As the years pass, it’s all too easy to lose track of things like life insurance policies, pensions, premium bonds, savings and current accounts that you no longer use. However, the good news is that with the help of companies like Stern Levenson, it is possible to recover unclaimed money. One of the most common reasons why people tend to forget about old assets over the years is a change of address, although a failure of executors to inform estate beneficiaries and death are two others.
According to figures released by the Unclaimed Assets Resister, there is approximately fifteen to twenty billion pounds worth of assets left unclaimed by people in the United Kingdom. In addition to this, it is estimated that there are about thirty one million pounds worth of premium bond prizes, and four hundred million pounds worth of pension and life insurance schemes left unclaimed. There are ways to track down these types of financial assets however; whilst you can choose to do some investigative work yourself, it is usually best to leave it to a professional company like Stern Levenson, who have the resources and the experience to recover any money owed quickly and easily. Stern Levenson is used to handling very complicated cases and has been very successful in recovering money owed to people.
If however, you believe it will be relatively simple to track down your assets, there are a number of services you can avail of. For things like forgotten premium bonds and old savings, building society and bank accounts, a service like My Lost Account can be used. This was set up by the NS&I, the Building Societies Association and the British Bankers Association, and will allow you to trace old accounts. Since it was first launched five years ago, it has helped its customers to recover more than £500,000 million in total. If the building society or bank has closed down or been taken over by another financial institution, it may still be possible to recover your money via the successor institution.
When carrying out these types of searches, it’s important to remember that an account which you opened a long time ago might not be registered in your current married name, so women should also check if there are accounts in their maiden name. Check for accounts registered at old addresses too. If you have them, make sure to provide your account number and sort code, as this will make it much easier to locate the account, bearing in mind that there are estimated to be at least five hundred thousand lost or dormant accounts in the UK.