You need 31536000 seconds after you are out from AKPK before applying another loan.

hello, my house loan was approved nov or dec last year. everything sign, s&p also got, valuation, everything done. just waiting for consent letter from developer or something. (PKNS leasehold).

so if I seek debt restructuring (for personal loans & credit cards) from AKPK now, will it affect the housing loan to keluar duit to the owner ?

and these are my hutang month (please slap me)

personal loan 1 = 730 monthly for 4.5 years (can settle principle)
personal loan 2 = 540 monthly for 2 years
ezcash 1 = 333 x 2
ezcash 2 = 333 x 5
balance transfer = 242 for 2 years
cards = 5000

applied for debt restructuring loan also kena reject, although my payments are prompt. so i guess AKPK is my way out ?


let's say, now, the monthly debt because of loans (excluding car and house) is around 2500, how much do you think AKPK can help me lower it ? if 1000 monthly, it will be a huge weight off my shoulder

AKPK are run by banks, I doubt they can allow you to pay lesser.

errr, so what's the point hah ? how can akpk help me reduce monthly debt?

You need to change your lifestyle, borrow money from relatives and settle them ASAP.

Start selling your property or car settle the debt or final option is file for chapter 11

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.

thanks for the advice. the flat is rm550 per month, which can be paid monthly with my epf. enough to pay itself for as long as im working. so once i move in the flat, i gain extra rm500 monthly, which is what im paying for rent

Well, from 18% interest rate to personal interest rate, still too high to serve.
BTW, BNM are run by banks, so you know, I know

-Deleted- wrong post

This post has been edited by mamamia: Apr 3 2015, 01:27 PM

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).

Let's start off with credit card's T&C, BNM stating we only pay maximum of rm250 for any fraud case but T&C states nothing.
Since you talk about loan, did BNM put a stop when household debt breached 40% that time? They never, instead encouraging people to take more, now Malaysia are number 1 in Asia as a third world country with a nice figure at >80%
A person unable to buy a rm100k car if max tenure only 5 years. After some talk between banks and BNM, it is extending to max 9 years
You see, if BNM are independent and caring for people, will such situation happens?

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

Whatever the argument is, BNM is not run by banks.

Usually they will try to reduce it by half. So if 2500 per month, it might be 1250 per month. And if you have housing/car loan, they will usually ask you to sell it off. But you can tell them, that you can still afford to pay for the house in full and you just need help with the rest of the debt. That is what I did to my car loan and credit card last time since they are almost fully paid.

Can define "almost paid"?
Our friend's situation are totally different, longest still need 4 years.

That time my car need only around RM 1000 for the loan to be fully paid. And the credit card was around RM500. Early in the session, they told me better if I sold off the car if I couldn't afford the payment. I told them that since the balance so small and I have an upcoming payment that can clear both debt soon, I prefer that it would be left out from the debt management program.

IINM this is what I have when I went to register for the DMP program

Car loan - RM1000 (around 6 months worth of installment)
Motorbike loan - RM2000 (around 10 months worth of installment)
Credit card (1) - RM 500
Credit card (2) - RM 5000
Personal loan (1) - RM 4000 (2 years left)
Personal loan (2) - RM 4000 (2 years left)
Personal loan (3) - RM 8000 (4 years left)
Personal loan (4) - RM 12000 (4 years left)

After the discussion with the officer, I exclude my car loan, motorbike loan and CC1 from the DMP. Car loan and CC1 I make a full settlement before I start the DMP. The motorbike loan is under my name but other people are paying for it (helping a friend buy a bike). So no problem with it. In the end, I restructure the payment for the 4 personal loan and CC2. Instad of paying RM1.2k+ per month, down to RM 610 per month. This June, I'll be exactly 2 years under the DMP. No hassle nor headache from debt collectors anymore.

So you mean bank willing not to charge interest? Or the rm12000 already with interest?

The interest has been included in that. You will need to get the all the loan statement from the bank before the DMP start. They will calculate how much you have paid and how much you still owe them and give you an updated statement. This updated statement will be used by your case officer to determined how much you need to pay each month for the DMP.