Get your slice of forgotten £15bn

Sunday 16 September 2012

There is more than £15 billion of forgotten cash lurking in the UK's homes and financial institutions – £250 of unused foreign currency, neglected savings and investments, unclaimed prizes and policy payouts for every man, woman and child.

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Nine out of 10 travellers don't change left-over euros, dollars and other currency when they get home. According to a survey by travel search website Skyscanner.net, there is £1.6bn in foreign coins and notes unused in our homes.

Skyscanner.net's Victoria Bailie says: "We were surprised at how big that pot of foreign cash is. Collectively, it's enough for the UK to buy its own Caribbean island and a fleet of private jets to fly there."The Unclaimed Assets Register (UAR), which helps financial organisations reunite people with cash, estimates the value of dormant accounts, lost investments and languishing prizes totals £15bn to £20bn.The UAR's James Jones says: "We hold around 3.5 million records for about 85 different companies – that's a big slice of the lost assets floating around just waiting for someone to say: 'That's mine!'."As well as billions in unclaimed share dividends and forgotten unit trusts, there is more than £400 million in unpaid life policies and pensions, and £400m dormant in bank and building society accounts.One of the main reasons people become separated from assets is that they move house and fail to give the provider their new address. Jones explains: "There are approaching two million changes to the electoral register every year, which provide plenty of opportunities for people to lose track of things."Changing jobs can be a factor with workplace pensions. Simply forgetting can play a part too."Many assets come to light when someone dies. He adds: "A lot of checks are done by solicitors or relatives. We get about 600 enquiries a month and reunite about 30 people with their assets. The average amount they recover is £6000."Treasury-backed savings provider NS&I has £1bn waiting to be claimed, including £40m in premium bond prizes. The owners of £2m of those winnings were last heard of living in Scotland.There is no time limit for claiming bond prizes. One of the largest outstanding Scottish payouts – £5000, for bond number BB435614 – was won in 1994 by a woman whose last known address was in Tayside.The holder of bond 8LK522839, last known address in London, has not claimed £100,000 won in 2007.Unclaimed lottery prizes total £80 million. These include a EuroMillions ticket bought on June 8 in Hertfordshire now worth almost £64m. Scotland's largest outstanding prizes were won with tickets bought in May. One purchased in South Lanarkshire netted more than £3.6m, while one bought in Glasgow is worth almost £70,000.The time limit for claiming is just 180 days – after which the money goes to good causes. In 1998, Colin and Agnes Stewart from Haddington, East Lothian, returned from holiday to learn someone in their area had not claimed a large lottery prize from several weeks before.They were horrified to realise they had thrown away the unchecked ticket but when Agnes combed through their unemptied dustbin, she found it – and the couple claimed £2.4m.If you think some of the UK's abandoned cash could be rightfully yours, here's how to stake a claim:Forgotten savingsIf you know the account provider, contact it direct – you don't need the original documentation, just to be able to prove your identity.If the provider no longer exists, or you don't know who it is, log on to Mylostaccount.org.uk. Since 2008, this free tracing service provided by the UK's banks, building societies and National Savings has conducted more than 400,000 searches and reunited customers with over £475 million.Search forms are also available from all banks and building societies.Premium bond and lottery winsIf you could have unclaimed bond winnings, write to National Savings and Investments, Glasgow G58 1SB. Include your name, date of birth, address and any previous names and addresses, plus your bond holder numbers, if you have them. Prizes are held indefinitely.Lottery wins can be claimed for 180 days after the draw. If you play online, make sure your contact details are up-to-date. If you bought the ticket from a shop, you can claim winnings of up to £500 in cash, while Post Offices pay prizes of up to £50,000 by cheque.For information on claiming larger prizes, call the lottery customer care team on 0845 278 8000 or go to national-lottery.co.ukPolicies, pensions and other investmentsIf you know the share or investment provider, contact it direct, providing as much information as you can. If you don't know who it is, the Unclaimed Assets Register may be able to help. Log on to UAR.co.uk or call 0844 4818180. For a fee of £25, it will check your details against records of forgotten assets provided by financial institutions, continuing to monitor these on your behalf for six years.

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Get your slice of forgotten £15bn

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