Help Strange Fungus

Not sure what it actually is, I thought it was a white hair algae. It comes up on my filters rarely if I have dead or sick snails, and as the loaches are currently getting fat off a slight pest problem, it was a lot. It so far got about 3cm long, I figured it's just algae and ignored it until it started spreading, which was unusual. So when I took the sponges and infected stuff out of the tank, into a bucket of tank water, I discovered if you started squeezing it off the sponges it gives off an awful indescribable smell. As it could be toxic, I decided to quarantine the filters out the back in a bucket. I plan on cleaning the filter itself and replacing the sponges imediately. I've left the filter that keeps the tank cycled in, however, and have decided to fast my fish and leave the lights off for a few days. Could this help with the fungus? I can get treatment for it tomorrow, and I know my tank can go without its filters for tonight. I'm letting the powerhead dry out completely for the main filter. What else can I do, and does the horrible smell indicate possible toxins? My mum has a compromised immune system, I can't get anything bad in the house. It also left a smell in my room from the tank today, like raw meat. I have the window open for obvious reasons despite the freezing cold.

Forgot to mention, can't get pics, sorry. It was tapered, looked like very soft hair. Definitely not hydras or anything like that. Very high current tank. I have access to hydrogen peroxide. It's a 60 gallontank with a slightly off cycle since I've been having trouble getting a hold of bottled bacteria since the snails moved in, thank god they're nearly gone.

 

Just tested, waiting on results but can already see the ammonia has tanked... The cycle is dead. I'm screwed. May as well just buy new filter media. I needed more purigen anyway.

 

Oh god the ammonia is 2 ppm, PH is 6, Nitrites and Nitrates are both 0. Seems it must have crashed overnight from that fungus/algae... I'll make sure the filter media gets a proper clean and get some fungal killers tomorrow, as well as some bottled bb. Any ideas on what else I can do, aside from restricting light and feeding?

 

Oh god the ammonia is 2 ppm, PH is 6, Nitrites and Nitrates are both 0. Seems it must have crashed overnight from that fungus/algae... I'll make sure the filter media gets a proper clean and get some fungal killers tomorrow, as well as some bottled bb. Any ideas on what else I can do, aside from restricting light and feeding?

Post pictures, keep in mind the fungus may have been created FROM the cycle crash and not have caused the crash as you think.

 

Been to pet shop. It's been identified not as fungus, but a white varient of blackbeard algae. Problem still stands, but got beneficial bacteria. letting filter media dry out in extreme cold overnight.
edit: Also, the crash definitely happened only last night or this morning, when the algae blocked my filter from working. It was growing explosively and appeared over just 4 days. The tank conditions were perfect for my Elodea... ;-; Which is now riddled with holes and getting covered in algae.