How Queenslanders can cash in on huge refunds they haven’t been told about

More than a million Queenslanders could be eligible for huge insurance refunds they might not know exist. HOW TO CHECK

More than a million Queenslanders could be eligible for huge refunds for wrongfully charged insurance they might not know exists.

Refund experts believe a huge proportion of Australians owed part of $10 billion, set aside by major banks and insurers, are yet to come forward and claim what they are owed.

Gold Coast grandmother Brigid Rauwhero is among more than six million Australians entitled to a refund for junk insurance unknowingly paid for while taking out loans, financing cars or getting credit cards.

Brigid Rauwhero received a $10,000 refund. Picture: Nigel Hallett

The Parkwood woman was pleasantly surprised to find out $10,000 was coming her way last year after applying for a refund on fees attached to a home and personal loan.

“We had twin babies, grandchildren, born in the UK in the middle of Covid-19 so the money meant I was able to leave my job and go help look after them for a bit” Ms Rauwhero said.

She was grateful to have the help of refund experts from Claimo who helped her fill out the forms needed to check what she was entitled to.

The company has so far fetched 3000 Australians their share in the $10 billion set aside by banks at the direction of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Service Industry in 2019.

Claimo director Nathan Mortlock said the average refund he helps customers retrieve is $3700, with a $90,000 claim currently pending.

“Queenslanders could be using this money for something useful like a trip overseas or paying for the increased cost of living,” he said.

“Based on everything I know between Claimo data, ASIC reports and the amount of policies sold, we’re looking at between 6 and 9 million Aussies who are owed money.”

Mr Mortlock said the money could have come out of their accounts with repayments as inclusive fees titled consumer credit, gap or shortfall insurance.

In most cases, Claimo customers are granted a refund on the basis that the insurance products are high cost with low claims ratios.

“Essentially you could have been paying $10,000 for a policy and the maximum payout might have been $5000,” Mr Mortlock said.

“In a lot of cases, it’s not worth the paper it’s written on.”

Claimo takes a cut of the refund but has a no-win, no-fee policy meaning there’s no loss for Queenslanders wanting to check what they’re owed.

Claimo will check current and historic polices, including ones that are closed, paid out, or have been transferred elsewhere.

The process takes about one to three months on average to complete.

CHECK IF YOU’RE ELIGIBLE

• Look at your credit card statements and loan contracts.

• Look for the words ‘credit card insurance’, ‘consumer credit insurance’ or ‘loan protection’; it may appear on or near the ‘interest changes’ line.

• If you find these references, or similar, chances are, you’ve been charged junk insurance and could be entitled to a refund.