The government has awarded contracts to three companies to run its tenancy deposit schemes. The three schemes are:

• The Deposit Protection Scheme (The DPS)
  
  This is the only custodial deposit protection scheme and is free to use. Transactions can be made online and paper forms can be used if you have a problem with internet access. The scheme will be supported by a dedicated call centre and an independent dispute resolution service. For more information, visit www.depositprotection.com or call 0870 707 1 707.


• Tenancy Deposit Solutions Ltd (TDSL)
  
  This is a partnership between the National Landlords Association and Hamilton Fraser Insurance. This is an insurance based deposit protection scheme. For more information, visit www.mydeposits.co.uk


• The Tenancy Deposit Scheme (TDS)
  
  This is an insurance backed and deposit resolution scheme that builds on a scheme established in 2003 to provide dispute resolution and complaints handling for the lettings industry. For more information, visit www.tds.gb.com or call 0845 226 7837.

REMEMBER

A failure to safeguard a deposit on a new tenancy (OR a new fixed term tenancy) after 6th April 2007 may hinder your chances of recovering possession of your property if you have to go to court. You may also have to pay compensation to your tenant. If in doubt, seek advice.