Beware of the mydeposits.co.uk scheme. They do NOT protect the tenants funds.
The security deposit is the tenants money – neither the agent nor the landlord has a right to use the funds during the term of a tenancy as if the money is their own, although they frequently do. That is why, I thought, we have the deposit protection schemes – to protect the tenants money from grasping hands.
However, I have discovered that the landlord has ‘unprotected’ my deposit, during the term of the tenancy, and mydeposits.co.uk has both allowed this to happen and not informed me. So the landlord has more than £2000.00 of mine, and I have no protection.
The tenancy will end this month and as the landlord has already demonstrated that she can not be trusted I expect I will have a struggle to get my money back. It will take time and energy and generally be unpleasant. Why should I, as a tenant, be put in this position?
This so called government sponsored scheme is nothing but a scam for an insurance company to increase their revenue. They have not shown any duty of care to the tenants funds – my funds – and have offered no assistance. Their suggestion is to tell me to contact Shelter or Citizens Advice.
Do not allow your landlord to use an insurance scheme like my deposits.co.uk to protect your security deposit!! Your money is not protected because the landlord can unprotect it at any time and you won’t even know about it.