The Financial Services Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has placed a spotlight on ‘junk’ Consumer Credit Insurance (CCI). Consumer Credit Insurance (CCI) is supposed to help cover loan or credit card repayments if the insured customer is unable to pay (due to sickness, injury or unemployment).

However, with the presence of CCI being “difficult and stressful” to claim, it is described as a poor product, bad value and mis-sold, which has resulted in the nickname “junk” insurance.

In the UK, their equivalent insurance (Payment Protection Insurance) has resulted in £50 billion being refunded due to poor customer outcomes. In Australia, CCI has been sold for over 20 years and in 2009 the banks sold 662,000 policies.

The Australian Securities and Investments Commission (ASIC) has long been concerned about dodgy practices of salesman who mislead customers by saying the insurance is compulsory or even adding it to credit cards and loans without the customer’s knowledge.

As a result, banks have set aside billions of dollars as they know they are responsible for the mis-selling of policies. Therefore, you may be entitled to a refund of the premiums you have been unfairly charged.

Check your credit cards, personal loans, and car loans

Contract – Firstly, check your personal loan or car loan agreement for a large fee called Consumer Credit Insurance.

Statements – Secondly, check your bank account, credit card, and loan statements for hidden monthly insurance premiums. For example: Shoppers Protection Insurance Call your financial service provider If you do not have the information, call your financial service provider and request your statements from the time you took out the credit card or loan.

Also, ask whether you’ve ever had Consumer Credit Insurance (CCI).

Be aware

Claiming a refund yourself can be a difficult and time-consuming process. In some instances, financial firms may fail to respond to your refund request or provide you with different information. This can be quite confusing, especially if you have multiple claims.



Claimo* is a complaints management business which specialises in “junk” insurance refunds. Their service is designed to increase your chances of getting your money back while providing you with regular updates about the status of your refund.

Claimo* operates on a completely no win no fee basis, which means you’ll only pay for the service once you receive your money back.

Take action

Claimo* would like to hear from you. If you have been sold insurance without your knowledge or you didn’t understand the costs, get in touch by emailing

Who owns Claimo*?

Claimo is founded by Nathan Mortlock. He has over 6 years experience in the industry, previously working at the Australian Financial Complaints Authority (AFCA) and the UK’s largest “junk” insurance refund scheme. He is extremely passionate about fair customer outcomes and understands what is required to navigate the process to help you get your refund.

*Please note that The Property Education Company has no financial referral arrangement with Claimo or Nathan Mortlock but we are happy to recommend his service which our clients may find helpful when navigating the process of trying to get back money owed them.

If you would like to discuss this further, please do not hesitate to contact me on 0412 709 200 or email