The Dark Side of Money: Lost Accounts

With Christmas now fast approaching, if you look beyond the tinsel, glitter and twinkling lights, you will see pound signs. Like everything, Christmas tends to be expensive. Presents, decorations, clothing, parties, food and drink; it all adds up.

In a year where you are considered lucky if you managed to survive; this can put many people into a dark place. But you are not alone, which is so important for you to know.

Over this month, I will be looking into different types of debt management, and recovery, to try and help you find the light at the end of the tunnel. Because, no matter how tough things may seem, there is help and advice available.

Lost Accounts

You know the feeling when you put on an old pair of jeans or jacket, and find a tenner in the pocket? It is almost as if you have won the lottery! But did you know, it is estimated that there is £15 billion of unclaimed money laying in old dormant lost accounts, just sat there waiting to be reclaimed by its rightful owners.  

Bank and savings accounts, pensions, life insurances, investments, premium bonds are just some of the places where your money could be hiding – with you blissfully unaware you my be sitting on a small fortune!

How Do I Find Out if I Have a Lost Account?

If you are unsure whether you have a lost account, all it takes is a little time and effort to begin your search. Start by going through any old paperwork you may have lying in the back of cupboards, and bottom of drawers. Think back to any accounts you may have opened; who it was with, or where you may have been living.

You can contact banks and companies with as much relevant information as you can find, and ask them to search on your behalf. They may ask you to fill in forms to gain as much information from you as possible, to help with their search.

If you have tried this but to no avail, then companies such as My Lost Account are a good next step.

My Lost Account

My Lost Account is a free service, who are able to assist you in finding old accounts. They will also ask you for as much information as you can give, so make sure you keep it all close by! They will also be able to look into accounts that may have been opened in your name without your knowledge. This could be accounts opened by parents or grandparents when you were a child. It is worth noting, accounts not in your name can also be searched for, but you will need written legal consent from the account holder to take on the search, or a death certificate if you are looking on behalf of a next of kin.

Be aware, if any information is found, you will be required to pass an identification process (to ensure everything is above board) before any details will be given to you.

Next time you have a spare few hours, check out your old paperwork, speak to your family, and do a little digging – you may find your pot of gold!