Could someone owe you money?

Do you ever get that feeling that maybe you’ve forgotten something? Sometimes you might think that you’ve misplaced some change around the house and you just can’t seem to find it anymore. It’s a big shame because that small amount of change could actually come in useful if you were able to find it!

Well, some people find out that actually, they were right to feel like they’d forgotten or misplaced some money. In actual fact, they find out that they have quite a big sum or money to claim. That’s because there are ways you might be owed some money from individuals or organizations without actually realizing it.

Are you interested in seeing if there are some lost sums of cash that are waiting for you to claim them? Here’s a quick guide to figuring out if someone out there owes you money.

Forgotten inheritance

If you have quite a large family, there is a good chance that you will have some great aunts or uncles who you barely know. In some instances, you might not have even heard about them or know that they exist! Well, they might still know about you. If you are their only living relative, then you could stand a good chance of inheriting their estate after their death.

So, as you can see, it’s always worth sending out Christmas cards to your long-lost relatives even if you have never met in real life! Of course, there might be a situation in which you have inherited some money without even realizing it. In this case, you need to track it down and claim it. If you find out that a forgotten relative died within the last 30 years, it is worth getting in touch with a solicitor so they can help you find any potential inheritance that is owed to you. Unfortunately, though, if they died more than 30 years ago, you will be too late to claim the inheritance, and it will have gone into the government’s pockets.

Compensation claims

Have you recently been involved in an accident that wasn’t your fault? Were you injured as a result? If so, then you should be able to put in a claim for compensation.

First of all, though, it’s always worth speaking to a law firm like First State Lawyers to see if you actually have a case and are eligible to sue for compensation. As long as someone else was at fault for the accident, though, you should have a good case to take to court. You should be able to claim any income that was lost as a result of not being able to work after your injury. You can also often claim for any emotional strain that was caused.

Tax refund

There may be some times when you end up paying too much tax throughout the year.

There are various reasons why this occurs, but most of the time it is because you changed jobs at some point through the year and were paying the emergency tax rate while your new employer figured out the exact amount you should be paying. Or you might also end up paying too much tax if your income decreased at any point but you carried on paying the same amount of tax throughout the year.

To find out if you are indeed owed a tax refund, you can speak to your employer. They can then contact their accountant who can look through your previous payslips. If you are self-employed, it’s worth contacting your local tax office directly.

Alternatively, if you can afford to wait, then you might as well wait. The tax man works out who has been overpaying or underpaying once a year, so you should eventually receive your refund in the post even if you don’t get in touch with the tax people.

Lost bank accounts

Did your parents or another relative open a bank account for you when you were very young? End up forgetting about it?

Don’t worry; lots of people end up forgetting their bank accounts that someone else opened for them as kids. In fact, some adults even forget about the accounts they open themselves in later life.

This is often because most people like to use just one account as their main one, and it can then be difficult to track any others. So, it’s a good idea to look through your whole bank records to see if there are any accounts you may have forgotten about.

You could be surprised at how much cash is in them! If the interest rate was particularly high, then you could have amassed a small fortune. That’s because the interest will have kept on being paid into the account even if you weren’t using it. Who knows how much you might find.

Former pension plans

These days, every employer has to provide each of their employees with a workplace pension. If you ever change your job, then the pension plan should be passed onto your new employer for them to take over. However, this doesn’t always work, though.

Sometimes, a new employer will simply start up a new plan for a new employee without seeing if they already have one. If this has happened to you, then there will be money in your old plan that you are entitled to. So, it’s worth finding out from your old employer who they had their pension plans with.

You should then contact this company to see what happened to your plan. If your new employer didn’t take it over, you should be able to transfer the cash into your new pension plan or simply withdraw it. You should be aware that you could be taxed on it if you do withdraw it, so it could be a better idea to simply transfer it to your new pension and boost your savings.

As you can see then, there are a few different people out there who might owe you some money. Get out there and find it before it’s too late.