DPS in bid to speed up return of tenants' deposits

 

The Deposit Protection Service has introduced an enhanced SMS service, making it the fastest way for tenants to get their deposits returned.

It has also introduced a new category for users which will prevent the skewing of letting agent and landlord numbers.

Large organisations such as NHS trusts, companies or universities can now register deposits as an ‘organisation’ rather than ‘letting agent’ or ‘landlord’.

Kevin Firth, director of the DPS, said: “Whilst repaying deposits only takes two days once we have agreement from both parties, the biggest barrier is misplaced repayment IDs by both tenants and landlords each month: without these, they cannot start or complete the deposit repayment process.

“Our new SMS service is the fastest way for tenants to receive repayment ID reminders to claim back their deposits.”

The DPS introduced the SMS service last year to notify landlords and tenants of key deposit protection milestones to encourage faster deposit repayment.Ӭ

The launch of the new SMS functionality coincides with a revamped website and several other service developments including the new registration category, and provision for incremental deposit payments.

This will allow deposits to be paid into the DPS in stages, in situations where a tenant is unable to pay the full deposit up-front.

Firth said: “This suite of enhancements is part of our ongoing commitment to simplify and speed up the tenancy deposit repayment process.

“It also coincides with our application for a licence to take our considerable experience as the UK’s only custodial tenancy deposit protection scheme and apply it to Scotland.”

The DPS currently protects over 800,000 deposits on behalf of tenants, landlords, letting agents and other organisations.

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