Have you thought about what would happen if your letting agent went bankrupt?

As a landlord, renting out a property can sometimes be stressful, especially if things outside of your control go wrong.

A new appliance breaking down outside of warranty, rent arriving consistently late or weather damage to your property’s roof… these are scenarios familiar to many landlords and ones you can usually deal with.

But what happens if your letting agent goes bankrupt? Unfortunately, this occurrence is not as rare as it once was, and we’ve seen a small but steady increase in cases over recent years. There’s no doubt this situation has the potential to be incredibly stressful and will have many repercussions, but if it’s protected with us then one thing you don’t have to worry about is your tenant’s deposit. Both our Custodial and Insured deposit protection schemes protect against this scenario, and we work with landlords to allow them to take over the management of the deposit from a bankrupt agent, maintaining protection throughout the process.

We were recently contacted by one of our customers after this scenario happened to them:

When my letting agent was declared bankrupt, I was worried that my tenants’ deposits would no longer be protected.

However, The DPS reassured me and guided me through the process of regaining the deposits. I was really impressed that the excellent systems in place at The DPS are equally secure for both landlords and tenants.
— Landlord

As this Landlord found out, we provide simple, secure deposit protection and you can trust us to keep your tenant’s deposit safe.

If you have questions or concerns about any aspect of deposit protection, you can find a host of information on our web pages, or you can always contact us on 0330 303 0030.

Did you know...

Agents can only use our insured scheme if they're regulated?

This means that all of our agents have client money protection insurance giving you a guarantee that your money is safe in the event of theft or misappropriation. Alongside our deposit protection, it’s the perfect combination.