Never do nothing

by Sarah Modlock

12 January 2005

It's easy to feel sluggish at the beginning of the year, especially after a fortnight of festive celebration and scoff. There is certainly something about red-faced joggers in the street and gym-joining friends which brings out the mollusc in me. Instead of feeling guilty or inspired, I just want to snuggle deeper into my pashmina and watch Grace Kelly films. Who knows, perhaps if I look at lissom beauty for long enough, some of it will rub off. Some hope.

I did consider starting this column about sloth by saying I couldn't be bothered to write it and leaving the rest of the page blank. But discovering that the traditional punishment for sloth is to be thrown into a pit of snakes, made it seem far too 'I'm a Celebrity...' for my liking. And so, armed with breathless enthusiasm and a double espresso, I will guide you gently away from the sofa.

Sloth, apathy or laziness is something most of us would put our hands up to from time to time. In the film 'Se7en', a serial killer bumps off his victims in horrific ways which each illustrate a different deadly sin. The sloth victim was held prisoner for a year until he was found by police. But something tells me that there are thousands of women all over the world who would be happy to be tied to a bed with nothing to do but wait for Brad Pitt to turn up.

Comatose cash

Even busy people can be lazy. You don't need to be a couch potato to neglect life. Lethargy can creep into everything from your washing up to your work. And doing nothing will cost you. Many people do not pay attention to their money in between visits to the cashpoint. Providing it gives them something back apart from their card then they're happy. We may check our bank balance but never the rate of interest paid. Millions of us put up with lousy bank accounts, non-existent customer care, over-priced loans and credit cards and rip-off mortgages just because we cannot be bothered. As result we throw away a mountain of cash every year which lines the pockets of the banks and card issuers. The worst part is that it has never been easier or quicker to compare and switch. Reviewing everything from your energy supplier to your mobile phone could save you thousands.

We also waste nearly £200 million a year on forgotten payments for gym membership, magazine subscriptions and mobile phone contracts according to Direct Debit. Their research shows 81% of us continue paying for two or more months for a gym membership they no longer use. Women - probably ones like me - are twice as quick to cancel their gym membership than men in the first month they stop using it. Half of those paying for a mobile phone they no longer use by Direct Debit continue to pay for it for two months or more without noticing.

Find a fortune

Some of us are sitting on small - or large fortunes. Believe it or not, the £300 million in unclaimed lottery prizes which has so far gone into the charity fund is peanuts compared with the estimated £15 billion languishing in unclaimed shares, pensions, bank accounts, insurance policies and premium bonds. This amounts to more than £1,000 for every household in the country. There are estimates that about one in four people may be owed some money. It could be yours.

Around £3 billion is languishing in National Savings post office accounts, certificates and premium bonds. Just as much in shares and dividends is waiting to be claimed, mostly from windfall shares following privatisation or building society demutualisation. Estimates of the amount lying unclaimed in occupational pension schemes range between £500m and a staggering £77 billion according to Opra – the regulator for occupational pension schemes. Tracing a pension through Opra's registry is free and approximately one third of the inquiries made last year resulted in successful claims.

After complaints from customers, banks have now produced a leaflet telling people how to track down forgotten accounts and claim their cash. Meanwhile, banks continue to make a profit from interest earned on the untouched £5 billion in 'dormant' accounts. Campaigners are urging savers to claim their lost cash as soon as possible because Chancellor Gordon Brown has his eye on it. He has hinted that he may consider making banks and building societies hand over the money to charities and there is a chance this will be an election promise.

Of course, with all this money sloshing around, it is no surprise that less scrupulous characters are trying to cash in. Beware bounty hunters who claim to find your fortune in return for a large fee or percentage. It is much easier and much cheaper to do it yourself. If you know the name of the company then contact them directly with as many details as possible. Alternatively try the Unclaimed Assets Register (www.uar.co.uk), managed by data giant Experian. By passing them a few personal details including past and present addresses, they can search for any lost fortunes on their database. You don't even have to remember the name of the financial company involved, although as much information as possible will help. Remember that simply having a policy does not guarantee that money is due – it may have already been paid out or have lapsed if premiums were not kept up to date. A general search costs £18.00 with 10% of that fee going to charity.

Time is the number one excuse for people who fall behind on doing their ‘financial chores', according to a study by Lloyds TSB. More than a quarter of those questioned said there were not enough hours in the day to take charge of their cash flow. In fact, 38% would rather watch Coronation Street. Let's hope they don't end up in Queer Street.

As 80's icon Ferris Bueller once said: 'Life moves pretty fast. If you don't stop and look around once in awhile, you could miss it.'