Woman Files Claim For $1000 Refund, But What She Gets Will Blow Your Mind!

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Jennifer from South Australia unexpectedly received a $28,000 cash refund for a junk insurance policy she didn’t know she could claim—and she’s just one of the many Australians believed to qualify for compensation.

In light of the conclusions drawn by a royal commission in 2019, financial institutions were mandated to allocate $10 billion to compensate individuals who had acquired insurance policies that proved unnecessary or worthless.

Jennifer Whenan had unknowingly been paying substantial insurance premiums for three Latitude loans.

After reading an article about refunds for junk insurance, she decided to give it a shot.

“I asked my husband, ‘I wonder if we could claim our Latitude loans,'” she recalled.

“He didn’t think we would be that fortunate, and my mom was concerned that it might be a scam when I told her I submitted our details to Claimo.

“But I thought, what did we have to lose? They offer a no-win, no-fee service.”

Whenan initially anticipated a refund of around $1,000, and she was surprised when the total amount turned out to be $28,000.

“It was quite a shock,” she admitted.

“That sum represented the combined insurance premiums for our three Latitude loans.

“We could have pursued it further and attempted to collect the interest owed, but there was a chance of losing everything if it didn’t work out in our favour.”

Upon receiving the call, Whenan thought it was all a prank.

“I’m pretty sure I said, ‘Are you kidding? That’s unbelievable!'” she recalled.

“For nearly eight years, we have lived on a single income as I cared for our children.

“We had accumulated some credit card debt, so I immediately knew where the money would go.”

Paying off the credit cards felt incredible to Whenan; she even had some funds remaining to purchase clothes and household items.

According to the Australian Securities and Investments Commission (ASIC), millions of Australians are still eligible for remediation about “fees for no-service misconduct or non-compliant advice” and cashback payments for “junk insurance.”

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in 2019 revealed that millions had been deceived into purchasing worthless insurance.

New data released by ASIC in September 2022 estimates that approximately 2.7 million consumers have yet to receive $1.6 billion in compensation for junk insurance and non-compliant advice.

“Our guidance places the responsibility on the industry to promptly and fairly compensate consumers who have been wronged,” commented Karen Chester, Deputy Chair of ASIC.

“Thus far, ASIC has had to oversee extensive remediation efforts to ensure affected consumers are treated fairly and receive the compensation they are entitled to.”

Nathan Mortlock, CEO of Claimo, stated that people most commonly purchased junk insurance because they were falsely informed that it was necessary.

“During the ’90s and ’00s, they were often led to believe that having that insurance was a prerequisite for securing a home loan, but we now know that’s not the case,” he explained.

Australians are encouraged to stay alert for any communication from their banks, superannuation funds, or other financial institutions regarding ongoing remediation programs.

Individuals needing clarification on fees are advised to contact the financial institution that charged them to inquire if they have been incorrectly billed.

Customers who held policies with Freedom Insurance between 2010 and 2018 are specifically called upon to come forward and check if they are eligible for a refund.

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