Yes..Interest are charge every month...

it like this

Balance bought forward every month, let say

Rm13,000

fixed monthly payment RM300.

Calculation will be like this

(Rm13,000 x 0.67%) + RM13,000 and then only minus RM300

Under AKPK is max 8% interest yearly, so monthly is 0.67% interest

AKPK Consultant just middleman....
Calculation still up to the bank..

i still have 2 debt based on my calculation need more than 10 years.

Reason when i check back.....
Amount by bank as compare to CCRIS report generated at that time differ by 2k.
if follow CCRIS report...should be settle within 10year...

just because amount differ by 2k....need extra months to fully paid.
i did the excel and it correctly point out that i need more than 10 years


the other debt is very low monthly payment....10year definitely cannot settle.
i guess at that time AKPK consultant maybe want to help me , so close one eye and force the other bank to take the offer.

Maybe you should do the calculation on excel and show them.
it is very simple formula.

Bank will always say their calculation is correct and AKPK cannot help you at all.
i intend to drag my repayment more that 10 years for that bank...hahaha with the help of AKPK consultant.

10year is not a short journey, try to cut some spending/increase income to settle it fast...else will get stuck cant take any finance to buy car/house, and no credit card as well...

Yup..10 year is long journey...
Lucky got house...request for the monthly epf house every year.

Credit card for time being no need lo.
Happily using debit card....got money only buy..

Buy what you need and not what you want.

True, no credit card really will help to control spending...now i just keep my credit card as spare, once use it then immediate transfer money to settle it..
now have to be more careful, with current age mid of 30, cant afford to go into AKPK again

AKPK is one time lifeline lo.
There is no way to enrol into AKPK anymore.

So it is better not to have credit card at all.
Even debit card can be use oversea lo.

Just before Chinese New Year this year...
I forgot to inform my debit card bank about me travelling to India.
I use debit card to pay my 1 week hotel stay at about 2k plus ringgit since the hotel no accept my cash USD ..

So I will stick to debit card from now on.

Just know that AKPK is one time lifeline..then really have to be smart and wise now already, no chance anymore ..

i never try to use debit card at oversea, most the time just bringing cash only...

Hope you can settle it soon and get free from this, not an easy time, but is a good experience for us.

now i can breathe much better lo.
started 1st with rm2,100 monthly repayment every month..

now left rm410 monthly only.

and now i intend to drag my repayment for AmBank more than 10 year and see if AKPK can help on this issue...hahaha

Alliance bank i might settle asap by next year...if i cannot drag the repayment...

well, have to see akpk consultant on that.

Guess the consultant might ask you why you want to drag for more than 10 years since your repayment has been significant reduce compare to beginning ..

Ambank,
i will die die ask AKPK Consultant to help to extend payment..
i suspect...Ambank added extra charges despite CCRIS showing latest outstanding statement at that time.

Other Banks have no issue with CCRIS.....
Only Ambank show extra 2k plus more..


Alliance Bank is Personal Financing Loan
Really low monthly payment and i still owe 5 figure sum even now.
Rm17k outstanding....monthly payment only rm150

Can finish paying in 10 year kah?


that why,,, i think at that time AKPK Consultant helping me...

This post has been edited by MakNok: Nov 7 2019, 10:52 AM

already in the program still can extend another 10 years?? what for?? not will wasting more 10 years interest

Just extend until finish paying lo.
Not 10 years....more like another 1 year..

Under AKPK also got it advantage mah..
Not easy target for those scammer...to get loan on your behalf..hahaha

Maknok, did akpk or bank showed you why after 10 years there are still so much balance?

Based on akpk n BNM officer, we should be cleared within the agreed time as planned with akpk.

I also thought as well until I check and realise that my Alliance Loan can never cleared within 10 year.

Outstanding Loan rm16.9k
Pay.rm150 monthly...

My excel calculation show that it is impossible to settle within 10year.

I can only guess at that time...I told the AKPK Officer that I can only afford max rm2.1k.
And she play around this figure trying to settle all debts.

At that time...there is no online akpk website to check updates..
So i just let it be until i realise that AKPK now can check online....

I think I started more or less like you....about 9 year back..
My last payment suppose to be March 2020 (10 year)
And I still have 2 debts which cannot be cleared.

I have check using excel...
It is correct.

Others Bank cleared as schedule.

My HSBC have no problem at all..
I do pay HSBC a visit and chat with them..
HSBC statement also correct, in my case.

I also need to see AKPK again..
I was told I can walk in and see them anytime after I ask them to check my Alliance debts...

How your meet up with Akpk officer?

As far as I know...akpk will ask you to refer to akpk dept for that bank for outstanding..
AkPK is just mediator....

If you don't mind.....
Do you know your initially outstanding balance ?
If rm23k and pay only rm260....definitely cannot settle within 10 year



This post has been edited by MakNok: Nov 7 2019, 01:53 PM

omg...try check a few things.

1. the opening balance 9-10 years ago when u submit to akpk. it wld be same or just slightly off.
2. interest. there could be differences between what akpk proposed and what bank has. it should be same.

based on akpk and bnm told me, if opening balance incorrect.. okay la, but this is 1 case. just need to drill back all statements back then.
if opening balance SAME but then interest difference or tenure difference, then this is another case.

Based on akpk proposed amount, tenure, interest etc...., the bank has to either:
1. acknowledge back to akpk that is it okay for bank OR keep quite means okay/no rejection.
2. if bank disagree on the proposed interest, amount, tenure by akpk, the bank has to inform/notify/reject this proposal. Then akpk will have to reconnect to you to review again the dmp plan.

if the bank don't inform akpk, how akpk will act as dmp counselor to help you clear your debt.

My case is where bank does not agree with proposed interest and the tenure, as the amount proposed does not able to clear all in 10 year tenure.
The process is there, may not be perfect back 9-10 years ago, but that is pretty standard process. What we all agreed in the agreement is x-year x amount to clear all. it is an agreement.

Bank may not act according to the process back then, but again it is a process where all has to follow. Else it is a compliance issue.

Let's look at another SAMPLE:
Ah Lien has committed a crime, and sentenced in court by the judge, prison for 10-years !
So Ah Lien served 9 years 364 days and she is so happy that she has 1 more day to go and will be released....BUT, on the day of release, the prison tells her that she has to serve another 2+ years.....WHATTTT...

same right?? If the bank or anyone laugh, then...how.... should Ah Lien continue to be prisoned for x years???


--------------------------------- Sorry... forgot about your questions

How your meet up with Akpk officer? KL> I walked in after so many calls with akpk customer service and the bank.

As far as I know...akpk will ask you to refer to akpk dept for that bank for outstanding..
AkPK is just mediator....
KL> yes, akpk is like a "middleman", but DMP, this is not DMP professionally, my view. We can check with bank, if it is just few hundreds, i think still bearable, it above 5k (like my case), how...

If you don't mind.....
Do you know your initially outstanding balance ?
If rm23k and pay only rm260....definitely cannot settle within 10 year

KL> My one is 14k, pay 140. akpk proposed 0%.. it will be matched as even i pay full 10-year, it is 16,800. Now my problem is interest. 0% <> 8.5%. SCREWED.



This post has been edited by Kiefer: Nov 7 2019, 03:43 PM

OMG....14k.....monthly 140....definitely cannot clear within 10 year..
I am sure and compare to mine Alliance PF.

Mine Alliance PF debts is rm16.9k....monthly rm260.
Until today still balance rm10.6k (9 year plus plus)
And yes....it is 0%...but I think still charge 0.67% monthly or 8% per annum.
It is not 0% as per say.

Alliance did send me statement....let me dig up and I show you.


Your case.....chances you still owe the bank even after 10 years

i have calculated base on your 14k initial outstanding with rm140 monthly repayment.

even after completing 10 year...
still owe $5,529.01

and you need another 4 more years to fully cleared that rm14k debts
So, the bank is correct..

Unless your monthly repayment is RM170 instead RM140 initially.
RM170 is just right for 10 year repayment.


That why i stated earlier....
if the initial outstanding balance is off by 2k or more,,it will have serious implication clearing the debts within 10years.
That RM140 monthly is good if your initial debts is RM11,500 only





refer to the picture above




Unless it is RM170 at the start...
imagine RM30 difference comparing with RM140
Picture below





This post has been edited by MakNok: Nov 7 2019, 11:15 PM

Hi, i want to ask if i apply for AKPK, i still able to go oversea? Because i need to travel for work.
And if there anyone having 50k loan and is under AKPK? How much per month you need to pay?

Joining Once a lifetime AKPK program doesn't hinder you from going oversea lo.

can use Debit Card since all your credit card will be cancelled.

50k AKPK mean you need to allocate rm610 for 10 year repayment schedule.

oh, just affect the loan application right?
And currently i'm under a personal loan which i borrow 50k, so when i convert into akpk
is the interest bank charged will included also ?