Deposit Protection Scheme
For over a decade, Threshold has been campaigning for the introduction of a Deposit Protection Scheme.
There are vulnerable people in tenancies all over the country who are on the margins of homelessness and simply cannot afford to lose their deposits.
A deposit will often represent the full extent of an individual or family’s savings. The lack of a scheme to safeguard deposits has led people to resort to moneylenders in order to fund the deposits for their new rental properties and the failure of a landlord to return a deposit can create significant financial hardship and distress.
We ask the government to honour its commitment to re-examine the laws around rental deposits, which urgently need to be strengthened in order to increase protection for tenants in the private rented sector.
We are calling on the government to do 3 things:
To establish a legal definition of rental deposits;
To limit rental deposits to the value of one month’s rent;
To implement a Deposit Protection Scheme, which would see deposits lodged with an independent third party such as the Residential Tenancies Board
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Threshold welcomes the commitment in the Programme for Government to establish a tenancy deposit protection scheme as a measure to end disputes concerning the return of deposits to tenants in the private rented sector.