Once you inside AKPK program.....

All your current loan/credit card will be null and void.

You need need to get a printout CCRIS of that loan...
and then see your appointed AKPK Consultant.

if your outstanding is 50k......it will be roughly rm610 monthly.
But then if you can loan that 50K......what is your current monthly repayment?

I am sure your current salary should have no problem paying your only debts...right?

Not a problem, just increase in commitment, make me hard to save money already,
so i only consider AKPK, the money in my bank account is important than having a credit card on hand xD

Remember AKPK is ONCE in your lifetime max 10 year repayment program.
Surely you can cut down the commitment if you want, right?

AKPK take into consideration all your current debts like Personal loan and Credit card mainly.

Housing Loan and Car Loan at my time, cannot.

So,
your commitment is
Housing Loan
Car Loan
Insurance
Electricity and Water
Internet/Broadband

Above is definitely mandatory commitment.

Importantly, does your mandatory loan is the main cause of the problem?

Most of the time,
people use personal loan and credit card to "rock and roll" the mandatory commitment until max out.

My question,
Can your salary easily commit to those mandatory loan with excess money every month without fail?

Can the excess money use as emergency fund for hospital other expenses...celebration birthday..cny..hari raya..deepavali...etc and still have enough excess money?

My current salary is RM5,500 per month, the personal loan i need to pay RM1.1k every month, house loan 1k, and still got other commitment like family allowance car loan , and some credit card payment, so left the balance only RM500, i still havent deduct for the travelling expenses like petrol those. So, its difficult to survive if continue like that

bro,
once you under AKPK program.

all outstanding personal loan and all outstanding credit card will be consolidated.
You will have to survive using debit card/cash only.


Your emergency fund will be your epf account 2 for monthly housing withdrawal which will be credited into your bank account.

Since your house loan is 1k....
let say now your epf account 2 got 20k balance

You will be able to get 1k everymonth for 20 month
and apply again if account 2 still have enough fund after 20month.

This post has been edited by MakNok: Nov 12 2019, 02:39 PM

You can discuss with AKPK on the amount to be pay, normally consultant will ask how much you afford to pay, they will design the plan for you, example : Bank A - 200, Bank B - 250, and so on and the instalment eventually will increase after 2/3 years as your income will be increase as well... but once you enrolled in already you must control your spending as well, due to your repayment has been reduce you might have extra cash, but better keep the extra cash with you for emergency purpose...all credit card will be cancelled and you no longer can apply any loan facility from bank

yeah, if the repayment is lower down, i think i can manage the house loan without taking EPF 2 money, just the current loan amount and credit card outstanding make my financial so messy.

Is paying different bank even under AKPK program? I thought is like pay to a AKPK account with one repayment amount only xD

AKPK is just like middleman, you will pay total amount to AKPK, AKPK will then distribute it to different bank base on the agreed repay amount.

yes...you pay to AKPK who then distribute to banks which you have debts.


Example.
Maybank......RM100
RHB.............RM150
Alliance........RM200

total is RM450

Pay AKPK RM450 ...who then do the rest.
Easy right...

No need to deal with any banks anymore.
No more friendly call chasing you for payment.

then Make appointment with AKPK
You will be in better hands

Bank call isn't friendly at all, voice tone is high and sometime once pick up call they just straight away call your full name without address Mr/Ms, last time i refuse to pick up the call, then they send someone directly to my house and hand me the reminder letter, i guess this is their SOP before they want to take any legal action...

After i enrolled, i still recieve call from bank, then i just say i'm in AKPK already...after that no more call from bank...

Bank Call or Visitation definitely very stressful.
But once in AKPK program....AKPK is like magic word which make our debts like Sunshine again.


Yes...If our financial really messup....BIG Time.
AKPK is the ONLY solution to stop the ROT.

I was happily take any loan and new credit cards like no tomorrow.
Yes,...Rock and roll from cards to cards and to loan to loan.

Imagine...
Hong Leong keep calling and offer loan over the phone so easily.
Got multiple personal loan of Hong Leong .
Credit Cards.....RHB....Eon...Ambank....Maybank....CIMB....Standard Chartered...HSBC...MBF....Southern Bank

Imagine under AKPK paying RM2.1k at that time to pay off my debts.

Only Banks which i didn't apply is Public Bank,,,Affin and Kuwait.

True, i think both of us is at the same century/period, during that really very easy to get loan, especially when you have high credit limit, then bank will started to offer you very low interest loan by using the credit limit, i also taken few loan with bank, then use loan to cover loan, until fall into a big deep hole ...

Yes, we both trapped in similar fashion.
but if your love one is not healthy....
which also contribute to massive medical bills.....and others unseen expenses.
it will really drain almost everything we had.
had to sell land..assets....as well.

by next year March,
i should have completed my 10 year ONCE in a lifetime program
but then i still have 2 debts which need further restructuring if possible

This post has been edited by MakNok: Nov 13 2019, 06:58 AM

wow Rm2.1k per mth... will it increase on following years or just keep on rm2.1k until end??

Guess AKPK could help for the remaining 2 loans, very soon you will free from all this.


For my case, my repayment was increase about 300 every 3 years, because in normal situation your salary will be increase over the year and by increasing the repayment it will helps to clear the debt faster..but if you have early settle some debts then your repayment will be reduce as well..

mine,
i let it be at rm2.1k until i realised AKPK have Online website to check the status few years back.
i didn't even realised that i have finish my Maybank...Eon Credit Card until i login and check.
For me, once i was under AKPK program...i more or less just committment paying without fail every month.

If i need emergency fund, i will apply for Account 2 Monthly Housing Loan.

let say you have cleared one of the debts.
Any excess payment will be sitting inside your AKPK account earning no interest.

you will then need to calculate to offset the excess monies for coming repayment either with or without the need to topup.
then your subsequent repayment will be revised according to latest update on AKPK website.

We can pay more than the repayment amount if got excess money ma ?

If you got excess money just keep it with you and then perform early settlement with bank...sometime bank will give certain amount of discount if you perform early settlement....like my case, i settle the lowest outstanding once i receive my bonus..

As mention from MakNok above, if you pay higher repayment amount, the excess will only sit in AKPK account without any interest...

This post has been edited by WeiLoonChuak: Nov 13 2019, 11:47 AM