Once you're under AKPK scheme, all the facilities under the scheme would be tagged as "K" in CCRIS.
Most bank wouldn't lend since they know you are under AKPK curing scheme.

You should go to AKPK.
Banks usually wouldn't barge in negotiating to reduce the installment by a lot.

Why?
5% of RM15k is a monthly repayment of RM750 per month.
If you are discipline enough not to spend further on your card, and pay the monthly min pay of 5% or more, eg RM1k per month; why do you need to approach AKPK?

Unless you're saying there's other expenses that comes in besides that which makes your monthly expenditure more than what you earned.

You seriously have no idea what is AKPK but sprout nonsence here, are you?!

1) depends on your affordability.

2) you either pay lump sum to settle. Don't think they let you pay lump sum now and then and helpmyou negotiate with the banks another time now and then.

4) go read AKPK website.


Usually AKPK will negotiate to pardon off fees and interest substaintially. Thus a big chunk of profit the bank is supposed to earn is being cut off. Besides getting fees and interests waived, principal repayment will be dragged for quite a long term. So the bank doesnt really advise customer to go to AKPK if they can help resolve. If they do, that means you are really in deepshit where the bank's policy doesn't even allow them to "help" you.

AKPK don't meet up with the bank. They will send the bank a letter of enquiry about the customer's balance broken down into principal, interest and fees as well as any legal actions taken.
Then after consolidating all the information fom all the banks the customer is with, then they will calculate the afordability to pay by looking into the pay, monthly fix expenses etc to see how far the tenor for each repayment needed to be streched.

AKPK will even go drastic by asking customer to offload their assets for instance vehicles after accessing the affordability of the customer. But then that's advise, not compulsory.

After AKPK worked out the repayment schedule, they will send it to the respective banks. Althought it's "presumed" tht bank has the right to reject the "proposal", but behold, banks are likely to accept because in a way, they can't refuse.

Thus like I say, banks don't prefer customer going to AKPK because like I mentioned in my previous posts. Unless they really also cannot help.

Again on 1 lump sum payment, again the bank will advise customer to go back to AKPK. Because once a customer is enrolled with AKPK, banks will deal with it carefully. Upon 2 non continuous payment to AKPK, AKPK will officially "terminate" the AKPK status and the banks will continue to pursue their normal collection and legal actions. If customer is willing to pay 1 lump sum payment, AKPK will issue a "discharge". There are also cases whereby because customer no longer want to be enrolled with AKPK because it reflectes in ccris, thus they will also ask AKPK to discharge them provided AKPK had done their verification. Hardly any such cases heard yet.

You misinterpreted. The bank will always ask the customer to approach AKPK in making lump sum payment. Then AKPK will officially inform the bank and discharge the customer from AKPK after evaluating customer financial condition. Customer then remit the lump sum payment direct to the bank instead of the normal payment towards AKPK.
Again like I mentioned countless times, if the bank can restructure the loan themselves they will not prefer customers approaching AKPK. However if their internal policy does not allow them to do so like mentioned; then they will advise customers to go to AKPK. But first approach the bank will not advise customer going to AKPK because 1st it hampers their collection of in-terms of profit as well as tenure.
Bank's collection action will only stop upon the 1st inquiry from AKPK regarding the said customer's loan.
If a car is necessary for one to travel to work, they will not ask to offload. They will advise to sell and get a cheaper car. Hope you do not misunderstand my statement. Thus it's not compulsory. Certain cases, yes i.e. if the guys has 2 merc, AKPK will ask him to sell off one if necessary.
Do not misinterpret what I wrote.

This post has been edited by b00n: Feb 8 2012, 11:55 AM

My feedback is from internal banks collection process as well as their experience with AKPK customers. Thus it's from the bank's perspective. Which bank it is am not going to disclose.

I'm curious how your friend manage to check the AKPK status from the bank.
Does your friend B work in a bank where your AKPK friend A has loan facility with?

From my understanding, something with collateral usually they will not touch unless it's really necessary.
Anyway, I thought AKPK will get the details of the balances direct from the bank?... They request customer to go print out own statement?

1) Once your CC is canceled, then the bank has no right to go after "new" government tax and annual fee. However the previous charged government tax or annual fee before cancellation if there's any is already built into your balance thus you need to pay.

2) Define corporate card. If it's a card issued by your company towards you under your name and the bill if borne by the said company, I don't think it will be canceled.

3) Usually for supp card application, the banks only access the primary card's holder credit history because ultimately the primary card holder is the one liable. But I can't confirm all banks or which bank does not evaluate supp card application's credit history.

It is reflected in CCRIS report. The banks are required to report the specific facilities under AKPK and have a special tag for them in CCRIS.

Have you spoken to your AKPK counsellor about this matter?

Guess that this their internal bank policy. If both party cannot come to an agreement, I guess the next best thing is to approach AKPK see how they can help.

Be it with or without AKPK debt restructuring, one is supposed to pay the minimum due. Else I believe collection calls will still continue to come.
AKPK will help discuss with the banks to reduce interest and convert it into term loan with fixed pay where most of the time it is lower than the normal min due. That is provided the person is qualified for AKPK to help.

AKPK will only collect payment on behalf of the banks upon successful enrollment. Prior to that the customer is in actual fact still obligated to pay the banks. Thus my initial comment which stated "Be it with or without AKPK debt restructuring, one is supposed to pay the minimum due."

AKPK will send the names and arrangement to the banks on the payment rescheduling upon successful enrollment into the program. Even before that when they assess the customer, they would also have inquire the banks on the customer's outstanding for them to work out the repayments. Thus banks will know if one approached AKPK. However does collection calls stop in between, that I am not sure thus my comment: " Else I believe collection calls will still continue to come.".

You may want to consult AKPK when you visit them for initial meetup.

Don't understand... Pay what payment? How much to pay? What payment is that?
U better call them up and update here later. No point asking herre without getting answers and you stalled yourself for days.

1st payment.. What 1st payment?
They haven't even assess how much you owe? So what is this 1st payment? Is it their processing/enrolment fees or something?

Pls contact the agency telling them your intention to know further. I believe they will gladly help. They do conduct roadshows every now and then.

Tell them if they continue to "harass" then you will complain to BNM. They have no right to go after families or relatives, but they can go after your father's estate.

Ask them to justify the additional RM3,500. If not, you can threaten to complain to BNM. But then you are still liable for the RM4.8k you owed. you must have missed at least 3-4 payments which resulted in the "summon" issued.


Your info will remain with AKPK but the other banks will know how much debts you have elsewhere because AKPK also needs to justify to the banks why such payment plans are made. And once you enroll with AKPK and a payment plans is established, the bank generally cannot call you for collections unless you did abide the agreed payment plan.

The collections department.