Here’s Why You Should Be Budgeting

piled coins accounting budget - payday loans

A lot of people often ask, why bother budgeting? There are plenty of reasons! Budget setting can be a very powerful tool in saving money and achieving financial independence. This blog post will outline some of the most effective ways to budget, in order to reach your monetary goals. We will get into the nitty […]

Save on Flights for Your Next Holiday

cocktail hat camera and sunglasses on table

Planning a family holiday on a budget? Before you do, take a look at the below blog post for some helpful hints on how to squeeze every penny. We can’t always afford holidays, but we certainly need the relaxation. Whether you are trying to fly locally or abroad, there’s a bunch of clever ways you […]

How to Lower Small Loan Interest Rates

loan application in business folder showing financial investment concept

There’s nothing wrong with having to take out a loan. In fact, it can be a great way for entrepreneurs to acquire the money they need to get their business off the ground. However, people tend to run into problems when they don’t properly budget for paying back the money they borrow. Sometimes, though, it’s […]

Why It’s So Hard to Save on Low Income

Man with a rope tug a war with money a dollar sign

When you’re in your 20s, you will most likely be on a limited income. You may even be struggling on a minimum wage. That’s a problem because according to experts, you should be saving up to 20 percent of your income each month. This means experts recommend that a significant portion of your income is stored […]

Decorate Your Home In Style, While On A Budget!

lamp on a side table in a white bedroom

Renovating your home can be very expensive, particularly if there are structural issues at play. Sometimes, these renovations need to be set back by weeks, months or years to ensure you have the finances to cover the cost. But when you are in the headspace of renovating, all you really want to do is get […]

Strange Ways To Save!

coins spilling

Now that we are well and truly into 2018, what are you doing to keep those coins in your back pocket? Looking to buy a house? A new car? A splurge item? Whatever is on your ‘need’ or ‘want’ list is achievable, you just need to know how. Not purchasing the smaller items like coffees […]

What is a Centrelink Loan

financial support gears

In a nutshell, Centrelink is a benefits program specifically fashioned for the people of Australia under the government department of Human Services. The aim of Centrelink is to offer assistance to pensioners, students, people with disabilities and those experiencing financial hardships, lower income or unemployment. Sometimes, a Centrelink loan, otherwise known as an Advance Payment, […]

How to Save Money on a Tight Budget

A see through piggy bank with money coins

Has your wallet been tightening it’s belt lately? Are you looking for ways to save money so you have more to spend for the holidays? Saving money is possible and even easier than you would think. All it takes is a little planning and diligence. With the holiday season coming up, you want to know […]

How to Save While Traveling

phone app train station

The best ways to save some dollars while travelling are: opt for budget airlines, avoid travelling long distance by train, share the rides, opt for a cheap rental car or hire a car outside city limits, use a smart card for public transport and use public transport to airport. “Who claims that it’s too expensive […]

5 Simple Credit Card Debt Solutions

credit cards and calculator

You have a huge amount of credit card debt, and you have no idea how you’re going to pay it off. In fact, the amount you owe is so overwhelming that you’ve been avoiding the issue altogether. If this sounds like you, don’t feel bad. You’re not alone in your stress. In fact, the average Australian […]

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