If you’re looking to keep your family money smart, then it’s important to not only know how to best save money but to make sure that you get any owed money you are entitled to. However, there are many cases in which people might not even be aware that they’re owed money in the first place. Here, we’re looking at a few common examples that you might want to study closer.
UNCLAIMED BANK REFUNDS
In the past, banks have had to send out wide-scale refunds for unfairly charged fees. Such as large fees on overdrafts or hidden account fees. If you’ve been with the same bank for a while, it’s worth looking at reports of past regulatory options. Especially as you might be one of the customers affected by charges later found to be unfair. This is especially true for those with standing credit agreement arrangements.
MIS-SOLD CAR FINANCE
One of the most recent national controversies in the world of finance affects those who have recently bought their car on finance. In particular, there has been a rise in car finance claims. Particularly for those who have been mis-sold PCP. This is a type of finance agreement that was found to inflate costs. Costs that buyers often didn’t know they could negotiate. If you bought a car on finance before 2021, it’s worth investigating. Look into whether or not your agreement included one of the finance agreements later found to be unreasonable.
MIS-SOLD INSURANCE
Another controversy similar to the PCP claim issue above is the widespread problem of mis-sold payment protection insurance. If you have bought something in the past few years on credit, then you might have been mis-sold insurance for your payment. You might not even be fully aware of it. If that’s the case, and the PPI company didn’t reach out to you to offer a full refund, you could complain to get some or all of your money back.
UNCLAIMED TAX REFUNDS OR RELIEF
If you have paid too much tax or forgotten expense deductions or underclaimed benefits, then you might be owed a tax refund or relief. Even if you didn’t claim the relief at the time, you might be able to claim it back. This usually affects self-employed people who pay their own taxes, but a PAYE employee could also have overpaid due to having their taxes filed under the incorrect tax code.
OVERPAID LOANS AND CREDIT CARDS
Although it’s not as widespread as some of the issues mentioned above, lenders routinely make incorrect calculations for interest on loans, credit cards, and mortgages. As a result, the person paying the loan may overpay for it. Simply through no fault of their own. If you have any loans or credit agreements, request an account summary from the lender. See if what you have been paying matches the terms of your repayment agreement. If not, you could be entitled to a refund for what you overpaid.
In most of the cases above, it doesn’t cost anything to do a little digging. You could be owed hundreds or even thousands, and not know about it.
