Tenancy deposit schemes
In November 2006 three companies were awarded contracts by the UK government to run tenancy deposit schemes:
- The Tenancy Deposit Scheme (TDS), an insurance-backed scheme.
- Mydeposits, an insurance-backed scheme.
- The Deposit Protection Service (The DPS), a custodial scheme.
What could happen if you don't use a scheme
If you don’t protect tenants deposits under one of these schemes, you could be liable to pay back three times the cost of the deposit.
A court may also decide that your tenant won’t have to leave the property when the tenancy ends if you haven’t used a tenancy deposit scheme when you should have.
Read more on deposit schemes on the GOV.UK website
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