If you’re looking at ways of bringing in some extra income it’s important to go through your documents. There’s a chance you could be sitting on assets that you’ve forgotten about. There’s approximately £15billion of unclaimed assets in the UK. This includes premium bond prizes, investments, life insurance policies and free shares from old building society accounts.
Call the income support telephone number to see if you’re missing out
If you have moved house it can be very hard for financial companies to trace you. Thankfully there is a way to see if you have any unclaimed assets waiting for you to take. The Unclaimed Assets Register will have the details you need. It does cost £18 to search the register but 10% of that fee goes to charity.
Have You Claimed Your Tax Credits?
Not everyone realises they could be entitled to claiming tax credits. If you’re a pensioner or on a low income you could have your income boosted weekly with these credits. In addition to the missed tax credits it’s estimated that one in four pensioners don’t claim their Pension Credits.
Overpaying tax is another issue. Eight out of ten people pay too much tax and you can reclaim it each year. You could pay too much tax on your savings, through your employment or self-employment or on your investments. If you’re concerned, it is worth speaking to an independent financial advisor or an accountant.
Forgotten Compensation Claims
You might have been charged unfair credit card fees, wrongly sold payment protection policies or endowment policies. Millions of people have been affected by these unfair fees and you could be one of them. Check to see if you are due any compensation, but don’t pay to find out. Do the research yourself by going through your paperwork, contracts and statements. You can claim for compensation going through the creditors and banks usual customer services and complaints departments.
Cashing in on Your Assets
While it’s not the best time to cash in your investments it could be considered if you’re desperate. Before you cash in your assets you should always discuss it with an independent financial advisor. Sometimes investors can be charged with penalties for cashing in on assets before the term is over so check to see whether it’s worth hanging on to your assets for a while longer.
If you have a pension and are aged over 50 you can cash in up to 25% tax free. If you have an employer’s pension you may not be able to do this very easily but it is worth considering. Remember that you will be taking money away from your retirement so you should only cash in your pension if you have urgent financial needs that you need to take care of.
Many individuals and families in the UK could be entitled to benefits such as council tax, housing benefit and income support. You might not like the idea of claiming benefits but it could help you increase your income until you find an alternative. Speak to the advisors on the Income support telephone number and discover what benefits you could be entitled to.