Can you still protect a deposit after 14 days

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M
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Mydeposits have updated their scheme rules and may not protect a deposit after 14 days. Are the other schemes doing the same?


C1 Deposit Protection Conditions (the ‘initial requirements’ of the Scheme)

C1.1 The following will apply when a Member requests to Protect a Deposit with us.

C1.1.1 The full Deposit stated in the AST must be Protected by the Member within 14 Days of receipt
from the Tenant.

C1.1.2 We may allow a Member to Protect a Deposit after 14 Days have elapsed following receipt in C1.1.1 if the Member provides us with a satisfactory explanation. A late Protection penalty fee may
also be payable.

NB: The DPC states the date the Member received the Deposit and the date the Protection commenced. A Tenant may issue Court proceedings against a Member for late Protection.We will not be responsible for any loss the Member suffers as a result of such Court proceedings.

C1.1.3 We will not Protect a Deposit after 14 Days have elapsed from receipt by the Member in the
following circumstances:

C1.1.3.1 The Member is already aware that there will be or is likely to be a Deposit Dispute with
the Tenant(s);

C1.1.3.2 The Tenant(s) has initiated Court proceedings for non-Protection of the Deposit;

C1.1.3.3 The Member is only Protecting to obtain a Section 8 or 21 Order (under the Housing
Act) against the Tenant;

C1.1.3.4 The Tenant has already left the Residential Property.

NB: If we subsequently discover that a Member has Protected a Deposit and one of the circumstances in C1.1.3 has occurred
then we will invalidate the Protection immediately and we may also cancel Membership.

08/04/2011 00:00

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