Bro AskChong, thanks for the clarification. Seems like I fitted all into the criterias, but are you familiar with them?

I mean do you know the answers as my questions stated above?

Thanks in advance.

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Added on February 7, 2012, 2:11 pmWell...no comment on this, but bro b00n, any idea on my doubts? Glad if anyone can help.

This post has been edited by ConnedLilFella: Feb 7 2012, 02:11 PM

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.

I know AKPK is under BNM aims to help those in financial problem.

I share my point of view (everything has two sides, right?).

Which one is factually not right? I am here to learn.

Thank you in advance for your clarification.

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Added on February 7, 2012, 2:47 pmI hope my comments didn't confuse you.

If you need help, AKPK can provides you a solution, good for you.

I didn't mean they are no good for you.

I have not seek help from them.

I have no direct or indirect communication with them before.

Hope I hv clarify my position.

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Added on February 7, 2012, 2:50 pmLook like you need to pay AKPK a visit.
Hope you meet AKPK criterias.



This post has been edited by AskChong: Feb 7 2012, 02:50 PM

Looks like they all dont really know but give you half-cooked answer. See red above.

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.

There are some errors in your post. When you made one lump sump payment, you will go direct to bank and not AKPK. If you deposit extra money into AKPK account, it took forever to them to refund you the amount. So, if you dump the lump sump amount to AKPK, it will most probably stuck in the account. You probably need to speak with the accounts department to transfer your lump sump from AKPK to the bank, but it may take many processes. But if you go to bank direct, just pay off and get a discharge letter, which is faster and more efficient? However, if i am not wrong, AKPK will ask you to go direct to deal with the bank direct for one lump sump payment instead.

If one is unable to make payment, the next choice is going thru AKPK and the bank still can recover the money. Else, you sue them bankrupt also cannot recover the money.

About the offload of assets, it is compulsory in certain sense. first the evaluate your income and versus your expenditure. If your expenditure is more than the income, then, they will ask you to cut down on certain expenditure such as car or house installment. If you not doing so or have no alternative to get extra income to cover that expenditure, AKPK will say sorry to you that they cant help you. YOu continue with your own way of settling your own debts. So, it sounds like not compulsory but it is the only way to do so.

Hope you are clear and not give half-cooked info.

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

Have you gone through AKPK process or speak from hear say or friend's say?

The bank will not ask the customer to go see AKPK making lump sump payment. You can direct make lump sump payment when you have the money.

If the car is necessary to travel for work, thus you cannot offload, you have to find another alternative in order to reduce your monthly commitment for expenditures. Else, AKPK cannot help to restructure your debts as you have not enough money to pay even the minimum amount of monthly installment set out, thus, it will be a failure and AKPK will reject your application. Thus, you will back to squarre one.

As for the bank, when the AKPK made an equiry to them, i not sure whether they will stop the collection or not, but one thing for sure the original high interest will still be the same before you officially signed the offer letter for a reduced-restructured AKPK loan.

I have experience make a lump sum payment...and I made the deal directly to the bank...not AKPK....

The best thing is when make lump sump payment, you can haggling with bank officer, my CC with interest is RM 10k...but i beg the credit officer since I only have RM5k cash in hand and I want to make full-payment. So the bank officer will bring my case to their management, within 1 week bank called me and confirm that I can make settlement only for RM 5k within 1 month.

So I made the payment, and call back the bank officer to confirm. Once they confirm they have received my payment, they sent me a release letter, another 1 week, I received a release letter from bank mentioning they will clear my name in Bank Negara within 3 weeks.

With this release letter, I faxed it to my AKPK Counselor for record and they will reduce my DMP payment.

Now I only have like 4 CC and 1 personal loan to go. Will continue to save and settle more this year..


p/s: this experience is with AMBANK.

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Added on February 8, 2012, 1:15 pmAnswers are in red.


This post has been edited by ptit: Feb 8 2012, 01:15 PM

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.

Then, you are coming from a hear say....my comment come from a personal experience who had gone thru the whole process -being rejected once, then, appealed, then, enrolled in the program, then, make monthly payment, then, make few times lump sump payment, then at the end, discharge from AKPK....and now back to normal - owning credit cards, getting bank loans again.....

So, who is more accurate.

Tell you, some banks are really dumb....when you dealing with them as most of them are young executives and dont know much more and always ask you to wait, want to refer to the boss....i have fecked them few times for dont know this, dont know that and the boss reluctant to come out......and the banks have such problem is Citibank, HSBC and SCB. They have made some blunders that when i threaten them to report to Bank Negara, only they become more serious and once i report the incident to Bank NEgara, and the BN officer also feel and after complaining, miracle happen....all things settle very very fast, the bank officer even called me and explain that things have been done and it is not their fault actually, it is system's fault and bla bla bla.....

yes true....from my experience with HSBC you cannot get discount for lump sum at all....what number left on the screen is ultimate what you need to pay....

Few years back my cousin owed few credit cards total of RM50k++ and I'd borrowed him RM20k and the rest of the amount he said he already applied for the AKPK. Recently a friend helped me to check my cousin name whether is in the AKPK list from bank system, but can't find any. So is there anyway that I can confirm my cousin name whether is in the AKPK or not.

This post has been edited by bloodsucker: Feb 24 2012, 01:01 AM

Guys,

I just went back from AKPK briefing, and yeah seems it will helps me. The officer also very friendly answering all those questions..

Now, I am checking my CCRIS report and ready to fill up the form... and here I need your advise, guys...


I have 2 CC, 2 Personal Loans, 1 Car Loan... I know I need to get latest financial statement from the banks for my CC and personal loan, but do I need to bring the statement for my car too?

It says in the form, point #3 :

Penyata Pinjaman Terkini semua jenis pinjaman
(Latest loan statements for all facilities)

so, do I need to bring all loan statements under CCRIS report, or just bring documents that needs help from AKPK? based from my understanding, AKPK do not restructure car loan, unless the car waiting to be lelong... I have good payment track for my car (if not later kena tarik how to go to work?)..

Please guys, need your advise, especially AKPK guys (if any, I read there are comments saying he is from AKPK) and those who already had experience...

thanks!!!

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?

How about Hong Leong Bank? Anybody know if they will give discount upon full settlement on credit card debts ?

Why not call the bank to ask about it

Hong leong? Ha ha ha ! Good luck lah, they are the worst loan sharks out there....

Hi All,

i have several question to ask after DMP submission.

1)if enrol AKPK, cc will be cancelled however, are we still need to pay government tax or cc annual fee?
2)is corporate card will be cancelled as well, eg Amex?
3)can we get sup-card from spouse?

Hope to help answer.

This post has been edited by kwtan123: Mar 14 2012, 04:30 PM

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.