Ways To Pay Down Your Holiday Debt

woman holding file

Have you overindulged over the holiday period? It’s hard to start the year when you have post-holiday debt to deal with. It’s time to get back into your normal spending routine after spending more on events and parties during the holidays. Take control of your finances now before it snowballs into a debt crisis all […]

Ways To Stretch the Holiday Budget Further

Overspent For The Holidays Ways To Stretch The Budget Further - Cigno Loans Australia

The holidays are fun and during this time, it’s easy to forget about your budget and splurge. Wondering how to stretch the budget further after you’ve had a holiday blowout? The festivities can continue throughout the year with some careful planning. The more preparation you put in, the more you’ll be rewarded. Here are ways […]

Ways To Cool Down Your House And Save Using The Air Con

Ways To Cool Down Your House And Save Using The Air Con - Cigno Loans Australia

The temperature in Australia can easily hit 30°C during the long summers. Thanks to air conditioning, you can retreat to a cool home. There’s a downside, though. As your AC unit works hard to quench the heat, your electric bill could spike. Now, there are simple and effective ways to cool down your home without […]

Cheap Activities To Do These Holidays

Cheap Activities To Do These Holidays - Cigno Loans Australia

Your kids will want to have fun these coming holidays, but the economy might not cooperate. Why don’t you have some fun activities to do that won’t break the bank at the same time? Here are cheap and fun activities the family will love to do these holidays. Make cards for Christmas You can make […]

Ways To Save This Christmas

Ways To Save This Christmas - Cigno Loans Australia

The Christmas season usually leaves you spent, both physically and financially. Instead, you should be relaxing with family and friends during the holiday, not battling the crowd and breaking the bank. Simplify things this year with these quick and easy tips to help you save and enjoy the holiday season. Pre-Christmas clean up “One person’s […]

Christmas Gifts Or Boxing Day Sales

Christmas Gifts Or Boxing Day Sales - Cigno Loans Australia

In ecommerce, retailers get their pre-Christmas run in until the cut off. Before Christmas even happens, they will kick off their post-Christmas / Boxing Day sales. For retailers, Christmas is effectively over once the pre-Christmas delivery cut off past. “We always try to err on the side of being a bit conservative and once we […]

5 Easy Ways To Reduce Your Bills

5 Easy Ways To Reduce Your Bills - Cigno Loans Australia

Some small changes in your habits can better help with your savings, budgeting practices, and reducing your bills. Follow these tips! 1. Clothes When buying clothes, check if you can wash them yourself to avoid dry cleaning services. Make sure the clothes you buy can be mixed and matched so you can have more options […]

Ways To Micro Invest Your Tax Return

Ways To Micro Invest Your Tax Return - Cigno Loans

What is micro-investing? With micro-investing, you invest small amounts of money to build an investment balance. If you constantly make small contributions over time, you can earn more — more than if your money is in a savings account. Say, with your debit card, you purchase something for $4.70. The total purchase amount is $5 […]

Why Fast Easy Loans Are Increasing in Popularity

What Is A Fast Cash Loan - Cigno Loans

Once in awhile you need to catch up on your expenses, however, you don’t have an emergency fund. You might want to look into fast cash loans. What is a fast cash loan? A fast cash loan is essentially a cash advance. Based on your lender, your income, and your credit history — this type […]

Leasing vs Buying A Car

Car

Have you ever bought a new car only to be told it would have been better if you had leased it instead? It can be hard to choose between leasing or buying a car because both have their advantages and disadvantages. Aside from access to a reliable car, leasing offers another huge advantage — a […]

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