Dear MyNet,

My advice was of good intention. In no way was I suggesting Ah Loong. I was just sharing it is better not to own or buy anything if we do not have the money or when we cannot afford it, excluding daily necessity.

I was a victim of credit card debt due to my lack of self-discipline. I used the credit card thinking I can repay the money at the end of the month when I get my salary. Initially it was okay, but as the desires to buy more stuffs during sales and to travel the; amount owed to the credit cards gets bigger and bigger and harder to manage.

In time, the amount owning overwhelmed me and I find myself in trouble when I cant even pay the minimum amount or any amount at all. Legal letters, court orders & the incessant calls from debt collectors haunt me day and night. I lived in fear every day for months until finally AKPK sorted out my problems.

I am still in the AKPK program and after the monthly deductions to AKPK, I have only a very small amount to survive on. But living frugally I managed from month to month.

That is why I said, don't use a credit card if you can. It is not our money, YET. Use cash when ever possible, if you don't have the cash the likely hood of over-spending is ZERO.

And of course, DON'T BORROW - from anyone or Ah Loong. Have a good day.

Always...keep your counsellor or the AKPK Credit Dept in the loop INCASE u miss a payment,..BUT like the said.,.dun make it a habit,...then doesnt look good for your track record..AKPK is approachable but of course TRY to ensure you pay on time..

isnt once enrolled AKPK, all payment will be paid thru AKPK? And I remember the counselor said as long as pay within the month then is ok. But Standard Charted stll sends me statement showing charging me late payments n I still have balance which I should pay. why is this?

Hi Friend

I am planning to do a full settlement to my debts too after 5 years with AKPK.
Can you share with me how you go thru this process? Are you going to call banker one by one ? Collection dept?
Appreciate your reply
And you dnot mind, pls share me your contact person too?

I went to OCBC and saw this poster by AKPK...
http://www.akpk.org.my/services/financial-education/power

Anyone attended this before? How practical is the session?..does this benefits you or it is just another theory session which the knowledge can be source from internet.. I am thinking to benefit from it if it is good..

unsecured loan will be paid through AKPK but secured loan (e.g. house loan) will be paid directly to the bank. For further clarification please contact AKPK.

There are various modules that you can choose which had been developed based on public's interest such as credit card for young people and retirement plan for retiree. It is practical because some of the speakers are the councilor who help people in their debt management program, hence they know what are public's real problems that related to financial education, not just theoretical problem. They are quite good as they can make financial subject that some people said boring very interesting. For further clarification please contact AKPK.

As far as I know, you can settle with the banker directly one by one. The banker will let AKPK know that you had fully settle your debt with them or you yourself can inform AKPK but AKPK will wait for the banker's confirmation. Please contact AKPK for further clarification.

A very good piece of advise. Unfortunately not many people realize this until they learn it the hard way.

let say the interest rate from bank is 7% p.a

if we seek akpk help the interest rate will be lowered?

Normally around 6-9%

7% is considered low already. Normally people who went to AKPK is due to high interest (credit card - 17%-19%) and AKPK will help to restructure it to become lower (around 9%)

I thought from the CC can balance transfer to other bank then can get 7% pa

If you check balance transfer thread in credit card section, you can get up to 0% pa for balance transfer from 1 cc to another cc.

Dear all, I just graduated from akpk this January and I do follow your suggestion to apply credit card from bank which I do not deal with them and I got my credit card last week! Another suggestion for those who wan to settle it earlier have to call the bank collection department and negotiate for the amount you are going to pay, u can save few thousand depends on how much u owe the bank! Good luck to all!

how much fee u pay to akpk?

I transferred credit card outstanding balance to akpk RM65K, 6banks with average RM10K, when I want to settle it one time off, I request from bank and each bank give me discount about RM800, that's y I said save few thousand. Have to call each bank to negotiate!

Congratulation for graduating from your debt. On a side note, normally people who graduated from AKPK will blame AKPK if they failed to get cc/loan after graduation. The truth is, AKPK did not ask the bank to blacklist them. The bank might choose to be more 'careful' when providing cc/loan to them since there is a history that the people failed to pay the bank on time. Hence the best way is to choose other bank either than the previous one.

hi guys, want to ask if we can stop the credit card interests for the deceased? Yea will be going AKPK office to ask this.

If i 'm not mistaken, Once passed away, you will be considered terminated from the program. However, Akpk can help the relatives to get the person in charge of the bank should they wish to negotiate the outstanding payment.

If no income, can akpk still help out on the outstanding debts?

This post has been edited by Kaka23: May 4 2014, 01:07 PM