Tag Archives: money
Rental deposits worth over £500,000 not claimed in Scotland
Thousands of private sector tenants in Scotland have failed to collect their deposit when they moved out of their home, it has been discovered. Staff at tenancy deposit scheme SafeDeposits Scotland have calculated that money due to tenants amounts to more than £500,000. Tenancy deposit schemes were introduced in July 2012 and since then more than 156,000 deposits have been repaid by SafeDeposits Scotland. While millions of pounds have been returned to tenants at the end of their leases, a small proportion of people don’t claim back the money that is due to them. It is those people who SafeDeposits Scotland are trying to track down. A large proportion of missing tenants are students, according to the firm. With the start of the academic year, September is the busiest time for deposits being paid both in and out. The busiest day sees almost 90% more deposits being paid in than the average day through the year. Just over 2,000 tenants have ended their leases without claiming back the money due them, totalling more than £500,000. The clock is ticking and if deposits aren’t claimed back within six years, unclaimed funds go to the Crown, a process which will start in 2018. SafeDeposits Scotland’s finance team do everything they can to reunite former tenants with their money including sending letters to forwarding addresses, emailing, calling and texting. While successful in the majority of cases, some people are more elusive. Money cannot be paid directly back into accounts as this isn’t information that tenancy deposit schemes have been given. The Scottish Government introduced the tenancy deposit scheme in 2012 to make deposits safe for tenants. When landlords and agents take a deposit from a tenant they’re required by law to lodge the money with one of three approved schemes who ring fence the money until the end of the lease. SafeDeposits Scotland is the largest of these three approved schemes in the UK, holds an estimated 60% of all private rental deposits and the only scheme to be based in Scotland. ‘It’s extremely surprising that people can leave their rented property and forget to ask for their deposit back. The vast majority of tenants remember to claim their money but there’s a small minority who don’t,’ said Jennifer Paice, chief executive of SafeDeposits Scotland. ‘Our finance team do a great job in tracking most of them down but there are a significant number they can’t get hold of. We don’t think it’s right that people lose out on what’s due to them so we do everything we can to try and get people the money they are owed,’ she added. Continue reading
New research reveals what new home owners spend their money on
Over two thirds of first time buyers and home movers are spending up to £2,500 on their first project in their new home, according to new research. Overall 71% are paying out. Some 33% do so on new paintwork or wallpaper, 15% on carpets, 6% on kitchen renovations5% on a new central heating system and 5% on new fitted windows, the survey from TSB shows. Half of those surveyed, 49%, considered it essential for this first project to be carried out in their new home while 27% also felt that it would make the house feel more homely in the short term. When moving into a new home 37% stated that they would prioritise any changes to the lounge first, followed by 18% doing work on a bedroom, 16% on the kitchen and then 8% on the toilet or bathroom. When it comes to what they spend some 19% bought white goods and the same percentage bought carpets. Some 14% opted for window coverings and 11% a new sofa. New carpets are particularly popular amongst the older generation with 27% of those aged 55 and over doing so, compared with 10% of 18 to 24 year olds. The younger group prefer to spend their money on white goods. Ian Ramsden, director of TSB Mortgages Director, said the lender is focused on supporting customers with the costs associated with buying a home and is helping with a significant cost, such as Council Tax for the first year. ‘It means our customers have the opportunity to spend the money that they have saved on other aspects of home ownership, such as redecoration and furnishings. We know people often have to undertake significant projects in their new home,’ he explained. TSB has recently launched a new campaign to encourage people to ‘Borrow Well’ helping them to borrow money in a way that makes the best financial sense for them. This means that all TSB customers receive the right information so that they can make informed decisions. TSB also offers assistance for people whose mortgage application has been rejected, helping them understand the reasons behind the decline and assisting them wherever possible. Continue reading
WWF Uses Money, Instead of Environment, as Reason to Invest In Renewables
June 6, 2013 by Linda Hardesty The World Wildlife Fund is asking governments and financial institutions worldwide to increase investment in renewable energy by at least $40 billion over the next 12 months. WWF’s public campaign will run in more than 20 countries, where the environmental group is targeting public finance, pension funds and sovereign wealth funds. By establishing a business case for moving new money into renewable energy , the group hopes to advance its environmental goals. WWF launched its new international campaign under the slogan Seize Your Power , asking supporters to sign a pledge for increased investments in renewable energy and the phasing out of investments in coal, oil and gas. “The energy markets’ driving forces include speculation, institutional inertia, lack of accurate information, perverse incentives but also huge economic and political interests. It’s time to reframe the debate and expose the real costs of fossil fuels and the real opportunity of the renewable energy sector,” said Samantha Smith, Leader of the Global Climate and Energy Initiative of WWF-International, in a statement. Renewable energy project developers often look to institutional investment as a source of capital to reduce the cost of wind and solar projects, but a study in March from the non-profit Climate Policy Initiative found significant barriers to increases in institutional investment. Continue reading
