What is CCI?

Updated: Oct 26, 2020

Consumer credit insurance commonly referred to as CCI is sold with:

  • Credit cards;

  • Personal loans;

  • Car loans; and

  • Home loans.

It provides cover for consumers if they are unable to meet their minimum monthly loan repayments due to unemployment, sickness or injury (subject to policy terms) or to pay an outstanding loan balance upon death.¹

CCI is optional and is usually sold at the time of applying for the credit card or loan.

Many of these policies were sold to consumers who were ineligible to claim or unlikely to benefit or need cover.

Pressure selling and unfair sales practices were often used.

Some names you might recognise on your statements include the following:

  • “Loan protection”;

  • “Credit card cover”;

  • “Consumer credit”; and

  • “Repayment protection.”

Australians have paid over $500 million in CCI premiums.²

According to ASIC over $100 million is expected to be paid back to 300,000 + customers who were mis-sold CCI.³

While every matter is different, customers can potentially receive hundreds or thousands of dollars plus interest in refunds.

¹ ASIC Report 622 ² ASIC Report 492 ³ ASIC Report 622

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