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We are writing to you regarding your credit contract following a review undertaken by Aspire42 to align the way interest is calculated with regulatory guidance.
As part of this review, interest is now calculated on the unpaid balance (diminishing value) of the loan rather than as a fixed amount. This means that interest reduces as the balance is repaid.
Your contract has been assessed under this remediation process. Our records also show that your account is currently in arrears due to missed repayments.
Taking into account both the remediation outcome and the current status of your account, Aspire42 is offering you an opportunity to resolve your contract by way of a settlement amount.
FAQs
We sent you a Notice about an important update regarding your debt that has been assigned to Identifier Analytics. This Notice was for your information only; no action is required.
This page provides more information about the changes described in your notice.
As a reminder, your account was transferred to Identifier Analytics on 25 February 2026. Identifier Analytics is now responsible for managing your account.
Following a review of transferred accounts, we identified that the interest calculation method needed to be revised such that interest is calculated on a diminishing value basis instead of using a flat rate method. This means your interest payments will reduce over time as you make periodic payments.
Adjustments have also been made to your contracted payments to reflect that the amount of credit used to calculate the Annual Cost Rate of contracts, per the National Consumer Credit Protection Act 2009, is the price at which the credit provider purchased the products and should not include any margin charged.
Where these adjustments have resulted in a reduction to the remaining balance of your account, a reduction to the periodic payment has been applied to your account.
The adjustments outlined above reflect standard industry approach, and for most customers has resulted in a reduction in their periodic repayments.
The notice we sent you specifies the changes to your repayments in the table – your re-calculated outstanding balance and repayment instalments are set out in the “After Review”. For most customers there is a reduction in repayments; for a small group of customers the repayments will stay the same.
As interest is now calculated on the unpaid balance of your loan rather than a fixed amount, this means:
- If you pay down your loan faster, you will pay less interest.
- If payments are missed or delayed, you may end up paying more interest because the unpaid balance remains for longer.
No action is required, unless you want to payout your contract early. If you have any questions, please contact our team.
Still have a question?
If you are not satisfied with how we have handled this matter, you can use the Contact Us form on this page to raise a complaint. We encourage you to contact us first so we can review and attempt to resolve your concern.
If you are not satisfied with our response, you have the right to contact the Australian Financial Complaints Authority (AFCA):
Website: www.afca.org.au
Email: info@afca.org.au
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority, GPO Box 3, Melbourne VIC 3001
Identifier Analytics Pty Ltd | ACN: 130 102 411 | Australian Credit License: 402033
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