Legal Services - Advocacy campaigns July 16
Written on the 16 July 2020 by SAFCA
Cigno Media Release from Consumer Action Law Centre
Regulator proposes to stop the latest predatory lending model involving Cigno
The corporate regulator is proposing to again use its product intervention power (PIP) in relation to Cigno and BHF Solutions. Consumer Action Law Centre supports the move, saying there is a desperate need for regulatory intervention to prevent harmful lending models ripping off more Australians.
Warning from The Stop the Debt Trap Group
One of the group's members wrote "Just a quick note to say that as well as Money 3, Kwik Finance (of Motor Finance Wizard fame) are now also encouraging people when they make a hardship application to provide their online bank account details so that Illion can access their bank accounts. De-identified email (without attachments as these identify our client) is below and I will be lodging complaint with ASIC and AFCA's systemic issues team. I am concerned that this practice is being picked up by other lenders.
Again, I know this isn't a SACC provider but I am concerned that SACC providers are one of many Illion customers that benefit from the data Illion is obtaining from people identifying as being in financial hardship.
Thank you for your time today.
As requested, please see final assessment, statement of account and hardship application attached.
Please note all enforcement activity (if applicable) has been placed on hold for the period stated in the attached letter.
All our customers are encouraged to submit the requested documents as soon as possible. To assist us in processing your application for financial assistance, and to reduce assessment times, you can provide your Centrelink and Bank Statements online instantly by clicking on the below link.
If you have any questions or concerns, please contact our office on 1300 851 119.
Legal Support Officer
Phone 1300 851 119 Fax (07) 5585 4197
Address PO Box 2557, SOUTHPORT QLD 4215