Three years ago, the Commonwealth Bank of Australia (CBA) ended the sales of Personal Loan Protection products and Credit Card Plus. The termination took place after a good number of customers voiced their concerns that the bank had sold them products that they weren’t qualified to make a claim on. The CBA led many people to believe that its insurance was free or compulsory, while other customers weren’t even aware of the purchase. Driven by high sales targets and commission led sale structures.
After much publicity, the bank claimed that it would offer refunds under its remediation program and reach out to affected buyers. However, only a small percentage of people actually received compensation, further on from this the Class Action was initiated and on 13 November the federal court ordered a notice be sent to all persons who had been sold these products.
Consumers do get missed throughout this process, usually because of lost details or a change of personal contact information. Through a class action suit, there isn’t a payout of your full premiums. It is also only on certain products, and the payouts are shared with the total group members.
This is why Get My Refund investigates each victim’s individual case to fight for all of the funds owed, from all accounts on all potential mis-sold products.
Get My Refund has all the knowledge and expertise necessary to make good on taking advantage of the underprivileged. Our mission is to extract proper compensation for the affected. The initiative to pay back only a handful of people is a token attempt to protect the CBA’s brand rather than any genuine effort to rectify its previous wrongdoings.
Who is Eligable for the Refund?
You may be eligible to join the class action if you meet the following two conditions:
- You purchased a consumer credit insurance policy after 1 January 2010.
- You paid your premium and the bank has not repaid you in full.
Additionally, you should have received a notice that you qualify for the class action. Namely, the Federal Court of Australia issued an order in November of last year notifying everyone who purchased and paid for one of the two types of consumer credit insurance: Personal Loan Protection and Credit Card Plus.
Australia’s Opt-Out Model
The opt-out model applies to class actions in Australia. Under the precedence, all persons affected automatically become members of the relevant class action. Members will be legally bound by the settlement or court’s decision unless they had previously opted out of the proceedings. Group members will have no comment on settlement offers, settlement sum amounts and how much is shared with all other group members and waiver of rights to ever complaint directly.
On the contrary to opt out, If you also do not opt in you are not likely to receive part of any group settlement sum. This continues to be a problem, by not receiving a notice then fails to inform recipients that they are members of the class action.
How Do You Opt Out?
If you do not want to take part in this class action, you have to opt out before the stipulated deadline, which in this case was on 9 April. Anyone who does not want to participate in the class action would have had to complete their opt-out form and mail it to the relevant Federal or Supreme Court by that date. There are times they will accept opt outs after this date. This is also something that we can help you with.
If you had opted out, you’ve removed yourself from this class action. As a result, the outcome of the case will not affect you. You will be free to file your own claim separately and therefore entitled to more compensation.
What Is a Class Action?
A class action is a lawsuit brought by a group of claimants who suffered wrongdoings in the hands of the defendant. This type of lawsuit is also known as multi-district litigation or mass tort litigation.
Since the compensation for individual injuries may pale in comparison to the cost of a lawsuit, banding a group of claimants together tips the scale in the other direction, making it a suit worth filing.
Besides the claimant attorneys, filing a lawsuit as a group allows consolidation of witnesses, evidence, and other aspects of litigation for enhanced efficiency.
Why is a class action not always the right action?
If you opt in you waive your right to ever complain directly if you are not happy with the refund amount. Any settlement sums you are entitled to will be shared with all the other group members, some members will get more than others – plus deductions of lawyers fees and court costs.
Advantages of using Get My Refund over a class action?
We work on behalf of you as an individual on all insurances (not just the class action ones) and work towards obtaining the maximum refund you are entitled to! Class actions can take years to be approved and to go through court process, whilst our refund claims can be completed in a matter of weeks!
What is the potential difference in payouts between GMR and a class action?
this in recent times has worked out to be more than 60% more refund potential in your pocket even after our fees!
How long does the process take?
Once opted out your refund claim can be completed in less than 60 days, dependent on the complexity of your individual case.
Do I Get Anything For Reading the Entire FAQ?
You deserve some Gold Star stickers! There was some Tim Tams, but we ate them all. Sorry. You snooze, You…
You still here?
Why? Okay, since you’ve read the whole page (you did not skim did you?), you definitely deserve a reward…..Lets make it a refund! If your still concerned or not sure then pick up that phone to our friendly Team! We love helping you (02) 9156 1000.