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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How you could find £39,000 in personal unclaimed assets.

How you could find £39,000 in personal unclaimed assets.

finding unclaimed assets

You’ve probably heard us repeatedly talking about unclaimed assets. But the fact remains that your money is still out there, and it’s waiting to be claimed. According to the Unclaimed Assets Register, the UK has between £15 and £20 BILLION of outstanding money. Some of this cash could belong to YOU and it needs to be collected.

You may think that you can’t have lost money through your personal financial accounts. But it’s easier than you think for unclaimed assets to become trapped within your accounts and policies. A male user from Money Saving Expert, was fortunate enough to discover £39,000 in an old pension policy.

Without even knowing it, you could be sitting on a large pile of your own lost assets. The windfall could relate to a family member, of which you are the beneficiary. Or it could stem from an old bank account which has been forgotten about, or within unclaimed premium bonds. The possibilities are endless.

But … just imagine unearthing your own exclusive financial treasure – for free.

This is where Monimine can help with unclaimed assets.

Monimine are a nationally recognised asset tracing tool. Successful liaising and negotiating with UK financial institutions has enabled Monimine access to a large database of records. This means that if you have unclaimed assets, we can find them.

Registering with Monimine is completely free of charge. All that you are required to do, is to input some personal information and a brief address history. This is so that we can identify your records and link you to your money. No financial information will be shared at any point.

If your information matches with the financial records we have in our database, we can reunite you with your cash.

It’s as simple as that.

There’s no catch, and there’s really nothing to lose.

Why not try your luck today? Search at monimine.com 

Josh Cousens – Monimine. 

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