Unclaimed Deposits in Scotland

In October 2019, over 2,000 tenants in Scotland failed to claim back their deposits at the end of their tenancies. SafeDeposits Scotland estimates that this unclaimed money could amount to over £500,000. Across the UK, billions of pounds in unclaimed deposits are sitting in accounts, highlighting the need for better deposit management.

Why Do Landlords Take Deposits?

Most landlords require a deposit from tenants at the start of a tenancy. This deposit serves as financial protection in case of property damage or unpaid rent. If deductions are necessary, they are taken from this deposit before the remaining balance is returned to the tenant.

How Easy is it to Get a Deposit Back?

Many tenants struggle to reclaim their deposits at the end of their tenancy. With experts estimating as much as £4 billion in unclaimed deposits across the UK, it is clear that many tenants either forget or face difficulties when trying to retrieve their money. So, how can this issue be addressed?

PlanetRent’s Solution to Deposit Management

Ringley has developed PlanetRent, a tech-driven solution that helps both tenants and landlords track and manage deposits efficiently. By integrating deposit registration and repayment processes, PlanetRent ensures that deposit management is seamless and transparent for all parties involved.

PlanetRent’s Traditional Deposit Handling

• If tenants have paid a deposit, the landlord or letting agent must register it.
• PlanetRent is directly linked via API to the Tenancy Deposit Service (TDS), automatically registering deposits for TDS users.
• The platform provides transparency by allowing both landlords and tenants to review proposed deductions and supporting invoices before agreeing or disputing them.
• Tenants receive a ‘how to get your deposit back’ guide to help them understand the process at the end of their tenancy.

Renting Deposit-Free with Reposit

• PlanetRent is also integrated with Reposit, an FCA-regulated service offering deposit-free renting for landlords and tenants.
• Tenants who pass free referencing can pay a non-refundable charge equal to one week’s rent instead of a traditional deposit.
• In cases of damages or rent arrears, Reposit first seeks repayment from the tenant, and if unsuccessful, insurance underwritten by Canopius covers up to six weeks’ worth of damages.
• PlanetRent automatically provides tenants with all necessary advice booklets for both Reposit and the TDS service.

Why not download PlanetRent today and simplify deposit management for both you and your tenants?

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