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Benefits & Disadvantages:
If you are struggling to pay the FULL monthly instalments on ALL of your accounts, you probably require Debt Counselling. The Debt Counsellor will advise you on whether you qualify or need it. Debt Counselling may not accept an application, if you are clearly not over-indebted.
  • Debt Review protects you from legal action and repossessions, if you act in time.

  • It also gives you immediate relief from “heavy instalments”. From the first month, you will be able to have sufficient funds to pay your living expenses and make a payment to all your creditors. This will be possible even before the creditors accept the Debt Counsellor’s restructured payment proposal.

  • The Debt Counsellor will assist you in compiling a workable budget. 2nd Chance will do this for FREE. No more sleepless nights.

  • The Debt Counsellor will examine your accounts for overcharging on interest and fees. Tips will be given on how to generally save money. At 2nd Chance, our understanding and experience in the banking system should provide you with valuable expertise in operating your finances in the most effective manner.

  • You will no longer need to deal directly with your creditors. The Debt Counsellor will negotiate on your behalf.

  • You should no longer have to rely on credit to purchase essential items like food and clothing. These can be bought cash from the money available in your new budget.

  • Your Credit Bureaux record will be updated to reflect that you are under Debt Review. This is to ensure that you do not obtain further credit. Remember that this is ultimately for your benefit. After Debt review, your credit bureaux record will be cleared of all information relating to your debt review.

  • You will not be able to obtain further credit, while under Debt Review. This will prevent your financial situation from deteriorating. More debt does not solve your problem. It only prolongs it and places you in a worse position. The bigger the debt, the bigger the problem!