When you’re trying to climb your way out of debt, chances are you’ll start looking at your budget to see where you can make savings, and start spending less money each month. This is, of course, a sensible way to start getting your finances under control, but there is something else you could consider – finding money you are owed.
This won’t apply to everyone reading this, but there are an awful lot of people who are owed money from one source or another, and sometimes this can be a substantial amount. If you want to improve your finances, it makes sense, then to find out if you are owed anything by anyone.
Here are some of the most common reasons why you could be owed money:
You Have an Old Bank Account
There are literally billions in unclaimed financial assets waiting to be claimed by their owners in the UK and Ireland, believed to total well over £15 billion. This is cash that has been left dormant in old, forgotten bank accounts and which is actually pretty easy to claim.
It may, then, be well worth your time to sit down and go through your old financial documents to see if there are any old bank accounts or premium bonds you somehow managed to forget about. Some people who’ve done this have reclaimed tens of thousands and improved their lives exponentially in the process.
You Had PPI
If you ever had PPI on any of your loans, credit cards or other financial products, there is a strong chance that you could be entitled to compensation for a mis-sold policy. There are a number of firms who will help you to determine this, but this guide to PPI refunds in Ireland will tell you all you need to know about the process. Again, you could be owed thousands, so it’s really worth taking the time to look into this.
Personal Injury Compensation
If you have been injured in the past three years and your injuries were caused by the negligence of another party, whether that be an employer, landowner, or driver, you may be entitled to personal injury compensation. You will need to submit your claim to the Irish Injuries Board, and you will probably need a lawyer, but as they can be engaged on a no-win, no-fee basis, you really have nothing to lose. Just make sure, if you have been injured, you act quickly because there are strict time limits on the majority of personal injury claims.
You Have an Old Pension Scheme
It’s not just bank accounts that people forget about over time; many people have paid into old pension schemes which they have forgotten about after changing jobs several times. If you are one of them, it will almost certainly be worth chasing them up using the Pension Tracing Service, because, after all, that is money you are entitled to after paying into the pot for however long.
You’ve Paid Too Much Tax
If you are a taxpayer, particularly if you’re self-employed, it would not be all that unusual to find that you’ve paid too much tax for the year. If that’s the case, you should be able to obtain a refund which will go some way to helping you out of your financial difficulties.
Are you owed money? Now you know what to look for, it’s the perfect time to find out!