In this article, we will have a look at You Might Be Owed Money: 3 Examples and Tech Solutions
There might be money owed to you that you don’t yet know about. That extra amount could help with upcoming bill payments or help your family have a holiday sooner than expected. Here are three examples and ways to get the money owed, including using the latest tech.
1. PCP Claims
PCP stands for Personal Contract Purchase. It is a popular car financing option in the UK that you might have entered into recently, and it could be that you could be one of many people entitled to PCP refunds. If you were financially mis-sold the vehicle, making a claim can be a wise next step.
A PCP claimback involves contacting your lender directly or using a claims management company that understands PCP refunds. Being able to conveniently start the claims process online is a major advantage as you can do it from anywhere in the comfort of home, as long as you have an internet connection.
You may be eligible if there were secret commissions you were unaware of, you felt pressured to complete a purchase, or the interest rate was over 4.9 percent. Other reasons include not having relationships disclosed to you and not knowing the commission amount paid. Recovering money from your car agreement could be a possibility, so why not pursue it?
2. Unclaimed Pensions
Did you have a previous job that included a pension you never collected? Over the years, losing track of finances is common, especially given how busy life gets. It could be that you have an unclaimed pension from a past employer that was forgotten about, or documents relating to it got misplaced somewhere.
While these funds are unlikely to disappear, you might need help finding them. The Pension Tracing Service could be useful in this type of situation. This government tool helps people in the UK find pension pots built up from previous employment, even if you don’t have the papers for it. Some other countries have similar tools.
Over time, pension schemes can accumulate interest, so you might have a substantial amount of money waiting for you. If it is being held by the pension provider, find out how you can access it and when to be able to enjoy that money you’re owed.
3. Bank Fees
While many bank fees are legitimate, some are unfair or excessive. Plus, mistakes happen, even at financial institutions, so you may have been overcharged at some point. Whether it is an unauthorised overdraft fee or a penalty charge that was not clearly disclosed to you as a customer, you could be entitled to a refund.
To know if you’ve been wrongly charged a bank fee, though, involves regularly monitoring your bank account. While that does require some effort, it is worth it to find the money you’re owed and also to feel in control financially. You may find yourself noticing other things, such as how you could improve the household budget or the types of accounts available to you.
Technology can make finding overcharges easier. For example, consider using financial apps that include a feature that categorises transactions to help you see when unusual fees happen. AI can also be helpful; setting up an automated financial assistant to alert you when bank charges are more than anticipated is useful for some people. Then, open your banking app to search your transaction history using keywords to track charges incurred.
Concluding Words: Getting the Money You’re Owed
Reclaiming what you’re owed makes sense. It could be overpaid bank fees, errors in PCP car finance agreements, unclaimed pensions, or something else. You might be surprised how much your refund is!
Now you might be wondering, how do I find the time to look for these things? Thankfully, technology like the ones explained above make it easier and save you time. While it may take a few minutes here and there to start the claims process, it is worth it, as the sum of money could be significant.
You are owed this money, so why not move ahead with the steps to get it starting today? Otherwise, it will remain in company accounts. Doing so helps you regain financial control.
Plus, the extra funds could help you pay off credit card debt or household bills. Even if you do not have a lot of expenses, you could use that money owed to book a much-needed holiday from work or to save for a new home. You may also open a bank account for your child to begin saving for their future education.
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Haider Khalid
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