Strategy 84 of 107 · new for the five-year plan
Claim refunds and settlements you are owed
What it is
Check the FTC's list of refund programs for companies you have done business with.
Steps
- Check the FTC's list of refund programs for companies you have done business with.
- File claims in class-action settlements that name you or a product you bought.
- Send each check to principal.
Repeat: A few times a year.
Measure: Refunds received.
Try it in the calculator Enter its amount in "One-time amount to principal". Add a payoff goal of 5 years to see what is still needed.
Risks
- Scammers pose as refund agents; real programs never charge a fee.
Who it fits
Average household, Higher earners, Higher net worth, with assets, Business owners, Newlyweds, Married couples, College students, Single, Grandmas and grandpas (62 and over), No high school diploma, No college degree
Needs
Any homeowner with a mortgage.
How predictable
Depends on people or program rules (tenants, family, IRS records, lenders)
A worked example (hypothetical, not guaranteed)
Picture a hypothetical household (average household). They owe $300,000 at 6.5% with 30 years left. The required payment is $1,896 a month, and that payment, which comes from income, never changes in this example.
They follow the steps: check the FTC's list of refund programs for companies you have done business with.
Suppose it brings a one-time $5,000 on principal. The loan would be paid off in 28 years 7 months instead of 30 years, saving about $28,411 in interest. To finish in five years, they would still need about $3,876 a month more from other strategies. That is why the five-year sequences stack several at once.
The amount above is chosen only to show the arithmetic. It is not an estimate of what this strategy will produce for anyone. Put real numbers from the fact finder into the calculator.
Sources and more information
- FTC: Refund programs ftc.gov
Where to get help
- CFPB: Find a HUD-approved housing counselor (free or low cost) consumerfinance.gov
- USA.gov: State consumer protection offices usa.gov
Related strategies
- 83. Find lost pensions and old retirement accounts
- 82. Use an annuity's yearly free-withdrawal amount
- 81. 73 and over: send required distributions you don't need to principal
- 87. Negotiate fair pay when a pipeline or power line crosses your land
- 80. A parent's or grandparent's large gift, using their lifetime exemption
- 78. Sell digital assets held outside retirement accounts