Students urged to protect rent deposit

22 August 2008 / by Rebecca Sargent
As students prepare to set off for university for the first time after breezing their A Levels, mydeposits.co.uk is reminding them to make sure their rent deposit is kept safe.

In April 2007, the Government introduced legislation that means every deposit-taking landlord and letting agent in England must use a deposit scheme, whether it is custodial or insurance based.

However, despite the new rules, The Deposit Protection Service (DPS) has found that 62 per cent of landlords are failing to comply with the new law, consequently students are being reminded to check their deposit is secure.

The legislation is intended to ensure that tenants who have paid a deposit – often a month and a half's rent which can be considerable – have the amount returned to them that they are entitled to.

Whether in halls of residence or private rental accommodation, the average student rent now stands at more than £60 a week, and the deposit can be six times this, which could make all the difference when it comes to student money.

Speaking of the new arrangements, David Salusbury, chairman of mydeposits.co.uk, said: "Now is a busy time of year as students prepare for the new academic year. It is important for students to ask their new landlord where their cash is and with whom it is being protected. The overwhelming majority of tenancies have always ended amicably but mandatory tenancy deposit protection is now just part and parcel of a landlord's legal responsibilities.

"Although the onus is on landlords to comply with the rules, tenants should make sure their deposit is protected and should ask their landlords if they don't receive confirmation within 14 days."

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