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The Deposit Protection Scheme – Keeping Your Money Safe

Deposits can be a scary thing.  You’re handing over a large sum of money to someone you barely know, and trusting that you’ll get it back.  Unfortunately, landlords have broken this trust in the past, which is why in 2007, the Government introduced tenancy protection laws in the UK.  These laws mean that landlords are obliged to place your deposit within a deposit protection scheme to keep it safe until you get it back.

The schemes are government run, meaning they’re completely reputable and trustworthy.  The four schemes available to landlords are:

Each of these websites contains a tool which, as a tenant, you can use to double check that your deposit is protected.  Your landlord is also legally obligated to tell you which deposit protection scheme they are using and how you can apply to get your deposit back.  For a full list of landlord responsibilities regarding your deposit, and to check your landlord isn’t keeping any important information from you, follow the link here.

So what if your landlord hasn’t used a deposit protection scheme?  Well, the four aforementioned websites all offer help and advice for such an event.  The official government website on deposit protection also recommends contacting a county court, who may demand that the landlord repay you the deposit or pay it into a scheme within two weeks.

Moving house is stressful enough without the added anxiety of what your new landlord may be doing with your deposit, so keep your mind at ease by making sure your money is stored away in a reputable deposit protection scheme.  It’s the law!