How much do you know about unclaimed money and lost assets?
YouGov have quoted that “consumers have £110 billion of dormant funds in UK financial institutions, equating to around £2,500 per adult.” Some of this money could belong to you, and you can discover how much you are owed, for FREE.
Monimine.com is a Norfolk based business that offers a cost-free, digital service which locates the misplaced funds you are owed. Monimine works with leading UK financial institutions and use nationally recognised tracing expertise to help users find the hidden assets from their accounts and policies.
Why would I have unclaimed money owed to me?
How often have you moved to a new home and how many jobs have you had throughout your lifetime? These are two of the leading catalysts for the unintentional forfeiture of assets.
- Can you 100% guarantee that you successfully remembered to notify all the relevant financial parties whenever you have changed address? If a bank account, or pension policy from your past has been unsuccessful in contacting you at an old address, their hands will be tied in reimbursing you with your money.
The lack of correspondence may subsequently lead to you forgetting existence of the assets.
- The average person works in at least 11 jobs throughout their career, often accumulating a pension policy from each job. When they reach retirement, it can be easy to overlook one of the earlier policies.
Aegon reveal that one in five people have lost track of some of their pension savings.
ThisIsMoney explains that the UK has over £400 million in unclaimed pension savings.
Where do the missing funds hide?
Unclaimed money can hide in the dark corners and hidden crevices of our financial accounts. It’s necessary to note, millions of UK citizens are completely unaware that they have misplaced assets owed to them.
Dormant funds can be trapped within:
- Bank and building society accounts
- Life assurances
- and many more financial avenues.
Could I find the lost assets myself?
It’s possible that you could find unclaimed funds yourself, but it won’t be easy. Due to companies closing and merging, tracing the contents of your accounts and policies can be a very arduous and time-consuming task. If you are unsure of where your money may be held, the inconvenience of contacting each financial institution individually will only prolong the reunification of your assets.
Monimine offer a ‘one stop shop.’ By performing a singular search, Monimine will explore the unclaimed money databases of financial institutions and point you in the right direction to reconnect with your missing cash. This saves any annoyance and streamlines the process.
Plus, it’s free, so there isn’t really anything to lose. Let Monimine do the work, whilst you relax.
What do I need to do next?
If you would like to use the Monimine tool to unearth your hidden assets, head to www.monimine.com.
Guest blog by Josh Cousens – Monimine.