FSCS protects customers when authorised financial services firms fail. If, however, they issued proceedings and then you protected the deposit, you stand to lose three times the deposit. 5. The tenant made an application for the penalty as a counterclaim to possession and rent arrears where at the first hearing it was held-“Finally, the Defendant seeks a penalty pursuant to Sections 213 to 215 of the Housing Act 2004. However, the deposit was protected during the tenancy on 5 March 2013 and the prescribed information was provided on 8 July 2013. We are joint account holders of a business account. Deposit was required to be protected because of the renewal even though no money actually changed hands. You are then entitled to the return of the deposit, and up to 3 times the amount of the deposit as compensation. [Continued in the post below] Tags: None. after the 30 day deadline. The law states that every Landlord who takes a deposit from a Tenant has to protect that deposit by lodging it with one of 3 tenancy deposit protection schemes. Most businesses are protected but authorised financial services firms are not. Was it protected? Mikeymike on 07/09/2017 at 8:11 pm Thanks Giles. Yes No. If your landlord has failed to protect your deposit you may be entitled to compensation of up to 3 times the value of your deposit. Our Basket Equity Linked Deposits are NOT capital protected. Give your landlord a deadline to respond to you, otherwise you will make a claim. Fast facts about your deposit: Your landlord is solely reponsible for protecting your deposit. Tenancy Deposit Protection Claims: Claiming compensation if a deposit is not protected. Landlords have an obligation to pay deposits received from Tenants into a deposit protection scheme. They usually have 30 days after you’ve paid it to put it in a TDP. If your landlord has broken the law you are able to sue them for an amount that is up to fourfold your deposit. Any chances to avoid penalty? DEPOSIT NOT PROTECTED? Using deposit protection schemes - the official schemes, information you must give tenants, what happens if you do not protect a deposit, disputes and advice The law says “up to” 3 times the amount of the deposit. We can check to see if your tenancy deposit has been protected, and if it hasn’t, we can pursue your landlord for compensation. Landlord ordered to pay deposit plus 3 x compensation. Is there an issue with this page? Recent research shows that the average deposit in the UK is £800 with much higher deposits being paid on London properties. Discover how we can help you. Compensation for not protecting the deposit Many tenants think that they will be awarded three times the value of the deposit, also, the deposit back too. Normally your landlord will start the repayment process, though you can do this too by logging into your online account. Deposits of Estonian branches of foreign credit institutions which are guaranteed and compensated under a guarantee scheme of the home country of the credit institution to the same or a higher level than prescribed by the Guarantee Fund Act shall not be guaranteed and compensated out of the Sectoral Fund. In this situation, the business is the protected entity, not each individual. Landlords have an obligation to pay deposits received from tenants into a deposit protection scheme. Deposit Claim Is my deposit protected? If your deposit is protected in our Custodial scheme. If you want to start the repayment process, but haven’t got an online account, you’ll need to set one up. Enforcement. It gives your landlord the opportunity to put things right if they want to try and avoid going to court. You could be entitled to compensation. The letter tells your landlord that you are not happy that your deposit has not been protected and that you plan on applying to the court to have it protected or refunded and/or to claim compensation. Press the button below to get contacted about your deposit! Deposit not protected by landlord; what compensation am I entitled to? If you can answer yes to the following two questions then you may be entitled to claim compensation. All Member States extend this guarantee to their depositors. ... not protecting your deposit at all or protecting it too late i.e. Deposit protected by Capita was subsequently transferred to MyDeposits. You can still claim this compensation if your landlord has returned your deposit but they didn’t protect it while you were in the property or they protected it late. Reply. What if my deposit is not protected? If your deposit is not protected, your landlord is liable for a penatly. Your deposit has to be protected even if someone else paid it for you, for example your parents or a friend. If you have multiple deposit accounts with one bank, building society or credit union – or several accounts with different brands that come under the same authorisation – you will only be protected under the FSCS up to a total of £85,000. Our Tenancy Deposit Claims Solicitors are experts at claiming compensation for tenants who have faced issues with their landlord about deposit protection schemes and getting their deposit money back at the end of the tenancy. What if my deposit was not protected correctly? If your deposit was not protected, or it was protected more than 30 days after you paid it, your landlord or agent has broken the law. Provided you protected the deposit, albeit late, and provided it was done before they issued legal proceedings, then they cannot claim the statutory three times the deposit as compensation. 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