Path Deposit Guarantee Scheme
We offer a Deposit Guarantee (DG) Scheme to eligible clients who are unable to afford the deposit. The scheme in Plymouth covers both rent arrears and damage. We offer the service for twelve months for each eligible client, during which we support tenants in saving towards their own deposit at the end of the year.
We cover Landlords/Agents in the event of a claim up to the amount of one month’s rent. The tenants themselves would become liable to the relevant council for this amount, via the Small Claims Courts. They would also be unable to access any further housing services or assistance whilst it is outstanding, which is an incentive for them to take adequate care of the property.
Credit Union Deposit Savings Scheme
Tenants accessing our Deposit Guarantee scheme are required to set up a savings account with the City of Plymouth Credit Union. They pay in 10% of the deposit on opening the account, and savings are then monitored by the Path team.
Tenants are encouraged to save regularly, ensuring they are able to provide their own deposit at the end of the twelve months. We are able to then transfer the money to the Landlord on expiry of the Path Deposit Guarantee.
This would then need to be transferred to a Deposit Protection Scheme as per any other deposit.