‘I definitely had no idea’: Discover the hidden thousand-dollar refund you might be owed, too!
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In a surprising turn of events that could signal a financial windfall for many Australians, a vice principal's routine morning led to an unexpected discovery of a refund, thanks to a segment on 'junk insurance' he caught on a TV program.
This revelation has sparked a conversation about the potential refunds many Australians might be entitled to without even realising it.
Andrew, the vice principal in question, was not a regular viewer of morning television, but on this fateful day in January 2023, the TV was left on, likely by one of his children. As he tuned in, a segment discussing the intricacies of junk insurance caught his attention.
Junk insurance is a term used to describe insurance policies that are tacked onto loans and credit cards, often without the full understanding or consent of the consumer.
These policies, which include consumer credit insurance, mortgage protection insurance, and tyre and rim insurance, can be unnecessary or provide little to no value.
The issue of junk insurance was brought to light during the banking royal commission in 2019, which led to a directive for financial institutions to earmark a staggering $10 billion to refund customers who had been sold these questionable insurance products.
Andrew's curiosity was piqued as he recalled taking out two car loans about a decade ago.
He decided to investigate further with the help of Claimo, a company that specialises in assisting Australians to recover funds from junk insurance policies.
‘There were two (junk insurance claims) for two different vehicles. One was ... insurance protection for the car loan,’ he narrated.
One of the loans was from Esanda, which is now part of ANZ, while the other was from St George Bank.
‘The Esanda one, I definitely had no idea I was paying for something,’ he continued.
‘The St George one, I think I did, but I wasn’t 100 per cent sure what it was... (the bank employee) basically said it protected my loan, but then, apparently, the actual policy wouldn’t have done anything if I’d have to use it.’
The process, which involved providing a few more details to Claimo, resulted in Andrew receiving a $6,500 refund just a few months later.
According to him, the timing couldn't have been better, as his wife was transitioning from maternity leave to part-time work.
‘She’s also studying, so before all the interest rate hikes, we’d budgeted (for)... her working three days a week and studying, paying for that, and... to get that extra money was a really good surprise,’ Andrew said.
Claimo indicated that up to one million Australian first responders, government workers, and teachers could be eligible for a junk insurance refund.
These individuals are often targeted with car leases and other financial products that tout tax deductions, only to find themselves saddled with unnecessary add-ons.
‘When these staff find out they’ve been duped into extra add-ons they didn’t want or need, they’re pretty riled up about it,’ Nathan Mortlock, Director of Claimo, stated.
‘We even see examples of police officers getting told that they had to have this insurance on their home loans.’
Andrew mentioned that obtaining his refund was simple, and didn't incur any expenses to determine if he was entitled to any funds.
‘I certainly wouldn’t have realised they would pay (me) $6,500 that I didn’t know (about),’ he asserted.
‘It’s worth doing it, even if the answer’s nothing’s there, there could be something there you’re not aware of.’
In a similar vein of unexpected refunds, stories of Australians receiving reimbursements they didn't realise they were entitled to are making headlines.
From a vice-principal surprised with a $6,500 junk insurance refund to individuals like the man who found himself several thousands richer after a stress-free reimbursement process, these tales underscored the importance of being vigilant about potential financial entitlements.
Both instances highlight the significance of staying informed about one's financial affairs, and the potential windfalls that may await those who take the time to review their accounts and policies.
Have you had a similar experience with junk insurance or unexpected refunds? We'd love to hear your stories and any tips you might have for fellow seniors below.
This revelation has sparked a conversation about the potential refunds many Australians might be entitled to without even realising it.
Andrew, the vice principal in question, was not a regular viewer of morning television, but on this fateful day in January 2023, the TV was left on, likely by one of his children. As he tuned in, a segment discussing the intricacies of junk insurance caught his attention.
Junk insurance is a term used to describe insurance policies that are tacked onto loans and credit cards, often without the full understanding or consent of the consumer.
These policies, which include consumer credit insurance, mortgage protection insurance, and tyre and rim insurance, can be unnecessary or provide little to no value.
A vice principal received a $6,500 refund for ‘junk insurance’ after discovering from a TV segment that he was eligible. Credits: Shutterstock
The issue of junk insurance was brought to light during the banking royal commission in 2019, which led to a directive for financial institutions to earmark a staggering $10 billion to refund customers who had been sold these questionable insurance products.
Andrew's curiosity was piqued as he recalled taking out two car loans about a decade ago.
He decided to investigate further with the help of Claimo, a company that specialises in assisting Australians to recover funds from junk insurance policies.
‘There were two (junk insurance claims) for two different vehicles. One was ... insurance protection for the car loan,’ he narrated.
One of the loans was from Esanda, which is now part of ANZ, while the other was from St George Bank.
‘The Esanda one, I definitely had no idea I was paying for something,’ he continued.
‘The St George one, I think I did, but I wasn’t 100 per cent sure what it was... (the bank employee) basically said it protected my loan, but then, apparently, the actual policy wouldn’t have done anything if I’d have to use it.’
The process, which involved providing a few more details to Claimo, resulted in Andrew receiving a $6,500 refund just a few months later.
According to him, the timing couldn't have been better, as his wife was transitioning from maternity leave to part-time work.
‘She’s also studying, so before all the interest rate hikes, we’d budgeted (for)... her working three days a week and studying, paying for that, and... to get that extra money was a really good surprise,’ Andrew said.
Claimo indicated that up to one million Australian first responders, government workers, and teachers could be eligible for a junk insurance refund.
These individuals are often targeted with car leases and other financial products that tout tax deductions, only to find themselves saddled with unnecessary add-ons.
‘When these staff find out they’ve been duped into extra add-ons they didn’t want or need, they’re pretty riled up about it,’ Nathan Mortlock, Director of Claimo, stated.
‘We even see examples of police officers getting told that they had to have this insurance on their home loans.’
Andrew mentioned that obtaining his refund was simple, and didn't incur any expenses to determine if he was entitled to any funds.
‘I certainly wouldn’t have realised they would pay (me) $6,500 that I didn’t know (about),’ he asserted.
‘It’s worth doing it, even if the answer’s nothing’s there, there could be something there you’re not aware of.’
In a similar vein of unexpected refunds, stories of Australians receiving reimbursements they didn't realise they were entitled to are making headlines.
From a vice-principal surprised with a $6,500 junk insurance refund to individuals like the man who found himself several thousands richer after a stress-free reimbursement process, these tales underscored the importance of being vigilant about potential financial entitlements.
Both instances highlight the significance of staying informed about one's financial affairs, and the potential windfalls that may await those who take the time to review their accounts and policies.
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