Pls enlighten me on that?!.....i.e. the "joint database".

If the underwriting person suspect something amiss, the unspoken practice is they will try to check with their contacts in different banks - verbally (no written confirmation) since it is against BAFIA. Else, what other "joint database" you were talking about since there is no "joint database" besides BNM mandated credit repository, i.e. CCRIS??

Especially when we are talking about consumer business which is mass market. So would they have the time to check every single applications with their other contacts in other banks?!... If Fraud then there is a "shared" information among the banks anti fraud unit.

This post has been edited by b00n: Aug 23 2013, 03:43 AM

"system" your friend mentions =/= database as such database does not exist.
"system" in this sense is their underwriting criteria. Say for example, if you are a loan officer, and you are processing an applicant which have decent job of the age of 35. Then when you assess his CCRIS to assess his debts and repyment history on other credit facilities, suddenly you see he got nothing in CCRIS. Would that trigger you to probe further??

But then again if you are someone of a younger age, say 22 or 23; that criteria might not exist since you have just graduated.

Should not be an issue as loan agreement was signed. But WTF you applying of housing loan when you are so much in debt?!


AKPK is not my bank but set up by BNM. AKPK will assess one's financial capability and "negotiate" with banks on the repayment which may drag past 10 years. Although the term is "negotiate", most of the time the banks just abide by it.

BNM is run by banks?!..... you are one confused dude. If that is so, then there will not be many regulations which the banks has to abide to. Many ppl would be getting more loans as more loans means more revenue to the bank (can't use profit because profit is after losses).

Up to you to believe what you want.
-end-

There are "companies" out there posing as AKPK agents. However AKPK does not have "agent". Am still wondering what does these companies gain or profit by enticing people to enroll with AKPK.

The old trick was they charge for their "service". i.e. providing advice and teach people how to "get" money. e.g. Max out every credit opportunity, i.e. max out the cards etc... then go AKPK and claim cannot pay then request for paying lower installment amount. As AKPK repayment tenor can drag all the way to 10 years and above, the repayment can be as low as only few hundreds. So some whom are desperate will want to go with it cause gets instance cash.

However some time last year someone called me up with this same modus operandi. I act stupid and question them like nobody business. So similarly they say you get cash blah blah blah. But I say then I cannot get loans wor. The answer is in the future or next one year can do settlement then free already and can start reapply loans again.

In my mind I do know yes that's true, since once you settle your debt with the banks; CCRIS record will be removed. However we all know banks are strict with someone whom has no CCRIS record especially adults and not young grads. So financing later will also pose difficulty. But then I didn't tell them this lar.

I further ask do I need to pay anything. They say no need. I was quite surprised actually. So what do they earn?! I did ask them how they earn, they say someone will pay them. Am not sure who is that someone "though".

Of course after a lengthy conversation, I end it by saying right now I don't need it so they did tell me if I need it one day can call them back and they will arrange a "consultant" to come over and "teach" me what to do and how to approach AKPK.

So what is the outcome?

How would cash advance be interest free?! do not confuse one time fee versus interest. It is by guideline where interest is on a daily rest basis instead of the usual card spending which is monthly rest. Cash advance is the worst options because not only interest is daily rest, there is one time cash advance fees.

That is why a lot of banks are creative in a way they sell it like personal loan. They will gives out cash and eats into card credit limit but convert the balances into installment. And yes, interest may be lower than normal card interest rate, but i believe market rate is still around 6~8% p.a.

Btw, CCRIS will show that your loans is with AKPK. That is how banks knows a person is enrolled with AKPK and not giving out any loans to these set of people.

This post has been edited by b00n: Jan 7 2016, 05:59 PM

The issue with post enrollment in AKPK even after clear the AKPK record; it is pretty hard to start afresh. Imagine a 30yo guy with no credit history in CCRIS applying for a credit facility. In today's world, will anyone be suspicious why at such age, there is no single credit card?

I would propose to start apply for credit card to get things going and to build up your credit profile once again. For car loan should not be a problem if you are able to fork out more than usual as down payment, i.e. borrow less instead of the usual 90%.

Ask your self this question: If you are the one lending money, would you borrow money to someone whom has already claimed he can't pay all his existing debts hence need lower repayment (AKPK)?

This is just "gaming" the system. Pls refrain from such advice in this section.

Read this topic: https://forum.lowyat.net/topic/741069/