both agree to use the Alternative Dispute Resolution (ADR) service.
• £800 (plus interest) is returned to the tenant, but the disputed £200 (plus interest) is safeguarded until the dispute is settled by the ADR service administrator, and repaid according to the decision.

Why Should I Join?

Tenancy Deposit Scheme Options: Deposit Protection Scheme (The DPS)