We’ve returned 1 million tenancy deposits!

On Tuesday we paid back our one millionth deposit to Yvonne Stenning, a tenant from South East England! It’s great to have hit the million milestone just before our 5th birthday on April 7th and to mark the occasion, we’ve sent a bottle of champagne to the tenant and letting agent.

When we called Yvonne to let her know she said: “It’s a lovely gesture particularly as it was such an easy process; The DPS did all the hard work!” 

Her letting agent Wendy Carman from Molica Franklin, was pleased too: "We protect all our deposits with The DPS and it was a big surprise to be called and offered a bottle of bubbly! I'm thrilled it was Yvonne's deposit, she’s a wonderful tenant."

Since 2007, when The DPS started, we have returned deposits worth over £750 million to tenants, landlords and letting agents.

As the only approved custodial tenancy deposit protection scheme in England and Wales, we’ve focused on honing our unique repayment system to ensure that deposits are repaid as fast as possible. As soon as we have agreement from both parties, we can repay deposits within 2 days so that tenants can quickly use their cash for future lettings, for instance.

We re-pay an average of 950 deposits a day to recipients across England and Wales and work really hard to make things as simple as possible for everyone involved. We’re aiming to launch in Scotland too in the very near future, so landlords and tenants there will be able to take advantage of the same tried and tested system.

We currently protect over 840,000 deposits worth £660 million on behalf of tenants, landlords and letting agents. Our operating company, Computershare, is awaiting approval to launch The Letting Protection Service Scotland (The LPS Scotland) – a service that will provide similar protection to tenants, landlords and letting agents in Scotland.

The experience we’ve gained during five years of protecting and repaying deposits in England and Wales is of huge benefit to the Scottish market and we’re spending a considerable amount of time in the region talking to landlords and agents who have to start making changes to the way they treat tenancy deposits.

Tenancy deposit protection legislation is expected in Scotland towards the end of April 2012. For more information, visit http://www.lettingprotectionscotland.com/.