Recovering lost money for a relative suffering from dementia

Recovering lost money for a relative suffering from dementia

Managing a relative, when they are enduring the hardships of dementia is not easy. They may struggle maintaining independence and require frequent help and assistance. Common symptoms include memory loss and forgetfulness, which can often result in lost money.

dementia lost money

Misplaced wallets, hidden purses and forgotten pin-codes are just some of the problems. Depending on the severity of their dementia, it could transpire that they have completely forgotten about entire financial accounts or policies from their past.

If no paperwork can be found for the accounts or policies, tracing the assets can become extremely difficult. Unless you already have an idea of where your relative may have held accounts, you will be fumbling in the dark.

By obtaining a power of attorney for your relative, you possess the ability to make decisions on their behalf. This will entitle you to search for any lost money that is owed to your relative.

If you are able to, we would recommend that you ensure a will has been written. If your family member’s dementia becomes serious, they may be unable to write their own will and distribute their estate as they would have wanted.

Monimine can help both you, and your relative from a great deal of stress and inconvenience. By submitting a search for free through Monimine, the records you input will be cross-checked with the lost money data we have sourced from financial institutions. If a match occurs, you will be reunited with the money which is owed.

This unique service prevents the hindrance of guessing where your relative may have held accounts, and the nuisance of having to contact them all individually to retrieve the assets.

If you would like to search for any unclaimed money which you think could be owed to you or your relative, please visit monimine.com.

Josh Cousens – Monimine. 

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Why are UK expats losing track of their unclaimed funds?

Why are UK expats losing track of their unclaimed funds?

Emigrating to a foreign country brings plenty of potential banana skins. There is so much to organise, and you can be forgiven for forgetting about minor details. With so much preoccupation of settling into your new home in an unknown place, it can be easy to forget about your financial accounts from the UK. But this can be the catalyst for unclaimed funds.

expats unclaimed funds

As with all records, if you move house, it’s vital to notify the relevant company of your new address. Every time you move, the likelihood of one of your financial providers losing your current details increases. When you move to the other side of the world, that likelihood increases further.

Any companies holding your records can also merge or be bought out. This can be another factor for vital information going walkabouts.

Expats can lose unclaimed funds through an array of financial accounts. However, pension pots, bank accounts and premium bonds are amongst the worst offenders;

Pension Pots

“It is estimated by some that there is over £3bn in unclaimed personal and workplace pensions held in the UK in over 1 million pension accounts.”

If your retirement date is creeping closer, and you haven’t received any pension documentation, there may be a problem. If you’ve worked in a bunch of jobs throughout your career and now live in a different country, there’s a likely chance that one of your pension companies may have lost track of you.

It’s equally likely that you could forget about your pension company, which means the chances of your pension funds becoming unclaimed are doubled!

Experts For Expats said; “if you haven’t received your pension statement for over a year, it is possible that your pension has joined the increasing number of lost pensions.”

Bank Accounts

Forgetting to pass on your new address to product providers can also create unclaimed fund issues with your bank accounts. You may have had a number of bank or building society accounts in the UK. If one has slipped your mind, it will be difficult to reconnect with any assets inside the account.

It is not uncommon for this to happen. Cashy quoted that; “the overall total value currently lying in dormant accounts in the UK (those that have been inactive for 15 years or more) stands at more than £400 million.”

 Premium Bonds

Individual unclaimed funds, owed to expats from premium bonds are huge. Money International revealed how; “One of the unclaimed prizes belongs to a woman living in Australia. Her £6 investment in premium bonds in 1967 won a £100,000 prize in 2007 that is sitting in the vaults at National Savings & Investments in London waiting for here to come forward.”

“Another £50,000 belongs to a winner whose last known address was in Japan. The winning bond was bought in 1993 and the prize remains unclaimed since 2011.”

There are hundreds of other prizes waiting to be collected by expats. NS&I have expressed that there is up to £47 million waiting for winners from Britain and overseas to pick up.

The Unclaimed Funds Solution

Are you are living out your days on foreign soil? If you think you may have left some money in a UK financial account, or would like to check if you did, we have a solution!

To prevent wasted time, effort and headaches, Monimine offers a one stop shop. By entering your information into the cost-free Monimine registration, we can verify whether you are owed any outstanding assets from UK financial institutions.

We will check all forms of accounts and policies. Including pension pots, bank accounts, premium bonds and many more.

Would you would like to discover if you are owed unclaimed funds from a UK account? Search for FREE at monimine.com.

Josh Cousens – Monimine. 

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The UK’s unclaimed money mess

The UK’s unclaimed money mess

Unclaimed money is still regarded as a grey area in the UK, but the numbers are mind-blowing. The Financial Times quoted that, “there is a sea of unclaimed assets sloshing around the financial system, very conservatively estimated to be worth £77 billion.”

To put that into perspective … the biggest ever EuroMillions jackpot in the UK was announced in October 2017, at £168 million. If you compare that to the estimated unclaimed money total, the figure is astronomical.

UK's unclaimed money mess

Not enough people know about how vast the lost assets problem is within the United Kingdom, and how easy it can be for money to slip through financial cracks.

So … where does unclaimed money come from?

Unclaimed assets can often manifest themselves in various forms, and can lie hidden within the dark corners and hidden crevices of your financial accounts.

It’s much easier than you think to lose contact with one or more of your accounts and policies. When your financial provider is unable to contact you after a sustained period, your account will be deemed dormant, which is when any money within that account becomes trapped.

Here are a few reasons why you may lose contact with your financial institution, resulting in your account becoming dormant;

  • An unreported change of address.
  • Any name changes after marriage or divorce.
  • Inadequate or illegible record keeping.
  • Deceased relatives.
  • Forgotten policies/accounts.
  • Financial institutions merging, or closing.

It’s necessary to note, millions of UK citizens are completely unaware that they have unclaimed assets owed to them. If the institution cannot contact you, and you have don’t know about the assets, the money remains unclaimed.

What type of financial accounts/policies could contain unclaimed money? 

The answer is any, but here are the most common places for hiding your lost assets;

  • Premium bonds.
  • Bank and building society accounts.
  • Savings and investment accounts.
  • Stocks and shares.
  • Inheritances
  • Life insurance and pensions.

Have any laws been passed to prevent unclaimed assets?

Unclaimedfinances.co.uk noted how the Dormant Bank and Building Society Accounts Act was passed in November 2008. This was to ensure that any unclaimed money was reinvested into the community. Once money has remained trapped within a dormant account for at least 15 years, the funds can be used by the government for charitable causes.

However, rightful beneficiaries are still able to reclaim their money, even if it has already been used by the government.

Search for your lost assets, for free today at monimine.com 

Josh Cousens – Monimine. 

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