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 […]

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 […]

Best Paying Jobs with No Experience Required

Retail Workers High-Fiving - Cigno Loans

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text]Looking for a quick and easy source of income? Australia offers several casual jobs that’ll give your bank account a […]

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 […]

4 Financial Issues That Can Throw Your Budget Out Of Whack

Broken down car cartoon

Do you want the secret to staying out of debt? It’s all about budgeting. You need to make sure that you are constantly keeping control of your spending and that you have a check on how much money you have for various different purchases and bills. Unfortunately, this is easier said than done because there […]

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 […]

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 […]

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