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How You Can Begin Reclaiming Your Money

Posted by gladstonebrookes | Posted in Forex Trading, Uncategorized | Posted on 26-06-2013

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These days in particular, many people are looking for ways to boost their bank balance or at least hold onto what they already have. What many of them do not yet realise however is that one of the best ways to do this is to reclaim what has already been taken from you. In many cases, charges and hidden costs – especially those from a bank – are unwarranted and disproportionate, meaning you are well within your rights to request a refund; saving you money with minimal effort.

Bank charges

Banks will often charge their customers for services they would take for granted; such as using a debit card abroad, having insufficient funds when attempting to make a payment or dipping into their overdraft. In most situations however, such charges are overinflated; seeing the customer landed with a fee much greater than the rate of the offence. If this is the case, you are entitled to contact your bank via letter, phone or visiting your branch, explaining your reasons for the incident and requesting a refund. Generally, you have six months from the time of the charge to make your claim.

External help

Even when banks refuse to pay-out money that their customers are entitled to, all hope of a successful claim is not yet lost. Services like the Financial Ombudsman or independent financial advisors can offer impartial advice and assistance in the formal process of reclaiming money. They will generally assist people affected by the following circumstances:

  • The charges made were deemed disproportionate and unfair.
  • The claimant is experiencing financial hardship.
  • The claimant was disabled, ill or unable to work at the time of the relevant incident.
  • The claimant cannot afford to make the payment.
  • The claimant has experienced a sudden drop in income; such as the loss of a job.

Thus, if contacting your bank directly proved fruitless, contacting a relevant external organisation and requesting assistance can boost your chances of getting your money back into your own hands.

PPI

Payment Protection Insurance – commonly known as PPI – is one of the most widely reported reclaim opportunities of modern times. Most people have heard of it by now but many still fail to make a claim when they are fully entitled to. The policy’s purpose is to ensure monthly payments for loans, credit cards or mortgages are upheld should the recipient fall ill or be unable to work. The problem is therefore not with the policy but the way in which it was sold. Customers paid for PPI without agreeing to the terms and in many cases received cover that was unsuitable for their needs, rendering the policy useless. Thousands of people have already made successful PPI claims, totalling millions in reimbursed money but many people sit idle, not realising that they too have money being held by the banks that is rightfully theirs.

Dormant accounts

Many people have money sitting in a bank or financial institution that they are not even aware of, having forgotten about it over the years. From pensions for previous jobs to old savings accounts, thousands can be sitting unaccounted for, simply waiting to be claimed by its owner. If an account is not accessed for a significant amount of time, your bank will likely try and contact you to ask if you wish it to remain open. If a response is not received, this money will be placed into a dormant state until the owner resurfaces. Thus, checking through your old paperwork and contacting banks regarding old accounts and policies can lead to a hefty pay-out of extra cash.

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