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> AKPK, debt issue, anyone got a question to ask them?

keii-kun
post Feb 14 2009, 09:23 AM

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inspiron,

one thing to consider. AKPK will only help you ONCE in your lifetime. If they help you now, they cannot do it again in future if you stuck in deep debts. This is what I heard from the briefing conducted at my office.

it is more like last line of defence before bankruptcy. a visit to AKPK would never hurt, as long you are well informed on the decision you are going to make.

well, i'm not making it scary to go to AKPK, but it is nice to see your monthly minimum RM3,200 (must have been multiple cards) to RM800/month.

regarding the difficulties of applying loan/cc after your settled your AKPK, you might want to double confirm with them. I believe it depends on the bank's risk rating on you, not because you was saved by AKPK before.
PenangKia2009
post Feb 17 2009, 09:43 AM

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I'm with AKPK prog now. AKPK only help to settle credit cards/personal loans but not car/home loan. I owe RM65k to 5 credit cards and AKPK help to merge all debt as one with 8% interest. Total upto RM94k...Paid RM520 for 2 years and cont RM880 from 3rd to 10th years. There's no choice, need to agree or else get bankrupt.
So regarding the blacklist, i'm not but AKPK will advise you not get any loans to reduce your debt burden.
b00n
post Feb 17 2009, 11:14 AM

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QUOTE(PenangKia2009 @ Feb 17 2009, 09:43 AM)
I'm with AKPK prog now. AKPK only help to settle credit cards/personal loans but not car/home loan. I owe RM65k to 5 credit cards and AKPK help to merge all debt as one with 8% interest. Total upto RM94k...Paid RM520 for 2 years and cont RM880 from 3rd to 10th years. There's no choice, need to agree or else get bankrupt.
So regarding the blacklist, i'm not but AKPK will advise you not get any loans to reduce your debt burden.
*

In your 10 years period with AKPK, no banks would be lending you any money. Sad but that is the hard cruel fact.
So if you have the money power; I would suggest re-negotiate with AKPK to do a full settlement as soon as you're able to do it.

Liew2020
post Feb 17 2009, 01:48 PM

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Looking for debs deduction tool to lower down my credit card debts and spending characteristic.


mtsen
post Feb 17 2009, 01:55 PM

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tool ? perhap the tool is within yourself ... contact

http://www.akpk.org.my/

otherwise read some finance blogs smile.gif
PrinceCaspien
post Feb 21 2009, 06:57 PM

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QUOTE(PenangKia2009 @ Feb 17 2009, 09:43 AM)
I'm with AKPK prog now. AKPK only help to settle credit cards/personal loans but not car/home loan. I owe RM65k to 5 credit cards and AKPK help to merge all debt as one with 8% interest. Total upto RM94k...Paid RM520 for 2 years and cont RM880 from 3rd to 10th years. There's no choice, need to agree or else get bankrupt.
So regarding the blacklist, i'm not but AKPK will advise you not get any loans to reduce your debt burden.
*
that means you might get be able to apply for loans from banks even if you under apkp? or do they mean ah long?
inspiron
post Feb 22 2009, 12:27 AM

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QUOTE(PrinceCaspien @ Feb 21 2009, 06:57 PM)
that means you might get be able to apply for loans from banks even if you under apkp? or do they mean ah long?
*
QUOTE
So regarding the blacklist, i'm not but AKPK will advise you NOT GET any loans to reduce your debt burden.

I think you miss the word 'not'
You can get no more loan from any gov institution while under AKPK. Dont mess your life with ah long. Their interest is not in black and white, they simple raise their % and its not negotiable

I got another friend doing AKPK soon and the % they quote him is 8%pa. So high rclxub.gif
Anyone else doing AKPK, pls share with us your interest rate as I heard its not the same for everyone. Those who quote from their friend's friend, please ask them to show you their white and black as people can say a lot of things. I heard last time rumours that AKPK can give 0% interest. Now I dont believe liao

I will try to accumulate all trustworthy feedback from you guys and update the 1st page soon. Bare with me.
scaygoo
post Feb 24 2009, 01:38 AM

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AKPK help negotiate with the bank, for me to pay at least $100 a month. CC debts totaling to 6k++ after this i need to deal straight with the bank. Now awaiting the bank to send me the papers. Will update how much the interest they gonna charged me.
kennywan
post Feb 28 2009, 11:50 AM

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Most probably is on 8% pa. This is the standard rate given by akpk.
Xanny
post Mar 1 2009, 03:38 PM

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not all are really 8%. My friend started it last december and hers is only 7%.

I went for the briefing with her. there's pros and cons lar using akpk service. The pros is, u will be capped with a fixed interest rate and will not increase anymore even the bank CC interest increased or even ur salary increase.

The cons are u will not be able to use cc anymore and getting loan will not be approved as long as u r with akpk programme but u can do so after u haf done with the payment. But actually i see not using cc as a good practise. cc sometimes really put ppl in deep shit....

In fact, if u haf no other option, going to akpk for solution is not that bad...
adreina
post Mar 9 2009, 07:33 PM

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My brother being enrolled into AKPK Program since last year.... Total Credit card and PL loan debts accumulated around RM54k. All da while he been paying minimum payment and due to some problem of his job, he not managed to pay anymore and seek help from AKPK.

Is been paying for AKPK about 14 months of RM1k monthly. I felt the pain of this and decided to help him clearing off the settlement. My question is, if i wanted to fully settlement for those debts, is that possible to get some discount or reduction from the bank.

Let say rm54k, been paid rm14k.. should be more or less left RM40k. So if i discuss with the bank, do you think with 30k i can fully settle it?
aaronixx
post Mar 17 2009, 11:20 AM

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Nope. The debt cannot be reduce. If your loan is 40K, means you will need to pay 40K. AKPK can only prolong the payment period and reduce the interest. Even if you negotiate with bank, I not sure if there any bank in the world would like to reduce your debt with them.
atake
post Mar 17 2009, 12:15 PM

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The bank can actually.I am working with Recovery Dept before.Let say your principal RM30K + interest RM10K.Total RM40k.Anything that above the principal amount is a good proposal.Bank are willing to waive the interest part but you must know how to bargain and propose.I manage to get my customer to get a waiver of more than 200K for his housing loan.The total loan amount is roughly RM1.3Million.Credit card is also the same.It up to the bank to give a waiver or not.
adreina
post Mar 27 2009, 03:24 AM

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QUOTE(aaronixx @ Mar 17 2009, 11:20 AM)
Nope. The debt cannot be reduce. If your loan is 40K, means you will need to pay 40K. AKPK can only prolong the payment period and reduce the interest. Even if you negotiate with bank, I not sure if there any bank in the world would like to reduce your debt with them.
*
I read from the AKPK website abt the testimonial.... even got ppl able to reduce from 200k+ to 30k... almost 90% ler.... But i m not that greedy la!

QUOTE(atake @ Mar 17 2009, 12:15 PM)
The bank can actually.I am working with Recovery Dept before.Let say your principal RM30K + interest RM10K.Total RM40k.Anything that above the principal amount is a good proposal.Bank are willing to waive the interest part but you must know how to bargain and propose.I manage to get my customer to get a waiver of more than 200K for his housing loan.The total loan amount is roughly RM1.3Million.Credit card is also the same.It up to the bank to give a waiver or not.
*
I don't know what is the principal and what is the interest is. Swap pay swap pay... then pay, pay, pay... but the interest keep increasing...

Eg. Swap 10k, minimum payment rm500. then interest rate 1.5% based on RM9500. Keep on pay minimum...so how it counts??? And for personal loan, let say rm10k, paid for 2 years, rm5000... so what discount can get?


b00n
post Mar 27 2009, 10:00 AM

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QUOTE(adreina @ Mar 27 2009, 03:24 AM)
I read from the AKPK website abt the testimonial.... even got ppl able to reduce from 200k+ to 30k... almost 90% ler.... But i m not that greedy la!
*

In actual fact, the "reduce" is actually by shaving off the interest and fees, thus creating an illusion of "reduce".
The principal amount owed is still non negotiable.

QUOTE(adreina @ Mar 27 2009, 03:24 AM)
I don't know what is the principal and what is the interest is. Swap pay swap pay... then pay, pay, pay... but the interest keep increasing...

Eg. Swap 10k, minimum payment rm500. then interest rate 1.5% based on RM9500. Keep on pay minimum...so how it counts??? And for personal loan, let say rm10k, paid for 2 years, rm5000... so what discount can get?
*

When one nego with the banks direct, they would also do the same as AKPK, i.e. converting revolving loans into term loans. So for cards; they would cancel and convert into term loan with a fix monthly repayment. Only down part; obviously the discounts and interest rate and tenure might not be as "attractive" as AKPK's offer.

HughieRmX
post Apr 4 2009, 02:28 PM

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Greetings,
I would like to know will AKPK help out with small amount debts .. for example : RM2k and above ? .. Or do they have their own minimum value of requirements before assisting us. unsure.gif
b00n
post Apr 4 2009, 03:50 PM

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QUOTE(HughieRmX @ Apr 4 2009, 02:28 PM)
Greetings,
I would like to know will AKPK help out with small amount debts .. for example : RM2k and above ? .. Or do they have their own minimum value of requirements before assisting us. unsure.gif
*

They would require you to provide proofs of incomes and they would help analyse your debts to see whether or not you're eligible.
Not everyone is eligible.
Also, it's not entirely beneficial to enroll with AKPK if one is not really in deep hole. There's some consequences to it as discussed in this topic.

mozakiboy
post Apr 13 2009, 11:49 AM

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Hello all, would like to ask some question if you don't mind, currently just got retrench from work, and now bills keep piling up, my personal loan and two credit card are overdue for 3 to 4 month already, if not mistaken they will have you blacklisted in CCRIS or CTOS is it? I heard from my friend that at the 6 month of not making payment, your name will be in CCRIS and CTOS, what action will they take on me the? Sue me, decllare me bankcrupt?
cuebiz
post Apr 13 2009, 12:36 PM

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QUOTE(mozakiboy @ Apr 13 2009, 11:49 AM)
Hello all, would like to ask some question if you don't mind, currently just got retrench from work, and now bills keep piling up, my personal loan and two credit card are overdue for 3 to 4 month already, if not mistaken they will have you blacklisted in CCRIS or CTOS is it? I heard from my friend that at the 6 month of not making payment, your name will be in CCRIS and CTOS, what action will they take on me the? Sue me, decllare me bankcrupt?
*
If your loan is overdue for 3 month, you be blacklisted in CCRIS. Sorry to hear you kena retrench. I think it is better you do some part time for income while searching for new job. AKPK is only the last resort to turn to.
mozakiboy
post Apr 13 2009, 06:26 PM

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I thanks, thanks for your advice but currently looking for new job, so god help me get a job soon. Thanks for your answer...

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