Teach Your Kids to Save From a Young Age

child with money

If you do not teach your children how to manage their money properly you are setting them up to fail. We are inundated with advertising messages geared towards instant gratification daily and the thought of patiently saving for that dream item seems out of reach for most. According to Sophie Elsworth one way to teach […]

5 Tips To Budgeting When You’re Broke

Business man showing an empty wallet for no money concept

Budgeting when your broke can be a challenge, but with the right steps, it can be done. When you’re struggling to save coins, a normal budget won’t work. There are extra steps you need to take to stretch your limited dollars as far as possible, and of course, you’ll need to adjust for your unique […]

The Best Financial Advice You’ve Never Heard Of

Piggy Banks on Wooden Background

Ever wonder where the money goes? 90% of Australian’s are stressed about money. What most don’t realize is that the quickest route to having more money is to simply be smarter with the money they have. The key is financial planning. Sadly, this subject doesn’t get much coverage in schools. Many of us don’t learn about […]

How to Save With a Budget

notepad money saving tips written

Saving money seems impossible most days. If you change your mindset, however, start you can put some cash away for a big ticket item or a holiday. You will never be able to save a dollar if you are not setting yourself a budget which includes a small amount for your savings. It is just […]

Budgeting Tips

keep a budget

If you want to live a life free of the constant stress about money, you need to have a budget. A budget is a spending plan which helps you understand your real financial position and how much money you actually have to spend. Simply put, a budget breaks down your income vs. expenses so you […]

5 Top Financial Experts to Pay Attention to

Financial Experts graphic

Are you in need of financial advice but don’t know who to turn to? Try these consensus best financial experts for your personal finance advice. Keyword(s): Financial Experts Personal finance is just that: personal. Everyone has different goals and different barriers to achieving them. But you don’t have to reinvent the wheel to reach your […]

The 5 Most Common Credit Card Myths

Man handing over card

Are you looking to get off on the right foot with your personal finances? Then you should take a look at 5 Basic Personal Finance Facts People Overlook. It can be tricky to know just where you stand with your finances. Many people are full of sage advice that’s just plain wrong, and it’s easy […]

Become a Minimalist With Your Budget

cutting a credit card

Financial Security: Principles of Minimalist Budgeting As of December 2016, the average Australian household is thousands of dollars in debt. And, on top of that, one in three Australians don’t have savings for retirement. The good news though is if you fall into one (or both) of these figures, you can get out on top. Yes, it will […]

7 Tricks, Tools and Tidbits for Your Financial Budget

Financial Budget sheet

Do you feel like you’re always living paycheck to paycheck? Is your money spreading thin? Here are some tools you should employ for your financial budget. Are you running out of money before your monthly bills are paid? Or just scraping buy? Are you ready to take charge of your finances? Want to make today […]

Simple Credit Card Debt Solutions

Couple reviewing their accounts with a digital tablet

Being in debt sucks, plain and simple. Australia alone has a substantially shocking margin of household debt nearing the highest worldwide. Your credit, financial opportunities, and general financial standing take a big hit when you fall into debt – and it is very easy to do. You have a huge amount of credit card debt, […]

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