Back in the day, we used to get excited when we found a long-lost fiver down the back of the couch. Now that we use cash less than ever, that’s not likely to happen too often, but you know what? You could be finding a lot more than a fiver if you check out these very common sources of money owed:
1. Dusty-old pensions
More people than you might imagine have pensions hiding away somewhere that they have long forgotten about. If you’ve changed jobs a few times over the years, there is every chance you have various pension pots scattered all over the place, growing interest while you are unaware of them. Use the government’s Pension Tracing Service to track them down and you ight just find a tidy sum to bolster your finances.
2. VAT refund on online purchases
Bought something wholesale from an overseas retailer and paid VAT at the point of sale? You could claim a refund that will boost your finances. Even UK-based online retailers occasionally miscalculate VAT, especially during Black Friday mayhem. Check your invoices for VAT charges that look a bit too generous, then contact HMRC or the retailer for a refund. It’s like finding money in the laundry, except you don’t have to rifle through socks.
3. Mis-sold car finance
Remember that time you agreed to a car finance deal that seemed a bit too good to be true? If your deal involved hidden fees, excessive interest or if the paperwork was vague on final costs, you might have been a victim of mis-sold car finance. Firms have paid out thousands in compensation to motorists in recent years. It’s worth checking with the Financial Ombudsman Service to see if you qualify for a rebate.
4. Overpaid council tax
Council tax bands change, boundaries shift, and sometimes councils simply make an error. If you’ve been in the same property for a while, check that your banding is correct; a quick online search or a call to your local council could reveal you’ve been paying for a larger home than you actually own. The result? A refund for the difference and backdated overpayments.
5. Bank fees bonanza
That awkward moment when your bank charges you for an “unarranged overdraft” you never requested. Or when you’re hit with international transaction fees on that weekend skincare haul. Banks have a habit of quietly introducing new charges, so comb through your statements for any sneaky fees. Many banks run goodwill schemes or will refund fees if you ask politely and persistently.
6. Flight and travel compensation
Storm Debi grounding your flight, or British Rail cancelling your last-minute train? Under EU and UK regulations, delays and cancellations can entitle you to compensation, even if you thought it was just “part and parcel” of travel. Use one of the online flight claim calculators or fill in a form with your train operator. In many cases, you’ll receive between £25 and £600 per passenger.
7. Energy supplier credits
Switching energy suppliers seems like a faff, but if you’ve ever overestimated your usage, you might have credits sitting on your account. Suppliers are legally bound to refund these, so check your most recent statement or online account. You could even schedule a Smart Meter reading to confirm usage and speed up your rebate.
Your finances just got a boost!
