Third Party Direct Debit Agreement

August 26, 2019
Uncategorised

Third Party Direct Debit Authority Request

EziDebit Pty Ltd

Direct Debit Request

You authorise and request Ezidebit Pty Ltd ACN 096 902 813 (Direct Debit User ID number 165969, 303909, 301203, 234040, 234072, 428198, 527371, 342199) to debit payments from your account at the bank which details you have provided at intervals and amounts as directed by Cigno Pty Ltd as per the terms and Conditions of your agreement with Cigno (and if applicable BHF Solutions Pty Ltd) “Business” in accordance with this Direct Debit Request and the EziDebit DDR Service Agreement.

DDR Service Agreement

I/We hereby authorise Ezidebit Pty Ltd ACN 096 902 813 (Direct Debit User ID number 165969, 303909, 301203, 234040, 234072, 428198, 527371) (herein referred to as “Ezidebit”) to make periodic debits on behalf of the “Business” as indicated on the attached Direct Debit Request (herein referred to as “the Business”).

I/We acknowledge that Ezidebit is acting as a Direct Debit Agent for the Business and that Ezidebit does not provide any goods or services (other than the direct debit collection services to me/us for the Business pursuant to the Direct Debit Request and this DDR Service Agreement) and has no express or implied liability in regards to the goods and services provided by the Business or the terms and conditions of any agreement that I/We have with the Business.

I/We acknowledge that the debit amount will be debited from my/our account according to the terms and conditions of my/our agreement with the Business and the terms and conditions of the Direct Debit Request (and specifically the Debit Arrangement and the Fees/Charges detailed in the Direct Debit Request) and this DDR Service Agreement.

I/We acknowledge that bank account and/or credit card details have been verified against a recent bank statement to ensure accuracy of the details provided and I/we will contact my/our financial institution if I/we are uncertain of the accuracy of these details.

I/We acknowledge that is my/our responsibility to ensure that there are sufficient cleared funds in the nominated account by the due date to enable the direct debit to be honoured on the debit date. Direct debits normally occur overnight, however transactions can take up to three (3) business days depending on the financial institution. Accordingly, I/we acknowledge and agree that sufficient funds will remain in the nominated account until the direct debit amount has been debited from the account and that if there are insufficient funds available, I/we agree that Ezidebit will not be held responsible for any fees and charges that may be charged by either my/our or its financial institution.

I/We acknowledge that there may be a delay in processing the debit if:

  1. There is a public or bank holiday on the day of the debit, or any day after the debit date;
  2. A payment request is received by Ezidebit on a day that is not a banking business day in QLD;
  3. A payment request is received after normal Ezidebit cut off times, being 3:00pm QLD time, Monday to Friday. Any payments that fall due on any of the above will be processed on the next business day.

I/We authorise Ezidebit to vary the amount of the payments from time to time as may be agreed by me/us and the Business as provided for within my/our agreement with the Business. I/We authorise Ezidebit to vary the amount of the payments upon receiving instructions from the Business of the agreed variations. I/We do not require Ezidebit to notify me/us of such variations to the debit amount.

I/We acknowledge that Ezidebit is to provide at least 14 days’ notice if it proposes to vary any of the terms and conditions of the Direct Debit Request or this DDR Service Agreement including varying any of the terms of the debit arrangements between us.

I/We acknowledge that I/we will contact the Business if I/we wish to alter or defer any of the debit arrangements.

I/We acknowledge that any request by me/us to stop or cancel the debit arrangements will be directed to the Business.

I/We acknowledge that any disputed debit payments will be directed to the Business and/or Ezidebit. If no resolution is forthcoming, I/we agree to contact my/our financial institution.

I/We acknowledge that if a debit is returned by my/our financial institution as unpaid, a failed payment fee may be payable by me/us to Ezidebit. Where a failed payment fee is applicable, the amount will be as detailed in the Debit Arrangement of the Direct Debit Request. I/We will also be responsible for any fees and charges applied by my/our financial institution for each unsuccessful debit attempt together with any collection fees, including but not limited to any solicitor fees and/or collection agent fee as may be incurred by Ezidebit.

I/We authorise Ezidebit to attempt to re-process any unsuccessful payments as advised by the Business.

I/We acknowledge that certain fees and charges (including setup, variation, SMS or processing fees) may apply to the Direct Debit Request and may be payable to Ezidebit and subject to my/our agreement with the Business agree to pay those fees and charges to Ezidebit

Credit Card Payments

I/We acknowledge that “Ezidebit” will appear as the merchant for all payments from my/our credit card. I/We acknowledge and agree that Ezidebit will not be held liable for any disputed transactions resulting in the non-supply of goods and/or services and that all disputes will be directed to the Business as Ezidebit is acting only as a Direct Debit Agent for the Business.

I/We acknowledge that Credit Card Fees are a minimum of the Transaction Fee or the Credit Card Fee, whichever is greater as detailed on the Direct Debit Request.

I/We appoint Ezidebit as my/our exclusive agent with regard to the control, management and protection of my/our personal information (relating to the Business and contained in this DDR Service Agreement). I/We irrevocably authorise Ezidebit to take all necessary action (which Ezidebit deems necessary) to protect and/or correct, if required, my/our personal information, including (but not limited to) correcting account numbers and providing such information to relevant third parties and otherwise disclosing or allowing access to my/our personal information to third parties in accordance with the Ezidebit Privacy Policy. Other than as provided in this Agreement or the Ezidebit Privacy Policy, Ezidebit will keep your information about your nominated account at the financial institution private and confidential unless this information is required to investigate a claim made relating to an alleged incorrect or wrongful debit, to be referred to a debt collection agency for the purposes of debt collection or as otherwise required or permitted by law. Ezidebit’s Privacy Policy can be found at http://www.ezidebit.com/au/privacy-policy/

I/We hereby irrevocably authorise, direct and instruct any third party who holds/stores my/our personal information (relating to the Business and contained in this DDR Service Agreement) to release and provide such information to Ezidebit on my/our written request.

I/We authorise:

  1. Ezidebit to verify and/or correct, if necessary, details of my/our account with my/our financial institution; and
  2. my/our financial institution to release information allowing Ezidebit to verify my/our account details.
Po Box 3327, Newstead, QLD 4006

Ph: (07) 3124 5500   Fax: (07) 3124 5555

PayGate Pty Ltd

Direct Debit Request

I/we authorise PayGate, as the Debit User, User ID number 314753, to make withdrawals from my/our nominated account as determined by the centre named above.  PayGate, as the Debit User, acts as the billing agent for the centre named above and the service is administrative only and does not extend to the provision of any service or benefits provided by the centre named above.

Direct Debit Request Service Agreement

  1. PayGate (Debit User) will debit the bank account / credit card nominated in the Schedule of this Direct Debit Request as specified. The Debit User may, by prior arrangement and advice to me/us vary the amount or frequency of future
  2. Should the original terms & conditions of this authority need to be varied a minimum of fourteen days notice will be provided by the business to you. Queries arising as a result of any such variation must be notified to PayGate two working days prior to the debit date the variation would
  3. Deferment or alteration (written or verbal) by the customer to the debiting schedule will be considered subject to the terms and conditions of any agreement between you and the business named in this Direct Debit Request for whom PayGate (Debit User) acts on behalf
  4. If a debit item is disputed PayGate (Debit User) or your Financial Institution must be notified immediately. PayGate will endeavour to resolve this matter within Industry agreed time Disputed debit items resolved in favour of PayGate will incur an administration fee.
  5. Direct debiting through BECS is not available on all accounts. You are advised to check your account details against a recent statement from your financial institution. If uncertain, you should check with your financial institution before completing the
  6. When a debit day falls on a weekend and/or a national public holiday all debits for that weekend or national public holiday will be processed on the PREVIOUS WORKING DAY. If unsure, you should contact PayGate (Debit User).
  7. PayGate may, under certain provisions of the “Privacy Act 1988” give information about you to a credit reporting agency. This information will be limited to repayments which are overdue pursuant to the terms and conditions of any contractual agreement between you and the business named in this Direct Debit Request and for which debt collection has started. You “The Customer” may be liable for any costs associated with the recovery of your overdue account, this may include, but is not limited to the following; legal fees, interest and mercantile agency collection
  8. It is your responsibility to ensure cleared funds are available in your nominated bank account/credit card to meet the direct debit If a debit is returned unpaid by your financial institution, you will be responsible for payment of the debit plus an additional $15.00 for return fees and administrative costs incurred by PayGate (Debit User). If PayGate (Debit User) has not received instruction to the contrary from you, we will debit both the next due payment and any overdue amounts on your next scheduled debit date.
  9. This authority shall stand pursuant to the terms and conditions of any contractual agreement between you and business named in this Direct Debit The administration only of this authority is conducted by PayGate (Debit User) acting as a billing agent for the business. The services provided by PayGate are administrative only and do not extend to the provision of any services or benefits provided by the business / centre. This authority shall be interpreted and enforced pursuant to the laws of the state of Queensland.
  10. To stop or cancel a direct debit it is recommended that you contact the business named in this Direct Debit Request in the first instance. The terms and conditions or any agreement between you and the business for whom PayGate (Debit User) acts on behalf of must be complied with. However, if a dispute occurs between you and the business all enquiries regarding a stop or cancellation of a direct debit should be directed to either PayGate (Debit User) or your own financial
  11. Collected funds are held in trust until disbursement. In event of fraud where PayGate is not at fault, PayGate will be free of any legal liability.
  12. No account records or account details will be disclosed to any person or persons except where such information is required in connection with any claim relating to an alleged incorrect or wrongful
  13. All enquiries in relation to refunds must be directed to the business named in this Direct Debit
  14. In signing this Direct Debit Request, I /we accept the conditions outlined in PayGate’s Product Disclosure Statement (PDS) in its entirety. PayGate (Debit User) will email the PDS to me/us and, if this is not received, I/we acknowledge that I/we have accessed, read and understood the PDS on the PayGate website: https://www.paysmart.com.au/wp-content/uploads/2015/08/Paysmart_PDS_2.pdf

 

 

Split Payments Pty Ltd

Terms and Conditions of Split Payments Direct Debit Request (DDR)

You request and authorise Split Payments Pty Ltd (User ID 492448, 543948) to arrange, through its own financial institution, a debit to your nominated account any amount Split Payments Pty Ltd, has deemed payable by you.

This debit or charge will be made through the Bulk Electronic Clearing System (BECS) from your account held at the financial institution you have nominated below and will be subject to the terms and conditions of the Direct Debit Request Service Agreement.

 

Terms and Conditions of Split Payments Direct Debit Request (DDR) Service Agreement

  1. INITIAL TERMS Split Payments will debit your nominated account for the amounts and at the frequency of payments as agreed between us on the Split Payments DDR Contract authorised and accepted by you.
  2. CHANGE OF TERMS Terms may be changed immediately with the approval of the Payment Initiator or within the parameters of the Digital Agreement issued by the Payment Initiator and approved by the User. This is managed through the Split Payments Platform.
  3. DEFERRING OR STOPPING A PAYMENT Should you wish to defer a payment to another date you must contact the Payment Initiator before the date of that payment to request the deferment. Deferments are entirely at the discretion of the Payment Initiator. You may request to stop an individual payment through the Split Payments platform however you will still be liable to make this payment to the Payment Initiator.
  4. ALTERING THE SCHEDULE Should you wish to alter the payment frequency or Day to Debit contact the Payment Initiator. Altering schedule is solely at the discretion of the Payment Initiator. The Payment Initiator may charge a fee for this service. The Payment Initiator shall notify you of these fees. Any changes made will not affect the total amount you would otherwise have paid over the minimum term of your Contract.
  5. CANCELLING THE PAYMENTS You can cancel this Direct Debit Request Authority at any time through the Split Payments platform. Cancellation of the authority to debit your account will not terminate your contract or remove your liability to make the payments you have agreed to with the Payment Initiator.
  6. DISPUTES If you dispute any debit payment, you must notify the Payment Initiator immediately. The Payment Initiator will respond to your dispute within 7 working days and will immediately refund the amount of the debit if they are not able to substantiate the reason for it. If you do not receive a satisfactory response from the Payment Initiator to your dispute, contact Split Payments who will respond to you with an answer to your claim within 5 business days if your claim is lodged within 12 months of the disputed drawing, or within 30 business days if your claim is lodged after 12 months from the disputed drawing.
  7. BUSINESS DAYS When the day to debit falls on a weekend or public holiday the debit will be initiated on the next working day.
  8. DISHONOURED PAYMENTS It is your responsibility to ensure that on the due date clear funds are available in your nominated account to meet the direct debit payment. Should your payment be dishonoured, you authorise Split Payments to debit your account when clear funds become available in your nominated bank account.
  9. ENQUIRIES Enquiries may be directed to enquiries@splitpayments.com.au.

10.YOUR OTHER RESPONSIBILITIES In addition to those already mentioned, you are responsible for ensuring that your nominated account is able to accept direct debits. If it is not, it is your responsibility to provide Split Payments with a new account number.

A jar with money

Saving Money is Easy

November 23, 2017
, , , Budgeting 1

You can save money through some small changes in your spending pattern. Saving can be easy if you:

Change one habit

Often you end up spending more, thanks to your habit. Stop buying the coffee on your way to office, take home made lunch to work, borrow books and DVDs instead of buying them, and stop useless subscriptions.

Start saving with a friend

Partner with a friend and see who saves most over a period. Share tips, go for cheaper night outs and borrow from one another instead of buying new things every time.

“Small changes can make a big difference to your bank balance. Change one thing you do regularly and you could save money”

Save on clothes

Don’t fall in the habit of buying new clothes every time. Buy something that could go with a couple of things in your wardrobe, and make use of end of season clearances.

Save on food, groceries, electricity and water

Cut down on eating out – start cooking more often. Don’t go shopping while hungry. Check how you can stop wasting electricity and water.

Saving Money is Easy

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Cut your bank expenses

Opt for accounts with

  • No account keeping fees
  • Free monthly statements

Thus, you can see simple changes have a direct impact on your budget and savings. If you are looking for quick loans, a Cigno loan might be right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. Receive up to $1000 in your account with our same day loans offering manageable repayment options. For details, contact us.

Read the original source article moneysmart.gov.au.

Piggy Banks on Wooden Background

The Best Financial Planning Advice You Never Heard (Until Now)

October 17, 2017
Budgeting

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 money until it’s too late. But, don’t worry! Here’s some of the best financial planning advice you’ve been missing out on.

That’s why we’re here to share some thoughts you might never have considered.

Start Now

This could be the single biggest tip you should take to heart, and it’s the easiest.

The best saving plans always start now. The theory is simple: the sooner you save, the more you’ll have at the end of it.

Many of us put off researching savings. There’s always something more important to do. But days soon turn into weeks. By that time, you’ve lost out on hundreds of dollars in savings. Now think what a huge difference that will make on longer timescales.

To add to that, you need to think about compound interest. The sooner your savings start to offer interest returns, the more you’ll benefit from compound interest. Once your savings have been slowly building for a few decades, you’ll be making huge returns – essentially free money.

It sounds simple. But it’s easy to fall into the trap of thinking saving is a problem for tomorrow. So learn how to do it now.

Track Your Spend

How much do you spend a month?

Can’t answer? Not confident in even a ballpark figure? Then it’s time to start tracking your spend.

Tracking your monthly expenditure gives you control. You can see exactly where your money is going. Often, you’ll realize it’s being drained by things you hadn’t even considered. Even a few too many coffees can make a surprising dent in your funds.

You can use anything from an Excel sheet to an app to keep track of your monthly outgoings. Thanks to automated tools, it’s actually easier than ever to make this part of your financial planning. Some tools can even integrate directly with your bank to track money without you having to lift a finger.

Knowing exactly how much your spending shows you how you can cut back. But it also has another psychological advantage. When you’re in the habit of tracking your money, you become more aware when you’re spending it in the first place.

Soon, you’ll find you keep a close watch on the little spends that add up. It’s key to turning money from an abstract concept into a finite resource.

Take Your Pension Seriously

Nothing seems as far away as a pension when you’re young.

But that line of thinking is a trap. Your elderly self is the person who should benefit from the pension, not the one who should have to worry about it. So it should be a cornerstone of your financial planning.

Does your career offer a pension? If so, are you part of the scheme? Many employers even offer pension incentives, such as matched payments. That’s a great way to maximize your money in the long term. And don’t worry if you change employers because you can usually transfer or freeze your old pension – you won’t lose anything!

If you can’t get a pension through your employer, it’s time to look at private pensions. These work in much the same way, so there’s no excuse for not having a pension underway. You don’t even have to worry too much about a pension once it’s set-up.

Pensions represent a ticking time-bomb for modern developed countries. If you don’t want to get caught up in increasing retirement ages and threadbare state pensions, then you need to get serious about it.

Get What You’re Worth

Too many people don’t have an accurate assessment of what they’re worth.

If you’ve spent years studying a subject or gaining experience in your field, then you deserve to be paid for it.

If you don’t feel you’re getting paid your worth, then it’s time to start negotiating. Look up tips on how to negotiate pay rises effectively. Look at the wider industry to get an idea of the going rate for your skills. Particularly if you’ve been in a job for a long time, it’s easy to settle with what you’ve always had.

But wage discrepancies favor those who can make some fuss about it. Don’t rely on your company to take the initiative!

Even if it’s only a hundred dollars extra a year, the difference can be huge over time. What’s more, you can use this higher wage as a benchmark if you go elsewhere. You need to push yourself so you’re always moving up the pay scale. The more you make, the more you can save.

Don’t Let Debt Add Up

You can think of debt as the dark side of compound interest.

The more debt you have, the more it’ll start to add up. The interest on repayments can sneak up on you and bleed you dry if you’re not careful.

That’s not to say you should never borrow. If you need to use a credit card or buy something in finance, that’s fine. But what you need to do is carefully read the small print and seek advice if you don’t understand anything. Never enter into an agreement without a clear idea of what you’re signing up for.

If you do create any debt, be sure to clear it as soon as possible. It’s a sad reality that many people pour money away due to poor debt management. And yet it’s easily avoided with good financial planning.

You should always prioritize clearing debt over investing your money. Why? Investment returns can be relatively small compared to high repayment fees on credit and loans. By handling debt early, you can keep hold of money you would’ve lost – and often more than you’d make by investing.

The Best Financial Planning Advice You Never Heard

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Financial Planning is Future Planning

Money can be too abstract sometimes. But the thing to keep in mind is taking care of your money means investing in your future. If you want a future free of money woes, then you need to maximize your money today. So keep our tips in mind and make it happen!

Be sure to follow our blog for more financial tips and tricks!

Credit cards stacked, old credit cards in brown and blue color

How to Start Fixing Your Credit Score in 2017

September 26, 2017
Budgeting 3

Building credit is simply part of life in Australia.

While achieving a good credit score may seem difficult from the outset, once you learn a few tricks for improving your credit you’ll realize how much control you actually have over your finances.

More importantly, it’s never too late to turn your credit rating around, even if you have a poor credit history.

Having a bad credit history does not have to be your destiny. Learn how to fix your credit score today

How to Start Fixing Your Credit Score in 2017

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Here are five ways anyone can start fixing their credit score in 2017:

1. Pay Your Bills on Time

If you miss a payment of more than $150, you receive a black mark on your credit report. And it doesn’t go away. Overdue payments remain on your report for five years.

One overdue payment won’t kill your credit. But regular missed payments add up over time and because they stay on your report for so long, they start to paint a negative picture.

Paying your bills on time sounds harder than it is if you budget for them carefully. Life can be crazy, so use tools like direct debits and calendar reminders to make sure you don’t inadvertently miss a due date.

If you struggle with keeping enough money in your account, you can also choose to pay bills early. In some cases, it’s also easier to throw money at a bill while you have it than wait for the due date to arrive to find out you can’t pay it.

2. Run Far and Fast from Defaults

Missing a payment once in a while isn’t great for your credit, but you’re not going to be blacklisted from a creditor because you missed your mobile phone payment once or twice.

However, what will knock you down are payment defaults.

When a payment goes into default, it’s nearly impossible to remove it from your credit file. In fact, they’re so difficult to deal with that it’s better to pay off a bill even if the bill is wrong then to let it go into default. If this is the case, it’s easier to negotiate your money back than to erase the black mark from your credit file.

There are other paths to explore in the event you simply can’t make a payment. Talk to your lender about a hardship extension sooner rather than later to negotiate a more lenient repayment option.

It’s easier to explain your situation up front than to force the bank to chase after you. Plus, it will keep you out of default, which is a huge bonus.

3. Don’t Make Regular Credit Applications

Paying bills is hard for everyone. But another way to help your credit score along is to play by the rules. Applying for credit on a regular basis, particularly when you won’t be approved, adds a small black mark to your credit profile. So, it’s best to avoid it.

When you apply for credit, the potential lender makes what’s called a “hard” inquiry on your credit report. If the lender sees you apply for credit every other month, they make assumptions about your attempts to take on new debt. This suggests that you don’t manage the money you currently have well.

Shopping around for credit suggests that you don’t manage the money you currently have well, and it also suggests you might not pay it back if they give it to you.

While it may be tempting to open a new credit card or take out a loan to keep emergency funds around, it’s best not to apply for it if you 1) don’t need it and 2) aren’t sure you’ll be approved.

If you’re guilty of this habit, don’t worry. The inquiries stay on your report for five years. However, creditors tend to care less about the time you were desperate for credit three years ago than they do if you applied for two new credit cards three months ago.

4. Build Your Credit Score with Bank Loyalty

Becoming pals with your current bank is a good way to build credit over the long run.

By doing things like paying your salary into your account, starting a savings account, and using direct debit and bill pay features, you’re providing your bank with a holistic sense of who you are and how you manage your money.

Your checking account won’t build your credit for you. In fact, your overdraft might hurt it. But giving a bank access to your regular financial dealings may impact their decision to give you credit should you want it.

This is a good chance for those with no or poor credit history to build their credit future responsibly and often with a better rate than elsewhere.

Effectively, your bank will know how well you have managed your money recently first-hand whereas other banks won’t have access to that information.

5. Get a Credit Card And Use It Responsibly

If you have few other debts then credit cards are a great way to build your credit score. And if you’ve never had one before, you’ll notice they’re hard to get. That’s why #4 is so important.

However, you need to use it responsibly. Setting up a budget is essential for credit cards to prevent you from inadvertently using your entire limit before you’ve realized it.

Also, it pays to be a credit deadbeat.

A deadbeat is someone who pays off their balance every month. You’re a deadbeat because the bank isn’t able to make money from interest.

Not only does paying your balance improve your credit score, it also saves you huge amounts in interest over the long run.

Get Started Today

Money matters are difficult for everyone, but improving your credit score one step at a time doesn’t require pushing a boulder up a hill. Simple, responsible practices demonstrating your trustworthiness with your (and the bank’s) money are enough to improve your score.

Remember, emergencies happen. If you have to miss a payment, your credit isn’t ruined. And if you’re in a tight spot and need extra cash but don’t have the credit, talk to us about a loan.

saving for holiday money in a jar

Get a break with no budget

August 11, 2017
Budgeting 6

When your budget does not allow for a holiday, how do you get away? The answer is planning and a bit of ingenuity. Sometimes just getting out for a day on the weekend can be enough to leave you feeling refreshed. However, do not fall into the spending trap weekends can create.

Even though weekends are only a small portion of the week, it seems like I spend a lot more money on those two days than I do on the other five days. Why? I think having unstructured time and wanting to do things with my family makes it easy to go off the rails of my budget.

Dr. Penny Pincher gives some advice on how to stay on your budget during a weekend.

It is always better to set out with a plan. Do a bit of online research during the week. Try and find an activity that is either free or doesn’t break the bank.  A new park or nature walk: let the kids run off some energy. Go for a short drive to a new neighbourhood and get some ideas to spruce up your own curb appeal at home. It can be as simple as getting a coffee or an ice cream from a buzz-worthy new restaurant.

Get a break with no budget

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If you feel the need to get out of your environment for more than a day, you can start planning ahead for an annual holiday without breaking the bank. Renting out your property for short accommodation on a platform like Airbnb could negate some of your costs or you can go for an outright exchange like a house swop. Whatever you do, don’t blow your budget for a short break. Getting back on track will be harder in the long run.

If you have managed to blow your budget, don’t let it get out of hand. Cigno Loans can help. Find us on Facebook at https://www.facebook.com/cignoloansau/

Mom and daughter learning about saving

Parents Teach Your Kids To Invest In Their Piggy Bank

August 7, 2017
Budgeting 3

Parents have the sometimes daunting responsibility of teaching their children how to manage money. At a young age, this usually involves saving pocket money to buy something they really want. Once kids understand the concept of money and saving, you can take it a step further and broach the subject of investment. It does not have to be overwhelming, it can be fun, according to Marissa Schulze playing games like Monopoly or Monopoly Junior is a great starting point.

“Your children will have fun while learning that they more money they have invested in property, the more rental income they will receive and the easier it is to become wealthy and win the game,” she said.

Parents Teach Your Kids To Invest In Their Piggy Bank

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You should teach your younger children about using cash as money has become invisible, money is a debit card and we’re not seeing money in notes as much anymore.

You can divide their money into three categories, spend, save and give. This teaches them to be responsible with their money and to be more involved in helping their community. Scott Pape uses the ‘jam jar’ approach to make the process easy to understand.

Discuss where and why you invest in certain portfolios with your teenagers. If they show an interest in following the share market you can discuss possible future investments and keep track of certain shares regularly. This way you ensure they are educated to make the best possible investment choices for their savings.

Follow Cigno Loans on Facebook: https://www.facebook.com/cignoloansau/

Financial Expert

5 Top Financial Experts to Pay Attention to

August 2, 2017
Budgeting 1
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 financial goals – no matter how personal or unique they are. That’s why we have financial experts.

There are people out there who have dedicated their lives to helping people achieve financial freedom whatever their path. And they all offer different methods for doing just that.

Want to know if there’s a pro out there who is right for you?

Check out these five financial experts:

Dave Ramsey – Eliminating Debt

Dave Ramsey first got into personal finance in the 1980s when he dove into the foreclosure real estate market. His portfolio was worth around $4 million.

Then, he lost everything.

After working his way up the financial ladder only to tumble back down, Ramsey knew he had to start over. He also knew he had to do things differently.

Today, Ramsey runs a popular AM radio show and has authored several popular money books. His message is consistent throughout: avoid debt.

His status as one of the top financial experts lies in that his advice is simple to understand. But it is also a fundamental part of money management. Essentially, he provides great advice for those who need help turning their lives (and finances) around.

Ramsey hates credit cards and prioritizes paying off debt above anything else. He advocates for putting aside a $1,000 emergency fund, forgetting about retirement, and then going hog wild on any debts incurring interest, starting with the smallest balance first.

Essentially, he argues that once you’ve eliminated all your debt, you’re free to save for all kinds of other things.

So, if you maxed out a few credit cards in your youth (or adulthood) and need to figure out how to pay off that high-interest debt, Dave Ramsey is your man and the debt snowball is your plan.

Grant Cardone – Adding Income Streams

Grant Cardone is a professional sales trainer with a unique message for his followers: spending and debt aren’t a big deal.

His trick? Simply make more money.

Cardone is a big believer in potential – earning potential. The best way to deal with the expenses associated with daily life is not to minimize debt or whittle your household budget down to next to nothing.

Instead, those looking for financial freedom should aim to catapult themselves into the high-earner category. You know, the St. Barth’s at New Year and Martha’s Vineyard in the summer crowd.

His perspective on spending is different from most other money management gurus, but Cardone knows what he’s talking about. He’s currently living his own advice.

Cardone used his own finances and traditional bank loans to snap up $350 million in multi-family residential real estate across the United States. His real estate side-hustle provides him with enough extra income to own and maintain a Gulfstream G200 private jet.

Check out Cardone on social media to see into the life of one self-made multimillionaire and grab some inspiration for a side hustle of your own.

Gerald Celente – Surviving Financial Apocalypse

Gerald Celente is the economist best known for forecasting and managing trends.

What does that mean? He reads current events and analyzes them (without political bias). That analysis is used to see into the future – the financial future.

Celente looks for the warning signs that signal upcoming financial meltdowns.

He’s the one who got you interested in the subprime auto-loan bomb poised to damage the American economy.

He’s worried about the threat of war sending gold prices through the roof and the imminent collapse of the financial markets because of the humungous debt.

He worries a lot.

His forecasts are not filled with rainbows and sunshine. But they are of use to those who want to future proof their finances in the event of another economic crisis.

Chris Hogan – Preparing for Retirement

Chris Hogan is a member of the Dave Ramsey team. His mission? To prepare Americans for a long, relaxing retirement.

Speaking as a former banker, Hogan says those looking forward to retirement need to consider what kind of retirement they want to have. He and his team developed what they call the R:IQ – or the Retire Inspired Quotient.

The goal is to help anyone thinking about retirement – at 30 or at 60 – figure out what they want from retirement. Once you know what you want, it is far easier to transition into actively planning and saving for it.

Hogan doesn’t want you to throw a random amount of money into a retirement account and call it good. He wants clients and readers to get what they want out of their retirement years whether that means living frugally or finally splashing out.

Chris Hogan’s advice is ideal for anyone who is ready to start thinking about the future they want whether you’re 35 or 65.

Tony Robbins – Creating a Mindset for Success

Tony Robbins is a financial coach, but he’s also a self-proclaimed life success coach.

Rather than bad-mouthing credit cards or focusing on trimming your budget, Robbins wants to help create mindsets prepared for success.

That means he wants to talk about more than numbers. Robbins is also interested in helping you develop the mindset required to make changes to your financial situation.

Robbins offers a series of mind development tools that allow anyone to better prepare themselves as a whole and support financial success. He talks about dedicating time to reading, giving back, asking the right questions, and learning to visualize your goals.

Effectively, Robbins offers a more holistic view of personal finance centered on personal responsibility.

Robbin’s advice is great for people who know the basics of personal finance, but who need to alter the way they think to match what they know.

There is a financial expert out there for everybody regardless of age or financial goals. There’s no need to blaze a new path when you can take the most lucrative road available.

Have you thought long and hard about your own personal goals? Have any tips you’d love to share? Let us know in the comments below.

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5 Credit Hacks to Lower Your Interest Rates

July 26, 2017
Budgeting 5
Are you having a hard time making headway on your principal and just paying interest? Here are 5 credit hack to lower your interest rates.

Are you having trouble with interest?

This might surprise you, but lowering interest rates is actually much easier than you think. While it takes some effort and a bit of persistence, you too can make your credit care interest much easier to manage.

If you’ve been struggling to pay your interest back, or if you need a break, here are five tips to help you lower your credit care interest.

Try a balance transfer.

This simple solution is an easy way to lower interest rates.

Basically, what you do is you take your balance from a high-interest credit card, and move it to a low-interest one. This will help you pay off the interest faster.

There are several 0% balance transfer options available for people looking to improve their interest rates.

Of course, there is sometimes some fine print when it comes to transfer fees. You will have to do your research when it comes to figuring out the transfer option that’s right for you.

In general, though, this is a great way to get a lower interest rate on your credit cards.

Obviously, this will involve switching companies, so if you’re looking to stay loyal to a certain bank for whatever reason, this probably isn’t the right option for you. Luckily, there are several more things you can do to improve your interest rates.

Improve your credit score.

A lot of banks will be willing to provide lower interest rates to you. But first, you need to improve your credit score.

This will help to make you eligible for lower interest rates because you’re seen as more responsible.

But you might be wondering how you can possibly fix your credit score when you can hardly keep up on your interest rates. It seems like a losing battle, doesn’t it?

Luckily, there are several simple steps you can take to lower your credit score, including:

  • Keeping track of your charges
  • Thinking long term
  • Having a written budget to stick to

If you find that you have bad credit, there are probably some bad habits you need to break. We’ve talked more about that — and how you can follow the steps listed above and more to better credit — before.

If you want to take control of your credit, you can learn more here.

Apply for a new card between loans.

After a big purchase, like a house or a car, your credit score can suffer. And that means that you’ll wind up paying a higher interest rate if you get a new card in this time.

However, there is a way around this: apply for a new card right after the purchase.

This is because, after a purchase, there’s generally a bit of a lag between when you buy something and when the effects actually show up on your credit score report.

If you absolutely must get a new card, do it before the report is updated.

This will allow you to get the lowest interest rate possible because your credit score is much lower than it will be once it updates.

This is a great way to get the most out of new credit cards without having to worry about higher interest rates because of new purchases.

Ask what your friends are paying.

This is especially important if you have friends in the same bank.

A big part of getting lower interest rates is negotiating. And if you’re going to negotiate, you need the information to back it up.

Now, what do you think is more effective? “You should give me lower interest rates,” or, “Your client, who is roughly in my age bracket and has a similar credit score, has this much interest. I’d like to have a similar interest rate to them.”

We know which person we’d go with.

We know that it’s awkward to talk about money with friends. But this can ultimately be beneficial for everyone involved. Knowledge is power, so knowing how much your bank is charging other people can really help when it comes time to ask.

If you want lower interest rates, you should know what to reasonably expect from your bank, and this is a great way to get that information.

When in doubt: ask.

Lower interest rates aren’t just going to fall into your lap.

If you want your bank to give you a lower interest rate, you’re going to have to ask for it. Sometimes, you’re going to have to ask more than once.

You should be persistent, but also polite. Make sure that they know that you’d like to continue using their services … but that you’re also willing to go if they don’t make you an offer.

This type of negotiating will take time and effort. But in the end, it can really pay off.

You deserve to have an interest rate that you can live with. And banks want you to be able to pay off your things and love your life.

So reach out to them. Make it clear that the current system isn’t working for you. You’d be surprised by how willing they are to work with you to fix it.

Want more tips to lower interest rates?

Finance isn’t easy. A single blog post might not be all you need to get the help that you need.

Sometimes, even when you have the best of intentions, you just need a little help.

That’s what Cigno is here for. We offer short term cash advances up to $500.

These tips are great to help you for the long term. But in the short term, you need to pay off the interest rates you have now.

If you’re looking for a bit of extra cash to help you out, we’re more than happy to help you get that.

Of course, you should only borrow as much as you need to, and as much as you can repay. But if that sounds like you, we encourage you to use our services.

If you need a small cash advance, contact us today.

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5 Financial Apps that Will Show you How to Save Money

July 19, 2017
Budgeting 4
Would you like to take your money management on the go? Would you like cheap financial advice? Here are 5 apps that will show you how to save money.

5 Financial Apps that Will Show you How to Save Money

Saving money isn’t easy. Whether finances just aren’t your forte or you’re just learning how to manage them on your own, you probably have questions about how to save money.

While it seems simple, there’s a lot you need to take into account. Luckily, we have different apps to help you manage your money wherever you are!

Curious to learn how to save money in the digital age? Don’t have time to record your finances the old fashioned way? Maybe you’re just looking for some new and improved budgeting tools.

Read on. We’ve got all the answers you need.

How to save money the digital way

Gone are the days of paper and pen budgets. In today’s environment, you don’t need an accountant to help you learn how to save money.

Everything is digital, so it makes sense that budget and financial apps would go that route too!

If you want to learn to budget your money and save some, we’ve got 5 of the best financial apps available for you!

Mint

When it comes to learning how to save money, Mint is the ultimate budgeting tool.

Mint is highly versatile. It allows you to set savings goals, and it sends you daily notifications regarding your progress!

While Mint used to have a bill-paying feature, they’ve discontinued that recently in order to focus strictly on their budgeting app.

If you’re looking for an easy app to teach you how to save money, Mint is great because of how user-friendly it is.

It allows you to set up different budgets than the one that’s already pre-made. You can also use this to monitor the progress of each budget.

For instance, it can easily tell you that you’re spending more on gas or fast food than you intended. Once you look at that, you can figure out where you need to cut back.

BillGuard

BillGuard is a fantastic tool to help you learn how to save money. This app works twofold. One one hand, it helps you build a solid spending budget. Additionally, it helps keep your cards safe from any fraudulent charges.

BillGuard is super easy to use. This means you don’t have to figure out this app when you’re on the go.

The first step is to sync BillGuard to your bank accounts. It’ll be able to show you your entire balance. You’ll also get a peek at how much you’ve spent already this month.

If you’re used to dating apps, you’ll be fine with BillGuard. Swipe through the app to review all your transactions. This helps the app know that the charge wasn’t fraudulent.

If you don’t recognize the charges, swipe left. Then, BillGuard will take over to help guide you through the reporting process to get your accounts in order.

HelloWallet

Like a couple of other options on this list, HelloWallet offers you mobile apps and a desktop interface. Regardless of whether you’re at home on the road, learning how to save money has never been easier.

HelloWallet has a very simple interface, but it’s entirely secure – which is a must for any financial app.

This app boasts a read-only interface. This means that absolutely nobody can touch your money through this app – even yourself.

It also allows you to view your financial information all in one place. You can set goals and priorities, and you can take a detailed peek at your financial progress.

HelloWallet’s interface can also hold any and all financial info you have. It can track your income, checking and savings accounts, any credit cards you have, and investments. It can also keep an eye on your 401Ks, healthcare info, and more.

It stays up to date by streaming your information directly from your bank.

Since everything’s in one handy place, it lets you learn how to save money by picking out patterns in your spending habits. Once you analyze those trends, you can figure out which areas need work.

You Need a Budget

First things first, You Need a Budget is not a free app. However, it does offer a free trial for those who are eager to try it out!

YNAB takes an active approach to budgeting, claiming that the key to effective finances is just to make sure each dollar you spend has a purpose.

Oh, and you have to make sure this purpose is figured out before you actually spend the dollars.

YNAB is a very flexible app, letting you make changes to your budget when you need to. YNAB proposes that with a change of mindset and technique, it can be easy to take control of your finances again.

If you’re ready to learn how to save money and stop living paycheck to paycheck, You Need a Budget might be the app you’ve been looking for.

Level Money

Level Money is a unique app in that it helps you budget, but it also lets you know how much money you have left to spend.

This app helps you budget any spending essentials. Things like rent and the rest of your bills are handled and taken care of, and you’ll also get a target savings goal automatically.

Anything left over goes into your Spendable balance. This can help you save more money than you think.

If you’re going out, you can only really take your Spendable balance into account. Disregard everything else. Level Money tells you right off the bat how much money you can effectively spend.

Conclusion

Figuring out how to be financially independent can be a struggle. Millenials, in particular, tend to live paycheck to paycheck, but once you’re in that hole, it can be difficult to get out.

Luckily, the apps available on the market today make managing your finances an easy breeze. A quick check on one of these apps can help you figure out where you stand financially in an instant – and some of them can even help you pay any bills you have!

Have questions regarding how to save money and manage your finances? Contact us today!

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Misinformation: 5 Common Credit Card Myths

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 to get caught up in misinformation when managing your finances.

The way we use our credit cards is one of the biggest causes of misinformation out there. We’re myth busting and giving it to you straight, so you’ll know exactly where you stand and which myths you can ignore.

Read on to learn the common myths that you may have believed in the past.

The Most Common Credit Card Misinformation

As of October 2014, the Reserve Bank of Australia reported that there were more than 15 million charge accounts and credit cards. And credit card debt was heading close to $44 billion.

Big businesses are also investing more into the industry in Australia. IBISWorld reports that between 2010 and 2015, the industry had a revenue of $11 billion. Annual growth was also at 2.7%.

This is because consumers can get credit cards at department stores, supermarkets, and even while flying at 35,000 feet. That’s why it’s so important that people understand how their credit cards work. Here’s some of the most common misinformation:

Myth 1: You Should Always Carry a Balance

No one really knows how this misinformation became so popular, but it’s a big one. Many people think that once they have a credit card they can then buy things and pay them off over a period of time.

While this is possible, it’s not a good idea. Using your credit cards responsibly means paying off the balance in full each month.

This saves you interest charges, and will sometimes even give you interest-free days. Those interest-free days can be used when you make purchases the next month.

When you’re carrying a balance on your card, you’re losing money every month as you’re only paying off the interest. And if you are applying for credit elsewhere, you’ll have to declare the debt on your card and may look irresponsible to those lenders.

Don’t forget: If you fail to pay the minimum payment each month, you can be in huge trouble with your bank. You can expect to be charged fees for failing to meet your obligations. If you continue to default on your payments, your account will eventually be sent to collections.

Myth 2: Getting Credit Cards Hurts Your Credit Rating

The credit rating system works a little differently in Australia than it does in other countries. Unlike some countries, your credit rating usually isn’t common knowledge.

However, banks, mobile phone companies, and mortgage insurers will often check your rating. That’s why it’s so important that you’re being responsible with any credit you have.

Actually, a successful history of using credit cards is likely to have a positive impact on your credit rating. Your rating is made up of a number of different factors, including:

  • Types of credit
  • New credit
  • Length of history
  • The amount you owe
  • Payment history

Generally, the biggest attention is given to your payment history and the amount you owe. A good track record of paying off your balance each month will show a responsible credit history.

Successfully applying for a new credit card will help you generate more credit history, which is a good thing.

Myth 3: A Credit Card Equals Debt

Credit cards have gotten a bad reputation lately. There’s a lot of misinformation about healthy financial habits and credit card debt.

Some people automatically associate credit cards with poor financial habits and debt. This isn’t true, and people have credit cards for a variety of reasons including:

  • Airpoints
  • Financial backup
  • Flexibility
  • Convenience
  • To generate a credit history

The key is to manage your available credit well. Your credit limit is the total amount you can put on your card, but this isn’t a goal.

You may have a credit card that has a limit of $10,000, but if you’re paying it off in full each month, you have a period where you’re debt free.

Myth 4: Cutting up Your Card Will Fix Your Debt

For some reason, cutting up your credit card has become synonymous with dealing with debt. The actual action of cutting up your card doesn’t change the fact that you still have an open account and a balance on that card.

Cutting up the card will stop you from using it for any future purposes, which is great if you’re carrying a balance. But unless you actively pay down the balance, you’ll be getting a call from a collections company.

Once you’ve paid off your balance, cutting up your card can feel liberating. Just remember to cancel the actual account, otherwise, you’ll still need to pay annual fees.

Myth 5: Introductory Interest Rates are the Answer

There are now a number of 0% interest credit cards available. These can seem like the answer to all your problems- after all, you’re probably paying a big chunk of interest each month if you have a balance.

These can be a great choice if you’ve made a firm commitment (and a budget) and you’re ready to pay off your entire balance. But there’s a lot of misinformation about these cards.

Many people are unaware that these low rates are only for a short period of time. After your introductory period is up, you may even end up paying higher rates than you were with your old card.

Transferring your balance to another card can be a good option, but only if you have a solid repayment plan. The goal should be to have your balance completely paid off within that time period.

You also may not be able to transfer your entire balance. Some credit card issuers will only let you transfer a partial amount of your credit limit. This can range from 80%-90%, and that would mean you would have two credit cards to pay off.

It can also take some time for credit card companies to transfer your balance between them. It will often make more sense to simply focus on paying a large chunk off your balance each month.

Are you surprised by any of the above myths? Have we busted any that you were unaware of? Let us know in the comments below if you’ve been caught out by any of this misinformation!

 

 

 

 

 

 

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