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If you’re struggling with money and to get ahead like plenty of people are these days, you might want to take a look at the money you’re owed.

A lot of us will spend time thinking about what we owe others, our debts, credit cards, car payment, mortgage, and all that fun stuff. But we often don’t think about money that is owed to us.

When’s the last time you took a look at what others owe to you? Believe it or not, it’s likely that there are several areas of your life in which you are owed money by someone.

So it’s time to take a look at your accounts, finances, and situation to see whether there are unresolved debts that you need to chase down. While the amounts may be small, they will build up and make a difference to your personal finances.

There may also be areas that you’d never considered before, where you can reclaim mispayments or claim compensation. Here are a few things you might want to take a look at to get your finances sorted out.

Make sure to monitor your bank statements

5 ways to claim the money back you're owed

It’s amazing how few of us regularly check our bank statements. Whether we receive our statements through the mail or have access to them online, people tend to throw away statements unopened or ignore their online banking apps.

There really is no excuse to ignore your balances and accounts considering we now have easier access and more access options than ever before. You can literally keep an eye on things from the smartphone in your pocket!

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Monitoring bank statements mean that you will pick up on any mistakes sooner rather than later. You should be completely on top of your finances, knowing what payments should go out and when they should go out. You can make monitoring debits from your account as simple as possible by arranging for them all to go out on the same day. This means that you really only have to monitor those finances one day every month. That’s just twelve days a year! If a payment comes out twice or you are overcharged, you will be able to address the problem immediately, reclaiming the funds as quickly as possible rather than allowing the same thing to happen again next month, the following month, and even the month after that.

Claim back money you lent to friends or family

5 ways to claim the money back you're owed

Generally speaking, it’s best to stick to the old adage of “never a borrower nor lender be” when it comes to your finances. However, it’s hard to say no to a family member or friend if they ask for help.

The key to claiming money back from someone who is close to you without tarnishing your relationship is to not be too lenient. If you ignore the situation, you’ll never get your money back. Not only is this problematic in terms of your finances, but it can also create personal tensions or grudges.

Instead, offer gentle reminders that you are owed money, or offer to set up a payment plan that allows the individual to make smaller payments rather than worrying about giving the lump sum back all at once.

Claim money from personal injury

Personal injury is a general term applied to the practice of reclaiming compensation for damage that has been caused to you as an individual. Now, while the term is thrown around a lot, a surprising amount of people experience personal injury each and every year, but seek no further action. This is bizarre.

After all, why should anybody face the negative consequences of another’s negligence or have to take time out of work to recover at their own cost? Though pursuing a court case for personal injury may seem lengthy or long-winded, you really are owed compensation.

You should also bear in mind that if you don’t raise an issue, the same thing could happen to another innocent person. So it’s extremely important that you take action, for both your own sake and for others’ well-being too.

Start out by contacting this lawyer to get the ball rolling. First, you will need to establish that the person you are making the claim against definitely was at fault. You can then get into the details of the case.

Areas that are generally covered by the term “personal injury” include accidents in the workplace, accidents abroad, asbestos-related sickness, bus accidents, criminal injury, motorcycle accidents, noise-induced hearing loss, slips and trips, pavement accidents and much more.

Get money back from missold insurance

If you have been mis-sold insurance, you have the right to claim the full amount back plus compensation. The most common form of mis-sold insurance tends to be PPI (otherwise known as payment protection insurance). This was mis-sold so much that it has become one of the most notorious financial scandals in recent years. This form of insurance was sold as an add-on to various types of loans, from unsecured cash loans to credit cards.

The purpose of the insurance was to ensure that you could keep up with loan repayments even if you experienced a change in income due to job loss or illness. The problem with this is that it was often added on to loan agreements without the participant’s success, or sold to them in full knowledge that they would never really be eligible to claim on it.

If you believe you have been mis-sold insurance, you should take action immediately. Even if you’re unsure, many companies will conduct a free check to determine whether you can claim or not.

Getting money owed from taxes

As you start going through your finances to complete your tax return, you may find that you have overpaid tax for the current year. It’s important that you request that this is returned when you file your tax return. There are various reasons why you might not have identified overpaid tax before. These can include identity theft, complications involving a former partner’s tax debt on joint accounts, or simple mistakes in calculations or conversions. Regardless of the reason, it’s important to start communicating these issues as soon as possible. You should also avoid the mindset of accepting the overpayment in favor of not having to deal with the stress of reclaiming.

As you can see, there are various areas of your life where you may be owed money or compensation. It’s time to start standing your ground and claiming these sums back!

 

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