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.