Hi,

You have to at least settle 3 months minimum payment first. Normally the bank will appoint a solicitor to handle the bad debts (when the recovery dept has tried numerous attempts to collect it). Check your latest monthly statement, it will show the minimum amount payment due for 5 months. Pay it. If you keep on delay it, all the related charges for the appointment of solicitor will be solely borne by you.

It's compounding interest method, that means the snowball will grow bigger and bigger. Opt for AKPK if you really have no choice to negotiate with the bank. They will help u to contact the bank and restructure it to term loan of 3-5 years.

Thanks for the info.
But right now they cannot given me any time line.
I had to settle it by today otherwise i will kena the summon which cost me RM3500. No tolerate or discussion at all..
At least i need to wait until 1st of August only i able to settle it..
And this thing has alerted my HR..

Oh... So that means the bank officer called ur office as well... Sigh... Call the collection dept of MBB, try to talk to the higher ranking officer, eg senior / manager. Ask them for extension or else, you have to opt for AKPK. Normally, they will tolerate cos AKPK will bargain with them for a lower rate and settlement amount. AKPK is under the control of BNM.

Try ur luck...

Already do so..but the so call highest ranking person in charge was acting kinda rude, no tolerance given at all. Just ask me follow whatever procedure, pay by today or get your summon. No tolerance at all !!

I might get some advise on AKPK, but problem is after today, i will be receiving the lawyer letter, will AKPK still able to help on this ?
Because they said i need to settle it at Court already.

Sure. Even with all the added-in charges, they will still help. But you are required to go for a counseling class organised by AKPK.

i read some comment from other user online, is it true that after applied AKPK, u will getting very hard to apply any loan in future even you finish settled everything?

It's quite true. In fact, if you do not applied AKPK. You will still get rejected if CTOS blacklisted and summon issued. Or CCRIS payment is recorded for 3 times overdue or more...

It makes no difference. As long as you have the full settlement letter from the bank (normally after one year) they will reconsider to accept your application

Hi CCVV,

I have roughly gone thru what busted posting so far. I'm having similar situation but it is just that my loan is going to arrears in 4 months total. my total loan and cc is about rm120k. However, I have dropped by AKPK and submitted what ever is necessary. What surprised me is that the officer advise that I need to take about 10 years to fully settle my loan with rm1.2k per month. Lets say I engage their services. Below are few of my concerns:

- Do AKPK allow me to have early settlement of one of my loan if my financial are getting better?
- Will they recalculate the interest if I managed to settled one of the loan or CC?
- In what circumstances that they will declared me bankrupts?

Hope to hear from you soon and really dilemma or doing so.

Hi Simon,

Need some clear explanation from your side... Total loan of RM120k (cc alone how much, HP how much, HL how much). Normally, they will give u a few options (based on your current repayment capability) Cos they wont ask you for 5k a month to settle it within a shorter time frame...

Well... Even if you make a full settlement earlier, rebate of interest is not possible. Cos AKPK is helping you to negotiate with the bank. When you opt for AKPK service, all the miscellaneous charges/interest are lump-in.

A FI (financial institution) will file a bankruptcy action when the debt is more than 30k.

As long as one's facility is still active with financial institution under BNM purview, then the MONTHLY UPDATED records on loan outstanding, line and repayment history will be there. Once one cancelled the credit facilities with no outstanding balance, the record will be removed on the next update submission by the FIs.

Loan application status will remain in CCRIS for the next 12 months from the date you apply.

So do not mislead on the "timeline".

Special attention is meant for accounts which FIs termed as "losses" i.e. written off from their loan books.
Restructured accounts does not necessary meant written off, hence will not necessary be tagged special attention. Restructured or reschedule is tagged with either T or C and still shows line and outstanding with repayment history.

AKPK on the other hand is tagged as K, also with the normal outstanding balance, line and repayment history.

Yes, early settlement will need to discuss with the banks separately. Once you have settled, your accounts is "settled" i.e. closed without outstanding balance, hence upon the next monthly update to BNM by the respective FIs, the record will no longer be there. Similarly for the question on once one completed AKPK, will it be hard to apply loan. Basically your CCRIS will have nothing to reflect if all the facilities are under AKPK previously and has settled. So depending on one's age; it will trigger FIs evaluation criteria wondering why a person of say eg 40 years old but without any loan facilities including credit cards. Each banks will have their own evaluation criteria but like I pointed out, it may raise concern.

Btw, bankruptcy min amount is RM30k debt. But heard the government might soon revise it to RM50k.

Since this is credit card, you will only go to court when they are filing bankruptcy against you. It is normal procedure for FIs to send letter of demands and summons to demand payments. It is also a must take action in the event in the future they are filing bankruptcy actions against you which they wil then proves to the court they have gone through all the legal demands and yet you as a borrower did not respond to it.

Nood question
If I have a bank account with debit card and I left it unused for many years without cancel it, will I be blacklisted either CCRIS, CTOS, or bank itself?since I didn't pay the annual card fee.

Nope. You won't get blacklisted... The card cannot be used, you need to apply a new card. If you do not activate your SA for a long time, the account will be inactive. The balance in the account will go to BNM as "unclaimed monies" after 7 years of non-active status

icic. Thanks for the info

Hi
I always heard of reschedule and restructure
Actually whats the difference ya.?

Does anyone heard about CTOS App?

1 question if i have a supplementary card does the debt or monthly repayment reflect to my record or just my principal?

Yes, I used it. Used it to register for CTOS.

Principal only.

Hi,

CTOS has this online system whereby we can register ourselves to check our status. Is it a good practice to register and check to make sure our records are updated or just leave it till it requires ? Kindly advice.

Thanks