The suggestion that a credit card can simply be used for the deposit security as suggested in Letting Update  January 2007 edition is quite wrong(P19)

I have checked with the credit card industry and there is a special arrangement they have made with the Hotel Business and car rental, which when you provide a card for them to swipe they are able to 'reserve' a sum of money in your account pending you paying the bill. This would on the face of it to be the solution. However this facility only lasts 30 days and therefore will be useless for the lettings industry.

Jordan's have however developed a product 'The No deposit Scheme' which does sit outside the TDP legislation and details can be found on Jordan's web site at www.jordansrentals.com

Robert Jordan FRICS, FARLA