One of the key findings from the Banking Royal Commission in 2019 was that dodgy dealings in insurance and financial advisor fees had resulted in millions of Aussie consumers being charged for products and services they never used – and in many cases were completely unaware they were paying for.
ASIS estimates that as a result of these findings, over $3.55 billion dollars in refunds is owed to around 3.6 million customers.
There are channels for accessing these refunds, but like so many of the other things on the average parent’s to-do list, ‘chasing banks for money I may be owed’ tends to fall straight to the bottom.
Now, a new agency called Remediator has been established to help Australians looking to get the money they are owed without having to stay on hold to a government department for hours (hello, Centrelink!).
Remediator acts as an intermediary agent to search and claim on behalf of consumers who are owed money. In a simple, short phone call, you simply register your details to find out if you’re owed money. On average, within a month, your refund will be back in your hot little hands where it belongs.
Serious cash with a quick phone call
Georgia Gard, a mum-of-one from Tasmania, made the call to discover she had $1,000 owing to her.
“They found that we have been paying CCI on our mortgage,” explains Georgia. “We had no idea these fees were coming out every month. I’m so glad we’ve ended it now and I can get $1,000 refunded back to me.”
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Georgia is just one of thousands of Aussies who has managed to make serious cash with a quick phone call.
Vena, a woman from Brisbane, got a refund of $6,912 for mis-sold CCI (Consumer Credit Insurance), while Perth resident Simon made a cool $5,164.
Remediator spokesman Joel Gibson commented on the establishment of Remediator and the refunds people have been receiving; “The Banking Royal Commission exposed dirty tricks used to dupe consumers over many years. Now thanks to its findings, they can take some power and money back”. Unfortunately, consumers don’t even know if they’re eligible or where to start the process of investigating if they are. Remediator helps to solve that problem so it’s an exciting development.”
In addition to this, Remediator works on a ‘no win, no fee’ basis, which means if they can’t find you a refund, you pay nothing at all. If they do manage to find you some money you’re owed, they take a cut of 20 percent.
Most people have no idea they were mis-sold products or charged for services they never used. A single phone call can change that – and might deliver a nifty little windfall, just like it did for Georgia.
And as for what she plans to spend the money on? “That will be going straight to baby clothes, and something for Mum!”
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