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Commonwealth Bank Class Action

CBA CCI Refund

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 Eligible for the Refund?

You may be eligible to get a refund 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.

 
 
Get My Refund will fight for every cent you're owed.

We specialise in reclaiming money for consumers by investigating your individual situation to get back what you are owed if you were mis-sold, even if you loan is still current or has been paid out already.

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Who is Eligible for the Refund?

The opt out model applies to class actions in Australia. Under the precedence, all persons affected automatically become members of the relevant class action. Between the 11th and 14th of February 2022, a Court-approved notice was emailed, where possible, to potential group members. 

This notice was also published in newspaper ads to notify potential group members of the class action’s commencement and to notify group members to opt out of the proceeding before 4 pm on Friday, 15 April 2022. Members who do not receive the opt out notice have no idea the class action exists, they do not know how to register and they can often miss out entirely — through no fault of their own.

The settlement or court’s decision will legally bind members unless they had previously opted out of the proceedings.

Group members will not have the final say on settlement offers, settlement sum amounts or how the payout is apportioned between them and by that stage, it is too late to opt out and have waived the right to take it individually to obtain more.

Important note:

If you do not opt out, you will probably still need to take certain further steps before distribution occurs to receive your share of any payout — this is not automatic. 

The terms for every class action are all available online. We do not offer legal advice and we suggest you read what the actual group member MAY or MAY NOT receive or obtain legal advice before making these decisions.

What happens if you don’t opt out of the Allianz Class Action and your claim is successful?

The legal proceeding aims to seek compensation for Group Members by refunding the amount paid for their products and any additional interest from the financing of their insurance premiums. The compensation should accurately reflect the difference between what Group Members paid for their policy and what it was worth. However, the amount of payable compensation will depend on the case’s outcome and the circumstances of each Group Member. Therefore, even if your claim is successful, there’s no telling what amount you can expect to receive. 

How long can you expect the Allianz Class Action to take?

While the length of legal proceedings for the Allianz Class Action is uncertain, it will likely go on for several years, with most class actions in Australia lasting for over two years. With such delays and an uncertain outcome, Get My Refund provides an alternate method to seek a refund with our help. 

How do you opt out?

If you opt-out by the deadline, or instruct us to opt-out on your behalf, you have removed yourself from this class action and will be free to pursue a refund to achieve a better outcome.

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.

Get My Refund — the pioneer of refunds you can count on

As the first refund management service in Australia, we have 30 years of experience and always act in the best interests of our clients to help them get back what they’re owed. We simplify and speed up the entire process and handle any escalations to AFCA, so you don’t have to. With our online portal, you can easily track the progress of your refund claim. Our clients have been offered up to 85% less when submitting their own refunds than what we’ve achieved for them. If you have any queries, explore our FAQs and read our blog to learn more!

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.

If you do not opt out in time, you will be bound by the outcome even if you are not happy with the amount you actually receive after the lawyers take their share. Legal proceedings are very expensive and by lining the pockets of lawyers you may be disappointed what ends up in yours.

Our client data confirms that our clients are better off opting out and instructing us to pursue a refund on their behalf than what they would have received if they did no opt out, and this is even after our fee is paid.

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!

This in recent times has worked out to be more than 60% more refund potential in your pocket even after our fees!

Once opted out your refund claim can be completed in less than 60 days, dependent on the complexity of your individual case.

You deserve some Gold Star stickers! There was some Tim Tams, but we ate them all. Sorry. You snooze, You…

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.

Get My Refund will fight for every cent you're owed.

We specialise in reclaiming money for consumers by investigating your individual situation to get back what you are owed if you were mis-sold, even if you loan is still current or has been paid out already.

Get Started
We're experts in reclaiming back money on mis-sold junk insurance, irresponsible lending and superannuation fees.
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  1. We analyse your info
  2. We submit your claim for you
  3. You get paid!
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