DPS Smoothing the Return of Deposits

DPS Smoothing the Return of Deposits

11:07 AM, 6th December 2011, About 13 years ago 1

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The Deposit Protection Scheme has made a raft of changes to make the returning and protection of deposits process easier and quicker.

Tenants can now request their repayment ID by SMS, they say this should take away one of causes for delay in returning deposits.

Director of The DPS, Kevin Firth explained more, saying: “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 has also brought in changes to registration, it is now possible to register deposits as an organisation rather than forcing them to register as a landlord or letting agent.

It is also easier to transfer payments to pay for new deposits and they can also now be done through incremental deposit payments, making it easier for those allowing tenants to pay deposits in stages.

To speed the return of deposits further it is now much easier to cancel joint payments.

Kevin added: “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.”

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Mr Chaps

14:45 PM, 2nd July 2012, About 12 years ago

I don't understand this "to speed the return of deposits further it is now much easier to cancel joint payments."

If a Joint Deposit Repayment form has been completed online with agreement of both parties then the cash should be in the accounts in 1-2 working days, (as opposed to 10 days on the DPS site) - what's with the cancelling option?

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