NAB Junk Insurance class action
What was the nab junk insurance class action?
On 26 September 2018, law firm Slater and Gordon filed a class action against NAB and MLC Limited on behalf of some customers who held “junk” Consumer Credit Insurance (CCI) on their credit card or personal loan, namely:
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NAB Credit Card Cover (NAB Cover) at any time since 26 September 2012; and/or
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NAB Personal Loan Cover (NAB PLC) at any time since 13 June 2013.
The class action claimed NAB and MLC had engaged in unconscionable conduct by selling CCI to people who were ineligible or highly unlikely to make a claim on the policy.
It also alleged NAB had engaged in misleading and deceptive conduct in the way they sold the insurance.
On 8 May 2020, NAB and MLC settled the class action for $49.5 million. All settlement payments to Group Members have been distributed.
Does that mean i've missed out?
Not necessarily. The NAB Junk Insurance class action covered more than 45,000 Aussies but it was limited to certain products and certain dates.
Class actions in Australia use an ‘opt-out’ model, which means you might have automatically been joined up to this class action if you had the policies named above on the dates listed.
If so, you should have received an ‘Opt Out and Commencement Notice’ informing you that you were part of the class action.
Were you part of the class action and decided to remain?
If so, you CANNOT make another claim for a refund on the same insurance policy. If you want to know whether you were part of the class action, contact law firm Slater and Gordon.
Were you part of the class action and decided to opt out?
If so, you CAN maybe still make a claim for a refund and Remediator can help you to do so.
Were you never part of the class action?
If so, you CAN also still make a claim for a refund and Remediator can help you to do so.
Get your FREE eligibility check here if you haven't already done so.
What should I do if i'm a current or former NAB customer?
If you still want a refund on Junk Insurance premiums you might have paid to NAB, you’ve got two options:
1. Contact the bank yourself and ask them for copies of your old statements,
2. Ask a service such as Remediator to try and get you a refund.
How to Maximise your Refund:
diy vs remediation services
The most important thing is that you do something to get your money back - whether you take on the bank yourself, or ask a remediation service to help.
But here’s what you need to know to decide which way to go about it.
DIY:
If you decide to do it yourself, you’ll need to comb over your old statements for evidence of insurance premiums being deducted.
You can request these statements by contacting NAB.
The insurance products had names such as:
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NAB Credit Card Cover
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NAB Personal Loan Cover
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Consumer Credit Insurance
Some of us will feel confident to DIY. But DIY can also be time consuming and difficult, so if you want some more firepower in your corner, consider asking the experts to take up your fight for you.
REMEDIATION SERVICES:
We believe services such as Remediator are the ideal compromise for anyone who wants to maximise their refund without doing all the work themselves.
With services such as Remediator, you know what percentage of the refund you’re getting back and you can be confident we will try to maximise your refund and minimise the waiting time.
Remediator only charges 30% while doing all the legwork for you, from contacting your bank to combing through your old statements to chasing up your refund and fighting your corner if the going gets tough.
But the proof is in the pudding: decide for yourself!
Average Remediator refund so far: $2,179
Average time from eligibility check to refund: 38 days
CLICK HERE to see what some of our successful claimants have said
Get your FREE eligibility check here if you haven't already done so.
This article does not provide legal or financial advice. Any information in this article is designed to provide information to consumers who want to learn more about class actions and other ways to seek refunds. All information is general in nature.
ClaimFast Pty Ltd trading as Remediator is not liable for any loss caused, whether due to negligence or otherwise arising from use of, or reliance on, the information provided directly or indirectly, by use of this service. Consider whether the service is right for you. If you are unsure how to proceed, you should seek independent legal advice.