Students should ensure deposit is protected

Young people about to start university are about to face a number of financial challenges, from living off a small income and managing a budget to resisting “cheap” freshers’ week drink offers.

But students should ensure the end of the academic year does not bring a shock – and debt management problems – as well, by ensuring the deposit for their rented accommodation is protected.

MyDeposits.co.uk has urged students in England and Wales to make sure their landlord is complying by rules and has put deposits in a government-approved scheme.

David Salusbury, chairman of the company, said student tenants should ask for confirmation of where their deposit is being held.

“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,” he said.

If unprepared, the minority may face debts of hundreds of pounds if a returned deposit is vital to stay out of the red.

Also in the news this week, Fair Investment has recommended parents are involved in their children’s exam results celebrations to ensure costly damage does not occur to their properties.

By Morwenna Kearns