Expats Down Under face losing unclaimed money.

Expats Down Under face losing unclaimed money.

expats down under losing unclaimed money

Australia and the land down under is the most popular setting for British emigration. Figures taken from the Telegraph reinforce Australia’s prominence, with an estimated 1.2 million British expats currently living in Oz.

Australia’s laid back lifestyle, earning potential, distinctive landscape and cultural diversity has been attracting Brits for decades. The great climate adds to the appeal, but is it all too good to be true?

Millions of UK expats have packed their bags and made a new life by boarding the plane to Australia. But unknowingly to them, they could be sitting on a pot of their own unclaimed money back in Britain.

Another report from the Telegraph noted that expat pensioners are missing out on at least £850 million in unclaimed pensions benefits. The amounts owed in benefits, range from £2,000 to £30,000 a year. With tax-free lump sums worth between £50 and £40,000 also outstanding.

Unless these individuals are given a helping hand, it will be difficult for them to retrace their lost assets.

Why is it such a problem?

An array of financial problems can arise when people emigrate. If you have not duly notified the correct institutions about your decision to move overseas, it can cause complications.

Amongst all the chaos of packing up your lives to move across the world, it can be forgivable to forget to inform your bank, pension provider, or building society about the new address. However, failure to do so will make the financial institutions lives extremely difficult, when they try to contact you about the money you still have in that account.

Your financial providers will attempt to contact you if your account has a period of inactivity. If the letter of correspondence is sent to your previous UK address, you may never receive any notification. If the account is inactive for a set period of time, (usually minimum three years) it will become dormant and any assets held within will become unclaimed.

The costs for institutions to trace their clients overseas are expensive, and unless you make yourself known, your money will become trapped.

Luckily there is a solution. 

Monimine are leading experts in tracing unclaimed money. Using a revolutionary tool, Monimine allows the public to search for lost assets, whether they know they have them or not, for FREE. If the data you enter matches with the information we have acquired from financial institutions, we can reunite you with your cash ….. for FREE.

To save you the headache and stress of contacting each of your financial providers individually, Monimine offers a blanket solution which will search an array of institutions. Even if you’re sure that you left no pennies behind, the service is free. And wouldn’t it be worth double checking?

No costs, big rewards ….. what’s to lose?

Search today at monimine.com 

Josh Cousens – Monimine. 

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Whilst the autumn leaves fall, it’s time to pick up your financial assets.

Whilst the autumn leaves fall, it’s time to pick up your financial assets.

pick up financial assets

The emergence of autumns auburns has signalled the drawing of a reluctant curtain on our summer season. You may have had a bit more sunshine spending than you anticipated this year. So what better time to explore your accounts and investigate whether you’re owed any outstanding financial assets?

According to the Unclaimed Assets Register, there is currently between £15 and £20 billion of unclaimed money in the UK! Through our own independent research, we actually think that this total could be even higher.

A major problem is that many people don’t even know that they have lost assets. Can you be 100% sure that you haven’t leaked money through a pension policy? Perhaps your parents, or grandparents may have left money behind and you don’t know about it. There could be a pile of cash left in a bank account that you set up when you were younger and forgot about.

The possibilities of how money can be lost is endless … and it can happen to anyone. 

The good news is that all hope is not lost. In fact, Monimine can provide you with great hope. If you fancy establishing whether you are owed any unclaimed financial assets, you can do so for free, using the Monimine tool.

You’re in safe hands. Monimine are nationally recognised leaders in unclaimed asset tracing and if there is a pot of money to find, you have come to the right place. Using innovative technology, traditional tracing methods and years of experience, we endeavour to leave no financial stone unturned.

Monimine won’t charge you a penny to register, and if your information matches with the data we have sourced from financial institutions, we can reunite you with your money … it’s as simple as that.

No costs, no effort ….. what is there to lose?

Search today at monimine.com.

Josh Cousens – Monimine. 

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The mystery of dormant accounts explained …

The mystery of dormant accounts explained …

dormant accounts explained

You’ve probably heard Monimine repeatedly talking about dormant accounts. But what exactly is a dormant account, and can any financial account potentially become dormant?

Natwest deem an account dormant and no longer live, if it has been inactive for five years or more.

Why do banks change accounts to dormant?  

It is a prevention method. If the owner is not seen to be paying attention to the contents of their account, it can become vulnerable to fraud.

What happens when the account becomes dormant?

The bank will attempt to contact the customer, to notify them that their account is being suspended.

So why is there a problem?

Numerous banks will send a singular letter, and if the customer has moved address, they may never receive notification.

Other hiccups

Once a bank has announced an account dormant, it’s removed from central databases. If you then try to ring up the bank and enquire about your account, the call centre staff will be unable to view it on their system.

What happens if the account holder is deceased?

A large number of dormant accounts belong to holders who have passed away. If an inadequate probate administration failed to trace these accounts, it’s very possible that they may never be claimed.

Can family relations not claim the accounts?

If an account continues to be dormant for at least 15 years, the financial contents are passed on to the government’s unclaimed assets scheme. Where the funds are used for charitable causes.

Is the money then lost forever?

The good news is that, even if the money has been passed on to the unclaimed assets scheme, the account holder is still able to reclaim the assets at any time.

Monimine has been established to help deal with the difficulties surrounding dormant accounts. Members of the public are able to conduct a search for any lost assets, which may belong to them or a member of their family, for free. All they are required to do, is to input a short family history, and if a match is found, Monimine can reunite you with any outstanding money which is owed to you.

Find out if you are entitled to any unclaimed funds, for free. monimine.com 

Josh Cousens – Monimine. 

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Save money on the back to school shop.

Save money on the back to school shop.

save money on back to school shop

John Lewis revealed that children starting secondary school, were expected on average to cost their parents £6,800 throughout the year. Any costs that can be cut to save money can prove very valuable. So we’ve come up with a few ideas to help limit your school supply spendings.

  • Search the house for any leftover supplies. There’s no point splashing out to replace something, if you still have it hidden in the depths of the cupboard at home.
  • Similarly, delve into the children’s wardrobes and establish what still fits and is deemed worthy for the classroom catwalk. If the school blazer has got a years life left in it, hold fire until next summer.
  • Once you know what you’ve still got, make a list of everything you think you need. If you’re diligent and stick to the list, it will prevent any unnecessary spending on nonessential items.
  • Set yourself a spending limit. If you stick to the budget you have set yourself, you know that you won’t be in danger of breaking the bank.
  • Spending cash, rather than card, will help you to keep track of how much you have already blown. Avoiding extra costs.
  • Shop elsewhere. Car boots, charity shops and frugal websites often have a wide selection of back to school items, which can help to ease the pressures of spending. 
  • Large amounts of stationary and other useful classroom items can be bought in discount stores like Poundland or Poundstretcher.
  • For high school, sixth form, college and university students, second hand textbooks can save a small fortune. Why buy brand new, if you can purchase a copy at half the price, still in superb condition?
  • Coupon collecting is a worthwhile hobby. Supermarkets offer a diverse assortment of coupons for their stores. There’s a likely chance you can snap up a cheeky discount on back to school goods.
  • Timing is key. Holding fire and waiting for the peak rush to die down allows to you to benefit from the late sales, whilst retailers attempt to sell the rest of their stock before it’s too late.
  • If you know the kids get through their clothes quickly, or are prone to losing their pens. It’s advisable to stock up for the year whilst you can, whilst the reduced prices are on offer.

If you would like a few extra pennies to help your back to school shop. You might be one of the millions of Brits who has a pot of unclaimed money. We predict that there is at least £25 billion of lost assets in the UK, and some of it could belong to you. Register with monimine.com for free, and if we find you a match, we can reunite you with the money that is rightfully yours.

Josh Cousens – Monimine. 

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3 Million elderly people living in economic difficulty, whilst billions of unclaimed pension benefits go astray.

3 Million elderly people living in economic difficulty, whilst billions of unclaimed pension benefits go astray.

unclaimed pension benefits

A study by Age UK, revealed that one in four of the older generation are experiencing economic difficulties. Hundreds of thousands of pensioners have not been able to pay regular bills, or keep their homes suitably warm, whilst more than £3.5 billion in unclaimed pension benefits is going unclaimed each year.

Age UK explained that, despite huge numbers of the elderly being in financial predicaments, crazy amounts of benefits money is going unclaimed on a yearly basis. The charity believes that more needs to be done to help pensioners claim the money that they’re eligible for.

An eye-opening survey of more than 1,300 people aged over of 65 implied that;

  • 572,600 are unable to keep their homes suitably warm.
  • 286,300 can’t pay regular bills.
  • 708,000 struggle to keep their homes damp free.
  • 945,100 would not be able to replace a cooker if it was damaged.
  • 1,299,600 have no access to a car and can’t afford taxi fees. 

800,000 pensioners are living in ‘material deprivation’ and are unable to even afford the essentials, according to recent Government statistics. During 2016, the number of pensioners living under the poverty line reached 1.9 million.

Those who are in their latter years, single, or renting property were categorised as the most likely to be at risk of poverty.

“19% of all 80-84 year olds and 21% of over 85s are in poverty, opposed to the smaller 13% of 65-69 year olds.”

“20% of single pensioners are living in poverty, whilst only 13% of couples.”

Another investigation reported that £3.5 billion worth of pension credits and housing benefit are not being claimed by the elderly. What’s more is the opinion that the overall figure of unclaimed pension benefits is likely to be far bigger.

The most common problem is that people don’t realise that the benefits are available to them. Even if people have heard of the pensions credit, they tend to think that it won’t apply to them.

“People often just don’t like to ask for help. They feel there’s something not quite right about claiming benefits.”

Online applications are being encouraged for council tax support. Whilst this is ideal for millennials, pensioners could struggle with the digital technology, and many won’t have access to a computer or the internet.

An uneducated assumption is that our older generations are financially comfortable, however this data proves that viewpoint to be way off the mark.

If you think that you might possess a pot of unclaimed money, or would like to discuss how to claim your benefits, please visit monimine.com.

Josh Cousens – Monimine. 

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