I wouldn't use or I never prefer to use the "blacklist" word.
FYI, whenever you didn't pay your loan facility (credit cards included) CCRIS would capture it. i.e. if missed one payment, CCRIS would show miss one payment, 2 than it would reflect 2 etc.

Just that many banks has the policy/rules of rejecting those which missed 3 or more payments. So technically CCRIS doesn't blacklist you, it's the banks policy that rejected you.

Anyway, like mentioned by cuebiz, don't go to AKPK just yet.
Try to call in the banks and ask for rewrite, i.e. cutting your card and transfer your existing balance into term loan where you'll need to service monthly repayment. Banks usually don't like their customers to enroll with AKPK because there's limited "action" they can do on the customer.

Also, once you've enrolled with CTOS, basically it would also show in your CCRIS report. I.e. banks would still reject you until you're out from AKPK. i.e. settled all your loans. So before that, you still can't get any credit facilities. Thus AKPK is the last resort whereby you seriously have no way to turn to.

I finally got a reliable source bout AKPK. It is certainly not meant for those who think they can get a lower interest rate from it. Far from it, the interest is slightly higher than those from cc company.

My friend pass me his copy of AKPK paper but it is not stated the interest charges. He called them up and they told him his interest is 9%. cc interest is only 8.48%

The only reason to consider AKPK is that they can consolidate your debt and you only have to pay a lower rate of monthly charges for the 1st 3 years.

I'll talk more about it once I've calculate his total interest

I'm working with AKPK same company xD

i got the letter from bank today. They accept the monthly installments of $100 (proposed by akpk) for my 2 credit card plus (interest of 7% per annum)

hello there... ^^ would like to let all of you know that if there are questions about AKPK, you can ask me as I work with AKPK... any questions or inquires, I'll try to answer as much as possible... cheers!

hi everybody, actually just came across AKPK recently. 1 big question, after joinning AKPK programme, will i be able to apply for personal/business current account? wanna try my luck working for myself.... after being cow for so many years...

thanks

If you enrolled with AKPK; trying to borrow from the bank would be a problem, i.e. no bank is going to lend you.
But opening of an account with no OD facilities would be fine. So you can open an account but without OD line.

Can i say that when you ask for AKPK help you will be semi bankrupt?

the only difference with real bankruptcy is that you get to keep using your bank account.

when you talk about CC restructuring is that they will cancel all the cc you have when akpk agree to help?

thanks.

This post has been edited by PrinceCaspien: May 15 2009, 09:21 PM

You guys are GREAT, sharing all these info! Salute to the unselfish sharing.

Anyway b4 going for AKPK, one of the other moves can consider is Balance Transfer (usually they offer low interest rate for short period), that means u take some new credit cards with no annual fee, do one small transaction (perhaps buy petrol), pay that one up, then apply to transfer your other balances at 1.5% per month to new card at say 0.5% per month for the first 6 months. Per RM1000 of balance, savings per month is 1% or RM10. If you owe RM10k, you save RM100 per month in interest!

Of course, please don't increase the new card balance by spending again. Easier said than done

Yes. I got a question. As previously i been post regarding would like to help my brother settle off his AKPK.

He started enrolled into AKPK program January 2008. Total of his debts is RM52k. And being proposed to pay Rm1k per month. From January 2008 till now, its been paid 16months. Current moment i got cash on hand around RM28k, do you think that i can settle off the outstanding with the RM28k??

to apply loans, depends on the banks... but i can say that you will not be able to get the facilities due to joining AKPK... as for opening an account, shouldnt be a problem...

not to say that no banks will lend, it depends on that particular bank whether they will give or not... but can say that the percentage will be higher la that the banks wont give you any loans facilities..

not semi bankrupt... or even bankrupt... you see, when joining AKPK, you want to settle your debts right? so, the T&C, makes you to discipline yourself not to make any borrowings again... so, when joining AKPK, make sure that you need to be in the right mindset by not owing with any banks anymore...

yes, all your CC will be consolidated, where you cant use your CC anymore until you "graduate" from the program...

true... good suggestion... but need to make sure youre not spending anymore...

you PM me rite? i replied edi...

Yup, u can actually go to Bank Negara to print out your own CCRIS report, which shows you all your loan instruments and how disciplined you are in paying. Even a late payment of one day of even few cents still shows up as a late payment.

CCRIS technically is not blacklist, its just for banks to refer as to your cash flow management discipline. For blacklist, that would be CTOS (bankruptcy). Someone who kena CTOS b4 has very low chance of ever getting a loan from any bank again

yes, that's true. BUT...the trick is, if you can settle your 10k debt in 6months, AKPK would be the furthest thing in your mind right.

your plan does make sense but you need to know that to save RM100/m with your method, you need to fulfill the criteria of being able to pay RM1666.67/m. If you only pay the minimum(ie:RM83), the rest of it would be calculated as (1666.67-83) x 1.5% = back to square 1

I have done a lot of calculation of BT offered by many banks and I'm certainly not impress. There would only be a saving of interest IF you could pay within the time frame of the BT. Not to mention some bank impossed a service charge for the BT.

I wont be interested in any BT unless it is from PB 5% upfront for 2 years.

Some bank create another account for you for BT. The trick is, if you have been a good paymaster for 1 year, your interest would be 13.5% p/annum. If you take up BT but only pay the min, after the BT period ended, your balance would be charge at 18% p/annum. So you are actually paying more than before

hi there !
do we pay the same amount(e.g- RM100.00) for the whole 10years or like paying 100 for the 1st 2-3 years and pay a little more on the rest of the years ?
thx.

This post has been edited by ken2tango: Jun 14 2009, 10:06 PM

Hi there, thanx in advance......
i got few questions....

1) my cc & PPL is about 100K+
2) i need to pay housing loan (500.00)& car loan (1700.00)
3) i 'm struggling paying the min every month (5000.00)

but i'm a self-employed personnel.....

so..if i taking up AKPK :

a) will it affected my status as director/owner in the company? ( 2 directors)
b) will they also include the housing loan & car loan as well?
c) if not, will they force us to "let go" the car or house?
d) because of self-employed, i'm actually drawing min salary only -4500.00 (to reduce in tax), so when they calculated the salary will they also count in my company profit of the period (but i'm not drawing fix allowances) or just the basic salary?
e) if i got to cancel all the CC, can I be the supplementary card holder under my wife (as in biz we need the conveniency of CC in traveling)
f) how they calculate the expenses? eg, water & electricity bills, telephone & multimedia bill, H/P bill, housing maintenance fee, kids nursery/tuition fees? oohhh...and also daily makan..? petrol?
g) so far besides AKPK, any bank will help to offer a loan to consolidate all CC debt under it then fix as term loan under certain rate(maybe 12% pa for 5 years) to allow u to ease the min payment.

100k @ 5% min = 5000.00
100k + 12%(5 years) = 160k ; divided by 60 months = 2666.66
actually bank still earning but at least our debt is under control...
why none of the bank willing to offer it? Standard Chartered actually got this plan but so far i heard no body with amount more than 50K got it.

So far i never have any overdue amount in CC nor any loan....just feel very tired /struggling....

so need to find solution before it getting worst...

please advise.

a) i dun think so.
b) housng loan- maybe yes but no car loan.
c) i dun think so.
d) only your monthly draw out salary.
e) yes!... you can be under your wife's supp.
f) your monthly salary - monthly expenditure = balance
g) so far only akpk.

once you enrol to akpk, you cant get any loans/cc from bank until you finish your final settlement(max 10 years).
no banks could like you to go to akpk cos they cant disturb you.
akpk only give you ONE chance.
if you default twice, then you're on your own.

Thank you......

hi there... glad that u asked... ok, below are the answers for each questions:

a) it will not affect your position and the other director as it is P&C... only u (nd of course the counselors) knows your status...
b) housing loan 50-50, but car loan no... but, they will try to restructure the whole thing so you can accommodate your car loan...
c) no... its up to u... they give suggestions, and if u agree, or disagree you can discuss further... the options are for your own good... example, if you have expenditures that you can actually trim, they will open an option so you can cut it down to accommodate your debts installment...
d) only salary... but if you have other income, dont forget to add in coz they will see and try to fit it in...
e) no, coz in your CCRIS, a K tag will appear, means ure in AKPK... but, it also depends on the bank whether they want to give or not... usually, they dont...
f) yes, they will calculate every cent that you use... and i mean EVERYTHING...
g) yes, as you need to discuss with your respective banks... they have their rehabilitation dept. actually... but please go directly to the branch manager as the officers will either help you, or mock you...

to be honest, with your total debts, you can cut your total installment up to 40% and can go more if you can talk with the counsellor lor... usually they will try to help anyone wherever possible as the number of people in debts are getting higher and higher these days...

so, i would strongly suggest you to go to AKPK soonest before things get worse...

hope this helps...

lil twist,

1) Why some application is thrown away from the original branch? like consulting in KL but settlement done by ipoh.
2) During the consultation, they say no interset will be charge. Example, Loan outstanding RM20,000, pay RM500 through AKPK, the balance is RM19,500. Bank is other wise, as your balance would be RM19,980 only. Confirm this..
3) Once got the offer letter from AKPK, they say subject to bank interest and bank charges that not stated how much. Not fair to blindly sign without knowing the details.
4) How to get the agreed rates and charges?
5) Can we negotiate further to reduce.
6) Can we reject the offer?

Afraid it will create back to square one (but without phone call) and more interest as they structure may less interest but longer term which still create no benefit to participants.

TQ. You may PM too.

hi there... below are the answers to your questions...:

1) its random and computer generated... i dont know why, but it is done by computer...
2) there r interest impose in the total debts you have... but how low, depending on the negotiation with the banks... example, ur debts is RM20k, after impose interest of X amount, it goes about RM25k (assumptions only) and ur installment is RM500... it will increase after 2-3 years (step up installment) and you can deduct accordingly...

500 x 36 = 18k
25k - 18k = 7k
maybe 550 for 1 more year and youre done...

3) nope, you will know the interest rate... please ask the counselor for the rates... you can ask a lot of questions to them as you need to know what are u in to...
4) several meetings... lets say initial rate they give u x amount... but u want y amount... they go back to banks, and if ur rate is too low, they will either stick with x amount, or propose z amount, where it is in between ur rate n their rate...
5) answer in no.4
6) yes, but do remember that if u reject the offer, it will be very hard for u to try again next time...

it actually depends on your case... they are humans too... but for AKPK, they will try their best to assist anyone who needs help...

hope i answer all ur queries...