5 Cheap Holiday Destinations & Where to Find Them

Two figures with suitcases on coin

Daydreaming about your next big holiday? As the world opens back up again, why not check out these cheap holiday destinations from Australia (so if you don’t quite have the budget for a luxurious cruise or a 5-star stay in Paris, don’t stress!). By choosing the right place and booking at the right time, you […]

Why Accessing your Super Early Might Be the Wrong Move

empty wallet

Early superannuation withdrawal isn’t just reserved for Coronavirus-related emergencies. In fact, it can also be accessed during other times of high financial stress. If you’re in a struggle to repay your debts, you could be contemplating using some of this retirement money for those payments. You might think your super is a great source of […]

5 Credit Hacks to Lower Your Interest Rates

Happy young woman typing a message the phone after shopping

Balance Transfers  Taking your balance from a high-interest rate credit card and moving it to a low interest one is a simple and easy way to lower interest rates. If you are someone looking to improve their interest rates, there are many 0% balance transfer options out there. In general, this is a great way […]

The Best Finance Apps to Streamline Your Life

Tracking is a great way to monitor your spending. Using a good finance app or expense tracker will encourage you to change your financial habits for the better. The best budget apps on the market will show how much you’re spending and alert you if you’re going over. While these apps automate a lot of […]

The Most Expensive Places to Live in Australia

Australia Map

“Moderately expensive” is how one can describe the living expenses in Australia. It ranks as one of the more expensive countries in the world – in fact, Australia ranks at the nineteenth most expensive country in which to live, according to World Population Review. For those living in Australia’s capital cities especially, the majority of […]

6 Steps To Achieving Financial Freedom

Stepping on the path to financial freedom is not as quick as in Google Maps, where you can plan your route and account for any traffic on the way. Unless you’re a lottery winner, you have to exert time, hard work and sacrifice to be financially independent. Perhaps that doesn’t sound fun, but even lottery […]

The Best Work Christmas Party Ideas On A Budget

Have you left your work Christmas party to the last minute because you’re on a really tight budget? Have you settled for heading out to a simple lunch or off to the pub for a few drinks due to a lack of ideas? No matter how little money you have, it’s necessary to make an […]

Bad Financial Habits Sending Aussies Broke

One-third of Aussies admit bad financial habits such as not knowing how to budget, using cash advances on credit cards, racking up late fees on credit facilities, and not paying attention to debt are the reasons for their personal debt situation. People who experience money problems and chronic debt often share similar behaviours and financial […]

Getting Your Finances Back On Track After The Festive Season

Have you overspent at Christmas? Don’t beat yourself up about it—it’s the holidays, after all. Here’s how to get your finances back on track after the festive season. The parties came and went. You spent too much on food, presents, or perhaps a holiday trip. Chances are, your bank balance is not looking good after […]

Private Health Insurance: What Is It & Do I Need It?

As premiums of private health insurance rise faster than wages or inflation, most Australians—young ones in particular—are discarding private health insurance, not considering it a top priority. In 2018, the number of young adults taking out health insurance dropped by nearly 7%. Should they reconsider? Is private health insurance worth the investment? What Is Private […]

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