5 Ways You Didn't Know Your Family is Owed Money

You’re doing your best with the family finances, from budgeting to saving money each month. That’s admirable! In addition, you could be owed money in ways you hadn’t realized. Let’s look closer at five examples.

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1. Unclaimed Tax Refunds

You diligently do your taxes every year, but there can still be missed amounts that you could get money back on. Taking a bit of time each year to assess what new deductions are available is worth it, as you might find one of them fits your family. Perhaps you are eligible for a family refund that you didn’t know about, such as the Marriage Allowance.

2. Unused Bank Account

Do you or your partner have a bank account that hasn’t been accessed in a long time. If so, it might have gone dormant and you wouldn’t receive notifications about it any more, especially if years have passed. Old savings could be available to you. Another issue could be unfair overdraft fees.

3. Consumer Claims

If your flight got delayed for several hours, you might be owed compensation, so check if that recently happened to you or your family. If you bought a vehicle within certain years and conditions, you might be one of the people eligible for Volkswagen PCP claims. There could be thousands owed to you.

4. Council Tax Overpayments

It’s possible you overpaid Council Tax. One example is if you recently moved but kept paying the bills. Or, you might have been overcharged on a bill. Keeping records of past bills paid can help you determine if either scenario applies to your household. How much you pay depends on what band your house is in, which you can check online.

5. Lost Business Shares

Did you or someone in your family own a company and have shares in it? If the related paperwork got lost over the years, you could still be eligible for the amount of those shares if they still exist. Reaching out to someone who specializes in tracking down lost business records is a good place to start with getting confirmation as to whether the shares are still available.

Conclusion: Hidden Ways Money Could be Owed

It is clear by now that there are many ways that families might be owed money that aren’t obvious. Some other things that aren’t listed here include unclaimed wages and refunds on extra bank services that you never used. Of course, there are many more examples.

While it can take a bit of effort to find those hidden things, it is worth it to get what you deserve. Some examples are consumer claims, refunds on Council Tax payments, and unclaimed pension amounts for older family members.

Receiving the money can be how you check the next item off on your bucket list or create an extra-special birthday party for one of your kids. Whether it is a small amount or a larger one, adding some money to cover family expenses is nice, too. If you found out you were owed money, what would you spend it on?