Capita TDP to be taken over by MyDeposits

by Property 118

13:04 PM, 7th November 2013
About 6 years ago

Capita TDP to be taken over by MyDeposits

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Capita TDP to be taken over by MyDeposits

The Capita TDP (Tenancy Deposit Protection scheme) has been closed to accepting new deposits since the 14th of September this year.

Capita a corporate giant and FTSE 100 company was only awarded the contract by Government to operate the scheme from the 1st April 2013 (no pun intended) in an effort to increase competition and drive down costs for this service. Mydeposits has however stepped in to take over responsibility for Capita TDP protections in England & Wales after confirming their withdrawal from the market.

All of Capita TDP’s existing deposit protections will be automatically transferred to mydeposits from 1st December 2013. Landlords, agents and tenants in England &Wales will also have access to the scheme’s dispute resolution service. Capita TDP has now written to all existing members informing them of the news.

All transferred deposits will continue to be protected throughout the duration of the fixed term tenancy. my|deposits will also reissue a new Deposit Protection Certificate (DPC) and the relevant Information for Tenant’s leaflet for each protection.

Eddie Hooker, CEO of mydeposits, said: “Capita TDP’s existing landlord and agent members can rest assured they’re in safe hands with mydeposits. The experience and knowledge we derive from partnership with the both the National Landlords Association (NLA) and the UK Association of Letting Agents (UKALA) means we’re well placed to manage the handover following Capita’s withdrawal.”

“Landlords, agents and tenants will also have access to our free award-winning dispute resolution service, giving them peace of mind that the deposit will be returned fairly if they’re unable to reach an agreement over its return.”

“We’re on hand to speak to existing Capita members who have concerns regarding the transfer of their deposits. Landlords, agents and tenants can also visit our website www.mydeposits.co.uk where they can find details of the scheme and a range of useful guidance and advice on deposit protection issues”.Capita TDP



Comments

Neil Patterson

15:46 PM, 7th November 2013
About 6 years ago

Well done for MyDeposits stepping up to the Plate.

Embarrassing for The Government and surprising for a company as successful as Capita

16:03 PM, 7th November 2013
About 6 years ago

Well done for My Deposits for taking over where Capita failed.

However, I doubt that it will amount to very many deposits as Capita appeared to do no marketing and did not get any traction in the marketplace imho.

Congrats to TDS for their impressive annual results, announced today!

Mark Alexander

16:04 PM, 7th November 2013
About 6 years ago

I wonder how many deposits they actually protected anyway?

Based on their marketing I suspect it was a very small number.

Did Capita really expect that many landlords and letting agents to change their habits and move away from well established relationship and business processes for the sake of saving a few pounds? In time they may have done so but time or a decent marketing budge isn't something Capita seemed to keen on investing post Superstrike.

I'm not the slightest bit surprised they failed.
.

Mary Latham

14:39 PM, 8th November 2013
About 6 years ago

In my opinion landlords will need to issue their tenants with the new deposit protection certificate and tenant information provided by MyDeposits by 31st December otherwise I can see tenants claiming that they were not given the "correct information" relating to the their deposits under deposit protection legislation (Localism Act 2011).

I am really pleased that I stayed loyal to MyDeposits because they have never let me down and as Mark has said saving a few pounds is often not worth the hassle.

Well done MyDeposits.

Follow me on Twitter@landlordtweets

My book, where I warn about the storm clouds that are gathering for landlords is here >>> http://www.amazon.co.uk/dp/1484855337</a

8:54 AM, 11th November 2013
About 6 years ago

Morning Mark,
Looks like we both picked up on this story at the same time, my latest blog covers the same point.

I wonder whether this will lead to landlords deciding not to take deposits in the future?
Maybe we will see an increase in Deposit bonds and insurance policies..... i know i maybe jumping the gun, but could this signal a change in the way landlord let?

think it gives us lots of questions..

http://hertsagent.blogspot.co.uk/2013/11/end-of-deposits-as-we-know-them_9.html

Mark Alexander

9:41 AM, 11th November 2013
About 6 years ago

I have emailed the following questions to MyDeposits today

1) What is the date by which you need to be notified of all statutory periodic tenancies?
2) If an AST became SPT say 4 years ago can the protection be extended?
3) Is there a fee to extend?
4) Once protection is extended does the deposit remain protected until it is unprotected by your member?
5) Does the DPS custodial scheme still exist?
.

Mark Alexander

13:52 PM, 11th November 2013
About 6 years ago

Responses from my|deposits to the questions I asked this morning

1) What is the date by which mydeposits need to be notified of all statutory periodic tenancies?

ANSWER FROM my|deposits - Members have 30 days from the end of the AST fixed term date to update mydeposits. We will be writing to members whose tenancies have already passed the 30 day cancellation date separately, informing them of any forthcoming automatic unprotections for those deposits. The homepage of members’ online accounts also provides a status summary of all deposit protections to make it easier to manage deposits.

2) If an AST became SPT say 4 years ago can the protection be extended?

ANSWER FROM my|deposits - Yes. If the existing tenants have remained in the property on the same terms as the original tenancy agreement and no new fixed term agreement has been signed then the original deposit protection with my|deposits remains valid on a rolling Statutory Periodic Tenancy (SPT). However, members must inform my|deposits of the extension to SPT and/ or update the status in their online accounts.

3) Is there a fee to extend?

ANSWER FROM my|deposits - No. It’s free to extend a protection to a SPT and there is no fee to do so.

4) Once protection is extended does the deposit remain protected until it is unprotected by members?

ANSWER FROM my|deposits - Yes. The deposit is protected for the entire fixed term tenancy and any statutory extension, so long as the member informs us of any such extension within 30 days of the end of the fixed term.

5) Does the DPS custodial scheme still exist?

ANSWER FROM my|deposits - Not entirely sure of the relevance of this question to the auto unprotection issue, but as far as I am aware yes! What makes you think otherwise?


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