The cost of living crisis is causing us all to have to reach deeper into our pockets. Many of us are looking for any extra income we can get to support ourselves. What many of us don’t realise is that there could be money out there for grabs that we are already legally owed. From overpaid tax to mis-sold gap insurance, here are some of the sources of hidden money that could be owed to you – and how to retrieve this money.
Overpaid tax
Are you on the wrong tax code? One Canada Life study found that 43% of UK workers who checked their tax code were on the wrong one. And most of those workers were overpaying tax! While HMRC will sometimes willingly admit when people are owed a tax rebate, this doesn’t always happen and there are thought to be billions of pounds in overpaid tax waiting to be claimed back. You can check your tax code and find out how to claim back overpaid tax via the Gov.UK website.
Mis-sold car finance
Many people who took out car finance before January 2021 were charged hidden commision fees. Charging these fees has since become illegal and it’s now possible to claim back these commission payments. There are services online such as this Ford PCP claims service that can help you check for mis-sold car finance and claim back any more you’re owed.
Mis-sold insurance
Many loan packages in the past have notoriously included insurance that many borrowers didn’t ask for or need. PPI (Payment Protection Insurance) was a popular example a few years ago – while the deadline for claiming back mis-sold PPI was in 2019, there are still some people who are eligible to claim back this insurance. GAP insurance is another insurance product that has been mis-sold with many car loans recently. It could be worth checking your loan contracts to see if any insurance products have been added that you were not made aware of – you could be in your right to claim these insurance payments back.
Dormant bank accounts
There’s a lot of money currently sitting in unused bank accounts that people are legally owed without realising. This includes dormant accounts of deceased relatives that may have been overlooked during estate planning and probate, as well as old joint accounts when living with uni housemates or exes. It’s worth checking banks you have used in the past to see if you have any accounts still open. Meanwhile, if you have a bank statement to a deceased relative and you were the beneficiary in a will, you may be able to claim this money – bring the bank statement, your ID and your relative’s death certificate to the bank.
Stocks, shares and bonds
There’s also a lot of hidden money tied up in stocks, shares and bonds. For example, there are many people who had money left in NS&I premium bonds that have gone unclaimed. Some employers meanwhile put income into shares, which some employees forget about. Make sure to look into these shares and bonds so that this money doesn’t go unclaimed.
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