Mydeposits offsets TDS fee hike with price freeze
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by Gill Montia
Mydeposits.co.uk has commented on the 23% price hike announced by The Dispute Service (TDS).
The Service, which is responsible for the UK’s Tenancy Deposit Scheme, has recently approved a change in its method of charging subscriptions.
Fees are now determined on a “fairer” basis, taking into account a “dramatic rise” in disputes between landlords and tenants.
In response, insurance-based deposit protection scheme, Mydeposits.co.uk, has assured customers that it has no plans for any price rises during 2010.
Chief executive, Eddie Hooker, comments: “We think this is the least we can do to support the private-rented sector as it emerges from a very difficult and volatile period.”
He also points out that a new instalment model implemented by TDS links costs with the number of agent protections requiring Alternative Dispute Resolution (ADR).
Mr Hooker adds: “Letting agents are likely to be frustrated as they can expect further price increases if they are unlucky enough to experience more disputes. This could be the first step along the road to charging for ADR.”
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