The main purpose of the Security Deposit acts as an insurance guarantee for Owners when renting out their Items to Renters. Renters will have their deposits frozen(withheld) and will be used to claim for (if any) damages or loss to the Item.
This Article will serve as a guide to tell you, the Owner, on how to claim from the security deposit quickly and efficiently.
Additionally, you can find out more on the workflow of the Order Process by reading the related article here.
1. What’s a Claim?
A claim is the Owner’s right to demand for compensation if any late return, damages and/or loss befalls the Item.
Both users have agreed to this in the Rental Agreement which was agreed upon during Adding an Item (for Owners) and at checkout (for Renters).
That being said, only legitimate reasons for a claim will be accepted.
2. What can I Claim for?
You can claim for damages, late return, and loss of the item.
Damages is significant physical damage to your Item, which makes it look completely different than when you first sent it. If the item still looks the same but does not function as properly as it previously did, a claim can also be made. Do note that some wear and tear may not be an acceptable reason for a claim as it reasonably accepted to happen.
Loss of the item is as it sounds. The Item is deemed lost after numerous contact with the Renter has been made and 30 days has already passed since the end of the rental period or claimable late return penalty occurs, whichever is earlier.
Late return is when the item was returned late. When the order reaches the ‘Renter Shipped’ status after the rental period and any grace period has ended is when you can start making a claim.
3. How Much can I Claim?
The amount you can claim will be limited to the max amount of the required security deposit that you have entered for your Item.
For Damages, it will be a case by case situation and will usually be determined by a proportion of the max required security deposit if the item still functions properly. If it is completely broken, then the total amount of the security deposit may be claimed.
If the Item is Lost, then the full amount of the security deposit can be claimed.
Late Return Penalties will be calculated at 2.5 times the daily rental price of the item for everyday the item is late. Example:
|Number of days late||10 days|
|Rental price||RM 2.00 per day|
|Penalty per day||RM 2.00 x 2.5= RM 5.00|
|Final Penalty Claim||RM 5.00 x 10 days = RM 50.00*|
4. First Step - Opening a Dispute
At the order page accessible here (logged in as Owner), you’ll be able to see the order status of your order.
When the order status is at ‘Owner Received’, you’ll be given the chance to check the item to see if anything’s wrong with it.
At the action button highlighted in the image above, you’ll see a Dispute action button. Click on it and it will change the order status to ‘Dispute’.
Clicking on the button will also open the livechat floating button at the bottom right section of the screen where you can promptly begin writing your dispute. A helpline representative will be at the other side of the chat.
5. What to Write?
When the livechat is open, write down as much as you can and as detailed as possible.
Start by writing what you are claiming for from either damages, late return or possible loss of the item. Then write your personal details such as name, email (registered as Owner) and phone number.
Also include the order details such as Order Id, rented Item, rental period, the Renter’s details, dates of every order status performed and your actions on the website. Include any contact with the Renter if you have made any and the details of such contact.
We may have this information but you disclosing and writing it down will help resolve the dispute faster.
6. Livechat, Phone and Email
Accessible via the green floating livechat button at the bottom right corner of this page, you’ll be able to get in touch with our helpline to help resolve any of your issues faster. We’re available for chat on Mondays to Fridays from 9AM to 6PM. Try it out now!
To include media proof and documentation such as pictures, videos and recordings, you can alternatively contact us at our hotline at +6011 1225 7730 for calls and messages. We’re also on whatsapp and telegram. Better yet, you can also email us at [email protected][dot]com. More on this via our Contact Us page here.
For each and every dispute case, YORenters will act as the intermediary to resolve any issues brought forward. The dispute case and process will also be communicated to both parties at regular intervals so as to keep you up to date on every matter.
Any resulting resolution proposed by YORenters will be considered to be definitive and final, as agreed upon in the Rental Agreement.
Do note that every case is unique to one another as circumstances may differ. A quick and easy resolution will always be prioritised for every user involved.
Finally, the result of the dispute will be communicated to all users when a resolution has been made. The dispute will be closed and the order status will revert back to its previous state.
As the Owner, you can then proceed to mark the order as ‘Complete’ when done. Doing so will enable us to transfer your rental earnings together with the compensation amount of your claim.
Claiming from anything can be a real hassle. We want to help you achieve fast and efficient results and to do that, we want you to help us as well with all the necessary information so that we can achieve a fast resolution together.
Was this article helpful? Do you need more help with your rental order? Unsatisfied with a resolution?
Please do contact us if you have any more enquiries about the matter as we’re more than happy to assist you.
You can contact us by emailing us at [email protected][dot]com or by selecting the livechat button at the bottom right corner of this page. We hope we can hear from you soon. Happy renting!