Deposits that move when you move

This was something mentioned by Bethan Sayed AM in the ELGC Committee scrutiny - Let Down would definitely support a way to make deposit payments easier and more affordable. Deposit return schemes should be reformed to allow a passporting scheme, so it can be held against two properties. Renters could perhaps pay 10-20%, to cover any damage that is taken out of it, then expected to pay any extra that might come out beyond that to 're-fill' the deposit. 

It shouldn't be that difficult a scheme to devise, but would make a a massive difference to renters, cutting in half the amout that many have to borrow - if not from family or friends, then from loans. Many get in debt just trying to secure their home. It's another way that renters stay poor and unable to save any money. 

Why the contribution is important

Deposits, next to fees, are the biggest expense for renters as they move. As things stand, renters need to essentially have two deposits available. You need one for the place you vacate, as you wait for weeks to get it back (most people tell us they wait 1-2 weeks for a deposit to be returned, if not longer, despite check out having been completed). Then you need another one for the place you've secured, often months before you actually move in, so you can be out of thousands of pounds for several months. 

by letdownwales on August 29, 2018 at 10:33AM

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