Josh Cousens from Monimine explains to Age Space how billions of unclaimed money is sitting in financial institutions and how they can help you to find out if you’re eligible to make a claim.
Misplaced wallets, hidden purses and forgotten pin-codes are a handful of the problems that the elderly face, particularly those living with dementia. The unfortunate symptoms of memory loss and forgetfulness can often result in the forfeiture of money and financial assets.
If power of attorney has been granted for an elderly relative, you may be entrusted to trace and locate the outstanding finances which are owed to their estate. In the instance that they have forgotten complete existence of any accounts or policies and no paper trail can be found, this can become extremely difficult.
Monimine was established to help reunite the public with the £77 billion of unclaimed money that the Financial Times quoted is “sloshing around the financial system.”
How Does it Work?
We use innovative digital software and proven tracing methods to match personal information to unclaimed money data that has been supplied by the leading financial institutions in the UK.
The service is completely free of charge because financial institutions, pay Monimine to find their clients whom they owe money to, who are known as ‘gone away’ customers.
Sounds too good to be true?
It does, but it is true – due to impending financial regulations, the financial service industry is obliged to find their ‘gone away’ clients and reimburse the money they are owed.
Our proven success rates means that an increasing number of large financial institutions are turning to us to help find their gone away clients and clean their legacy books.
So, if an elderly relative is struggling to remember where they held accounts or policies, we can save the elongated inconvenience or guessing where the accounts existed, and contacting each one individually. One single search – simple and easy!
If a parent or grandparent has passed away and there is no way of tracing all their assets, you can run a search and if you are a beneficiary to that estate and you have proof, you are fully entitled to claim what is owed to you. If the individual has passed away ‘intestate’, (without writing a will) all unclaimed money will be split evenly amongst the living relatives.
Monimine will give you peace of mind that there are no unclaimed funds owed, and all for free.
To find out how much your relative might be owed in unclaimed money, head to www.monimine.com.
For more information on helping to manage your parents finances and planning for the future, our money experts Almary Green have given us some great advice and information in our Money & Finance section.