Tracey heard about junk insurance one night. She ended up receiving a $90,000 refund
Tracey was at home cooking dinner one night when she heard a 7NEWS segment about junk insurance.
Months later, she would receive a $90,000 refund she had no idea she was owed with the help of the Claimo team.
“When I heard the segment I went ‘oh my goodness’ and quickly wrote all the information down,” she told 7NEWS.com.au.
The mother of two then contacted Claimo to help her with her junk insurance refund.
A 2019 banking royal commission revealed millions of people had been duped into buying junk insurance – coverage that is either unnecessary or worthless.
Financial institutions were ordered to set aside $10 billion to refund people who purchased junk insurance, but customers are not notified about being owed refunds and have to chase up the funds themselves.
Tracey says she had been unwittingly paying a large amount on insurance premiums for income protection insurance.
“I got a new credit card and I kept getting phone calls and was constantly offered this insurance … and they made it out like it was something I had to have,” she said.
“So in the end, I just agreed.”
Over time Tracey’s credit card insurance costs stacked up, and it wasn’t until she heard about the junk insurance royal commission that she discovered she may be owed a refund.
“I reached out via Claimo’s website to see what the deal was … and they were just so helpful,” she said.
Tracey’s bank originally calculated the return at $25,000.
However, the Australian Financial Complaints Authority ruled in favour of Tracey, and she received a huge $90,000 refund.
“I was gobsmacked,” she said.
“That amount of money… it’s just life changing.”
Tracey said she plans to use the money to go on her “dream” holiday.
“My entire life I’ve wanted to go to Europe… so next year I will be going for a few weeks to Italy,” she said.
“I can also help out my boys, as well as fix up a couple of things around the house that I haven’t been able to afford with the rising cost of living.”
https://www.youtube.com/watch?v=go6zud-s-QI
How to check if you’re owed money?
The first stage of the process would be to check your loan or credit card documentation. Don’t worry if you no longer have your documents, Claimo will request these for you.
We will send an information request to your banks and financial institutions to see if you have been charged for add-on or junk insurance.
If you have been charged for junk insurance, one of Claimo’s claims specialists will give you a call to discuss your eligibility. When financial firms confirm that you have not been charged for the insurance, we will close that part of your enquiry. We don’t charge if you do not have insurance.
Claimo will then submit a claim on your behalf and manage the process for you from start to finish. On average, the claims process can take around 12 weeks once your claim has been submitted.
Our junk insurance claims managers will give you regular updates as they come. For more information about junk insurance, please read our full junk insurance guide here.
