Millions of Australians have yet to collect billions of dollars in insurance reimbursements that are owed to them.
The Australia Securities and Investments Commission (ASIC) reports that $5.6 billion has already been paid out to seven million consumers, but 2.7 million people still owe $1.6 billion.
Brisbane truck driver Glen Cordell is one of those people who rakes in some unexpected good fortune.
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Cordell took out a loan to buy a ute for his business, but unbeknownst to him, he had consumer credit insurance added.
“Like a lot of people, you don’t really go through that kind of information. They just think it’s part of the loan,” Cordell said.
Sydneysider Natalie Giezekamp also used her credit card to pay for consumer credit insurance.
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“I’ve been in finance for many years and had no idea about this insurance, that I was even paying for it, or where to find it in my records,” Giezekamp said.
Both were unaware of the insidious inclusion of insurance, but neither could they enforce it due to their respective employment statuses.
“I was self-employed at the time, so even if I wanted to claim the insurance that I had paid for a few years, I couldn’t claim it,” Giezekamp said.
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Both were able to get their insurance claims back through Get My Refund, a company that specializes in helping clients recover returns on mis-sold loans.
Get My Refund CEO Carly Woods said the company was formed to empower customers stung by dodgy financial products.
“I’ve worked in the industry, I’ve seen what’s going on firsthand, and I wanted to use my knowledge to give back,” Woods said.
The service she offered was hyped when the big banks were blown up by the royal commission for hidden fees.
“Most people think we’re a scam and it always sounds too good to be true, so we’re ruining that sentence because it’s not too good to be true,” Woods said.
If successful, Get My Refund charges a fee of 30% of a customer’s total claim.
“We know the law behind things and not only that, we know what they’re entitled to and we always try to get the maximum refund owed,” Woods said.
Cordell is happy with the agreement and says a lack of time and knowledge on the subject would prevent him from achieving similar results himself.
“I wouldn’t have the time to chase it all, and I don’t think I would have gotten those results,” Cordell said.
“I’ve read reviews from other people who have tried going through their bank and haven’t had much success.”
Anyone who has held a loan or credit card can begin the process by filling out an online form.
Get My Refund found that Giezekamp was owed $1,700 and Cordell $16,000.
“They will do all the work for you and it’s amazing what they can come up with,” Cordell said.
Financial expert Joel Gibson said people who think they might be owed refunds should seek advice.
“I think it’s definitely worth looking at the range of consumer recovery services that have sprung up in response to the Banking Commission in recent years,” Gibson said.
“My grandmother was billed around $20,000 in so-called financial advisory fees for no service and this is currently happening in homes across the country.”
Cordell is happy to see that people like him, who have been disappointed for so long, are finally getting the return they deserve.
“I feel like it was some kind of revenge for the financial companies that ripped off a lot of people over the years,” Cordell said.
For more information on Get My Refund, see here.
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