Debt Collectors

It’s quite risky for most borrowers to take on a payday loan, even by reputable companies like Fair Go Finance because of the interest rates and terms.

All across Australia right now, people are going deeper and deeper into debt. It’s a cycle that continues to plague us each and every single day.

Our audit and review of Fair Go Finance does reveal that while they are genuine, the dodgy nature of payday finance might lead to a dangerous situation.

Let us tell you why.

Fair Go Finance Review

Something that we see time and time again is the attractive marketing that these companies use. “You can get cash in 5 minutes with us. Apply now!”

Well, perhaps not to that extreme, but you get the point. Fair Go Finance does legitimate advertising campaigns which are evident of their high reviews and expectations for clients.

This doesn’t excuse the big problem: The interest rates. Expect to be hit with high interest rates around 30% if you decide to run with them.

That’s a highly profitable business model. Imagine getting 30% interest from a bank on your savings! Never going to happen.

Not only that, but they expect that some of their borrowers will default on their repayments. So what they do is put penalties in place to make additional profit.

This is sounding like a lucrative business model. And it’s true that there are payday loan shops all around Australia doing exactly that.

They target people in vulnerable times who are doing it tough. Now, the good news is that they need to assess if it’s going to cause financial hardship for the individual and can deny a loan application, as they have numerous times.

For that reason, we do rate them higher than most other short-term finance providers across Australia. It doesn’t excuse the fact that this is a profitable enterprise for them.

Making sense of payday lending

It doesn’t make much sense for most people to take out a payday loan when you consider the bad deal that you’re entering.

But we assure you that it makes perfect cents for the lenders. Dollars even, thousands of them! A very profitable business that’s making millions.

The interesting part is that they keep re-lending the same money over and over again. So the extra money you pay back will be re-lent where they can make 30% more interest.

And around it goes. They have an upward spiral while you have a downward spiral.

This is because you might be taking that payday loan to pay for a credit card debt or car loan, which is perhaps the worse thing you can do. It’s basically financial destruction.

Where Fair Go Finance could work

Let’s say you had a genuine cash emergency. You could ask your friends or family but that feels a bit embarrassing, doesn’t it?

Fair Go Finance can help you with a short term cash loan with the funds typically sent the same day.

Some good examples include:

1. You finally got that job you wanted but you need a car to get there.
2. Your teeth hurt and you don’t have insurance, so you need to get it fixed today.
3. Your pet rabbit has a sore leg and you need to take it to the vet.

Okay maybe #3 wasn’t so realistic, but you get the point.

Fair Go Finance debt collection

Have you just been contacted the debt recovery agency representing Fair Go Finance? They have probably sent you a letter or text message that says “Please contact us immediately” – Take this as an official warning that you have obligations.

Now you will be hit with penalties because you didn’t pay this on time. That’s on top of your already sky-high loan interest (30%). It’s totally unfair!

The Debt Free Community answer

If you’re being hassled by any of the rude debt collection agencies in Australia, then we can help. Simply get in touch with your details, because we’d love to show you a new way forward.

We can simply:

1. Talk to the nasty debt collectors for you.
2. Work out something that is a good plan.
3. Help you in sleeping more with less stress.
4. Stop your phone from ringing all the time.

It’s really that easy!

In summary

We believe that Fair Go Finance is one of the good guys in the industry. However, the borrowers themselves are often setting themselves up for more misery.

If you’re in financial hardship already, then a payday loan is perhaps the worst thing you can do. Talk to your existing creditors for a payment plan or speak with Centrelink. You can also talk to the National Debt Helpline.

At the same time, consider speaking to us as well. Our team can assist you during these troubling times by talking to the debt collectors.

We’re looking forward to helping you get on with your life.

So you’ve started to get what feels like nasty phone calls, SMS text messages and even letters of demand from MyFi Payday Loans regarding your debt obligations.

This is scary, isn’t it! When all seemed well, and now you’re in financial distress. Our 1st recommendation is always the National Debt Helpline for support.

On the other hand, these issues can be resolved quite easily by speaking with the debt collector themselves. Our recommended team can also step in for you. ?

So if you’re being chased by MyFi / Cigno by their debt collectors and you don’t know what to do, then read this very helpful article today!

MyFi Loans (Previously Cigno)

These guys provide Pay Day loans to thousands of Australians each year. You know – when you’re a bit short on cash, you can simply jump online to fill in some questions and (hopefully) get approved for finance.

If you read the reviews, most people are less than impressed with MyFi or their previous name ‘Cigno Loans’. The thing is: They can’t approve of everyone, though they do the best they can!

On the other hand, they can be a bit aggressive when you fail to pay or meet monthly obligations. Truth be told so are just about every other financier and debt collector in Australia.

So MyFi/Cigno Loans can’t be all things to all people. They just do the best that they can.

If you’re being chased by their debt collectors, the best thing to say is “Ok.”

This is an acknowledgement of your debt obligations. Ignorance isn’t bliss here.

You need to be proactive if you’re at the stage of the process already.

With that in mind, let’s dig a little deeper at some of the issues here.

Cigno Loans Short Term Lending

ASIC currently has their cross-hairs on MyFi based on their extreme Pay Day lending practices. They were previously known as Cigno. More details here.

In some instances, loans balloon up to 1000% of the original loan amount. Their fees are quite substantial and in our opinion at The Debt Free Community, quite unfair as well.

We like that ASIC now has Product Intervention Powers to help consumers through these troubling times. The short-term financing market brings with it the sharks.

The last thing we ever recommend is taking out a small loan…or even a loan of any type! Because living a Debt-Free lifestyle is the best thing ever.

But there are times where you might want to, such as a car or home loan. Always read their Product Disclosure Statement when applying, including additional fees you’ll be up for.

Let’s jump into some common questions:

Are they a scam?

No – MyFi isn’t a scam. They are an Australian Pay Day Loan specialist who is being monitored by the Australian government right now. Their practices of significantly increasing added interest to the borrower is bordering the lines of a legit business practice.

Do I have to pay up?

Yes – in most instances, when you borrow money, you’re obligated to pay it back over time. This is how financing works. The thing is though, you may be able to claim financial hardship and speaking with the National Debt Helpline is a good idea in most cases.

Why are there so many MyFi complaints?

Cigno Loans has recently moved into MyFi but they are still effectively the same company and reputation, with many bad reviews online. People just aren’t happy with their loans being jacked right up, well beyond what is reasonable to pay. This is the Pay Day lending market after all.

Can I just ignore them?

Sadly – no. You cannot just ignore them as this often makes it worse. Talking to them or the National Debt Helpline is a good idea. Likewise, you might also wish to leave your details here so our recommended team can talk to MyFi so you don’t feel awkward.

How can you help?

Many people are truly afraid of talking to debt collectors like MyFi. Thoughts of an angry person on the phone are common.

We created The Debt Free Community as a marketing company to help everyday Australians with their struggles towards debt mediation through our recommended service.

In summary

If you’re being chased by MyFi for your pay day loan that you’ve missed payments on, then you’ll have to really take action today. Our 1st recommendation is the National Debt Helpline.

Following that, speak with MyFi themselves if you’ve received a phone call or text message. They will stop those nasty letters of demand.

We can also help, though in most instances, the two options just mentioned are often better for Australian families doing it tough.

If you’re being chased by debt obligations by Complete Credit Solutions, then pay attention! We’ll share how to stop them from harassing you today!

This is an Australian company whose main gig is debt recovery and that entails phone calls, text messages and letters of demand. This can go on for months on end!

If you’ve borrowed money and you haven’t repaid, then this could be YOU that they are chasing. Truth be told…that it’s sort of hard to run now. In this article, we’ll show you why.

Complete Credit Solutions

Just imagine a whole bunch of people crowded around an office. Their main aim is to call up people like you all day long and demand payments for overdue debts.

It’s not a fun work environment at all, but it’s exactly how they make their profits. They’re driven and eager to get their debtors (yourself) paying all that overdue interest.

Complete Credit Solutions is a well known Parramatta-based debt collection agency. They often buy up debts in bulk for cheap in the hopes of recovering them.

The thing is, if you’re in debt, then the National Debt Helpline is always there for you as a resource. On the other hand, you could also talk to Complete Credit Solutions too.

Some people have even engaged our recommended service so you don’t need to talk to them yourself! ? It’s FREE to have an initial chat over the phone.

Either way – you need to act NOW. This is serious stuff. If you ignore it, it is only going to get worse, long before it gets better.

If you read the reviews, most people aren’t too happy with the conduct of Complete Credit Solutions. Their complaints are in the dozens, but if you do have an issue, then the best way is to address it to them personally.

With that out of the way, let’s look deeper.

Can they go through my social media?

Yes – they certainly can! Australian debt collectors are notorious for stalking people’s social media accounts, including Facebook and Instagram. It gives them all the information they need! They can see that you’re spending money…so you’ve got money to pay back your overdue loan or credit card. It’s probably too late to close your accounts…the damage has already been done.

Complete Credit Solutions complaints

The main complaint that people have is that their staff can be rude and won’t listen to your stories about job losses, car broke down or the cat got sick. Their main aim is to get you paying back the debts that you owe right away! However, they do have a formalized complaints process.

What happens if I don’t pay?

Oh – it gets worse! Often a lot worse. They just won’t “forget about it” magically. See – they have your address, both home and work. They have probably found your boss on social media too, plus your friends and family. Often they start contacting these people too. It’s embarassing! Don’t run from these problems.

Why aren’t there many reviews?

This is a newer company where it takes time to compile Complete Credit Solutions reviews online. Also – they are a lot smaller as a debt recovery company, dwafed by some of Australia’s giants like Credit Corp and ACM group. Wait 1 to 2 years and you’ll start to see some on Product Review and on other sites.

Can I write them a magical letter?

This stuff often doesn’t really work. You just waste time and the debt just gets bigger (More interest, more fees, longer to pay back etc) so those magical letters aren’t really effective. You can write them a letter stating your challenges right now and maybe, just maybe…they might be willing to hear you out.

I want to ignore the phone calls and text messages

We wouldn’t recommend that approach at all! If your phone or mailbox is clogging full of demand letters and messages from Complete Credit Solutions, then you need to address this. There is obviously a serious problem here. Getting in touch with them or the NDS is a great approach.

How can you help me?

The Debt Free Community is a wonderful resource and we’ve partnered with a great company who provides FREE initial advice over the phone. See – they can talk to debt collectors on your behalf FOR YOU…so you don’t have to get the fear and anxiety.

Resolving with Complete Credit Solutions

We recommend proactiveness right now. It isn’t a time to “think about it” – you need to do something RIGHT NOW. Debt recovery and bankrupcy in Australia is serious stuff and Complete Credit Solutions doesn’t muck around.

You know this already – they’re contacting you every week, right? Very proactive.

It’s time to sit up and pay attention. If you need someone to talk to them on your behalf, then get in touch today!

If they are harassing you, then it’s best to chat to CCS directly.