In 2009, I accidently discovered that there was a small amount of money owing to me. During the process of recovering it, I realised that more than a million people who also had money owing to them. I had never heard of unclaimed money even though I thought I was financially astute. I knew about unclaimed super and how many of us have multiple superannuation accounts however I soon discovered that this money was completely different.
After I had successfully recovered the money, I realised that the majority of Australians also would have no idea about this massive (now well over $1,800,000,000) amount of money that the government is holding.
It made me wonder if there was a way of helping people to recover their money and make some money on the side. I soon discovered that the best way to find out what I needed to know was to do a course offered by the lady who founded the unclaimed money agent industry in Australia and New Zealand - Myriam Borg.
I signed onto her program (www.createaustralia.com.au) and have never looked back.
I then started a business as an unclaimed money agent, helping people recover their money. It wasn’t long before the business became very busy, particularly after Channel 7 featured us on Today Tonight (see the video on the home page). However it wasn’t long before I discovered that us and other unclaimed money agents were only contacting people who had large amounts of money. Due to the commission structure, the folks with smaller amounts of money were being ignored, with the result that they were losing their money to the government. I also felt that if people knew where the money was and had the right support, that some would rather recover the money for themselves instead of paying an agent. As I had access to all the government databases, I decided that I would put all the data online so that people could find the money for themselves for free. For those who did find money, then if they wanted to know more details, then they could become a member for a small cost and get access to the instructions, forms and support they needed to recover the money.
It is all about choice. If you want to do pay an agent 20-50% of the money owing to tell you what paperwork is needed and then send it off, that is fine. However if you want to save yourself a whole lot of money and do it yourself, then we could tell you all that you need to know.
We do find a lot of people already know they have money owing to them but don’t actually get around to claiming it. As a result, much of the money currently owing to people will unfortunately end up being transferred to the government consolidated revenue. Personally I think the more money in your pocket the better. After all, it is already your money – but only if you claim it back.