Tips for Eating Out on a Budget

There’s no greater pleasure in life than getting together with friends and family for delicious food and drinks at your favourite restaurant. We’d all like to do this more often, but it can be costly. The good news is, there are ways we can keep dining out without breaking the bank. Check out these tips […]

Everything You Need to Know about Buy Now Pay Later

Buy Now Pay Later (BNPL) purchases are on the rise in Australia. The Inside Australian Online Shopping report by Australia Post reveals that 6.7% of online payments are now made via BNPL platforms (such as Afterpay, which recorded $2.3B of purchases in the latter half of 2018). While PayPal is still the dominant method of […]

How to Save Money Fast on a Low Income

Taking care of day-to-day expenses can be really challenging on a low income. It also seems impossible to make significant progress with your savings account. It can become frustrating if you’ve set your financial goals such as putting down a house deposit or buying a car. However, there are creative ways to save money and […]

How to Save Money Online Shopping

Online shopping has plenty of advantages: it’s fast, it’s easy, and it’s convenient. When you think of something you need or want at midnight, you can click a few buttons and buy it instantly – no relying on yourself to remember when you wake up the next morning! But the things that make online shopping […]

How to Make Extra Money from Home During a Global Pandemic

Plenty of people are doing it tough during the coronavirus pandemic. The unemployment rate hit a 21-year high of 7.4% in June 2020, with the Reserve Bank of Australia forecasting it could reach up to 10% by December. Many of us will continue to struggle even when the world is recovering from the aftermath. So, […]

Top 8 Tax Traps to Watch Out For

For many of us, tax time is an exciting chance to get some money back and maybe splurge on something we’ve been wanting all year. But if you fall into one of these tax traps and get caught, your financial relief can rapidly spiral into money troubles. Here are 8 examples of mistakes and things […]

Pros and Cons of Personal Loans

Pros and Cons of Getting a Personal Loan | Cigno Loans

If you’re thinking about taking out a personal loan and know that you’ll need an extended time to pay it back, or are requesting a large amount, then a long-term loan might be the best choice for you. What is a long-term personal loan? A long-term personal loan is usually defined as a loan that […]

Micro Loans for Centrelink Customers Explained

Are you a Centrelink customer looking to launch your own business? Frustrated by getting knocked back by banks because you have poor credit or because you’re receiving benefits? A micro loan might be the solution you’re looking for. The person-to-person nature of these financial solutions means micro loans for Centrelink customers are feasible where more […]

Is Online Shopping Sending You Broke?

empty wallet

In the current climate, online shopping is more prevalent than ever, as lockdowns and coronavirus fears force many Australians to turn to the internet for more of their needs and wants. Make no mistake though – online shopping was well on the rise before COVID-19 existed. According to this Australia Post report, 2018 saw the […]

Tips for Paying Off Debt

Man with Credit Card Debt

Is paying off debt one of your top priorities? Are you sick and tired of worrying about upcoming payments, fees, and the growing balance on your monthly statement? Are you looking for some practical tips for paying off debt? You’ve come to the right place – but we’re not going to sugar coat it for […]

NOTIFICATION OF MISCONDUCT BY CIGNO AUSTRALIA

Ordered by the Federal Court of Australia

The Federal Court of Australia has found that Cigno Australia Pty Ltd (Cigno Australia) and BSF Solutions Pty Ltd (BSF Solutions) have breached the law by engaging in unlicensed credit activity and charging prohibited fees.

In the period from July 2022 to 3 October 2023, over 100,000 consumers have been lent a total of $34 million, and charged fees of over $70 million, under the ‘No Upfront Charge Loan Model’ operated by BSF Solutions and Cigno Australia. At no time has either BSF Solutions or Cigno Australia held an Australian Credit Licence.

The Court also found that Mark Swanepoel (director of Cigno Australia) and Brenton James Harrison (director of BSF Solutions) were involved in these breaches of the law.

With effect from 24 May 2024, the Court has granted permanent injunctions preventing Cigno Australia and BSF Solutions from:

  • demanding, receiving or accepting fees or charges, including amounts of loan principal, from consumers in relation to credit provided under the ‘No Upfront Charge Model’; and
  • engaging in further credit activity pursuant to the ‘No Upfront Charge Loan Model’, including by entering into new agreements with consumers, for so long as they do not hold an Australian Credit Licence.

Cigno Australia was ordered by the Court to, by 5th July 2024, send written communications to consumers who between July 2022 and December 2022 entered into agreements with Cigno Australia and BSF Solutions under the ‘No Upfront Charge Loan Model’.

The Court will later determine whether (among other things) Cigno Australia and Mark Swanepoel ought to pay a pecuniary penalty in respect of this conduct, and whether Mark Swanepoel should be restrained from carrying on a business engaging in credit activity.

Cigno Australia, BSF Solutions, Mr Swanepoel and Mr Harrison intend to appeal the decision of the Court and have filed an application for leave to appeal. If the appeal is successful, some or all of the orders of the Federal Court of Australia may be set aside.

Where can you get more information?

Where to go for further support

You can access legal advice in your state at: Free legal advice – Moneysmart.gov.au.

If you are experiencing trouble with debt, or money worries in general, contact:

  • the National Debt Helpline on 1800 007 007 or online chat (9:30am to 4.30pm, Monday to Friday).

If you need someone to talk to, contact:

  • Lifeline on 13 11 14 (24 hours) or their crisis support online chat or
  • Beyond Blue on 1300 22 46 36 (24 hours) or their webchat