I'm planning to go to AKPK this few weeks time. I got a lot of question to ask them as I'm curious about how they can help those with a lot of debt on their cc.

Anyone got anything ask from AKPK can let me know and I'll asked the Q for you.

I've tried to search AKPK in LYN but no one have a lot of answer about it.

So far, I can think of these few Q to ask them

1) is it true they can help us to consolidate all our debt into a 0% affordable payment?

2) will CTOS learn about this? as you know, once your name in CTOS, its hard to remove it

3) would they hold our passport like those declared bankrupt?

4) what happen to all our credit card once we accepted AKPK offer? they cancelled it all or just put on hold? if put on hold, the yearly charges still need to pay?

5) can we ever apply cc again after AKPK

6) how many years can they make the installment payment?

7) how much we need to payback to them....is it still 5%?

If anyone here have gone to AKPK and know the answer, I would greatly appreciate it. no need for me to waste my leave just to ask them this Q

I try to answered according to what i know!

In regards to:
5) can we ever apply cc again after AKPK?
Ans: If and if only you have settled all your AKPK debts. I.e. after they restructure all your credit facilities into monthly repayment loan; you'll have to clear off everything before you are allowed to apply for a credit card.

6) how many years can they make the installment payment?
Ans: AKPK would take into your account your monthly net salary, than help you calculate your monthly commitment i.e. rental, electricity, food etc...before coming out with a repayment plan for all your credit facility. So it depends.

7) how much we need to payback to them....is it still 5%?
Ans: How much you pay back would depends on AKPK assessment.


btw, AKPK restructured accounts are listed in CCRIS. Thus the other financial institute knows about it, so like I mentioned above; the other FI wouldn't grant you anything while one of your facility is still tagged as AKPK account.

This post has been edited by b00n: Dec 16 2008, 09:27 AM

1) Spend within your means and cut off all your CC

2) CTOS takes your info from public domain (i.e. notices put on newspapers. Blame the papers actually) And since it is an archival database, like the newspaper, it should not be removed as you can't erase history. You can only change your future.

3) Either change job to a better pay, or cut down on all unnecessary spendings.

A friend of mine went.

Was told that they could restructure his monthly payment from RM3200(Minimum payment) to RM800

omg.. min payment RM3200 then his total ammount is very high

Canon_Ixus,Dec 16 2008, 09:27 AM
bla bla bla.....oh hi .....smart @$$

if you got no personal knowledge about the subject, just zip it. take your holier than thou attitude elsewhere

pls do not spread lies and rumours about CTOS if you know nothing. There is a way to remove your bad history from CTOS....it is just troublesome and its a long process. Have you read CTOS website before spurting out nonsense?


Is this what you do to get more post count? Why not copy and paste this to all thread in Health section: follow the pyramid food guidelines, exercise more, sleep well, avoid fast food, bla bla bla and all your health problem is solved...no need to open any health thread anymore....


is your ambition when you're a spoilt brat is to become a Priest? Why dont you go stand at Bank Negara and tell all those enquiring about AKPK about your nonsense....and hope for even 1% of those with cc problem to thank you for the wise advice?

btw, thanks to adreina and b00n for sharing your expirience / knowledge about the matter.
I heard from my friend he know someone who have applied for it and got 0%. I guess not everybody can get it.

let you all know more after i've 'interogate' the AKPK for more info.

Got a case where a blacklisted guy who go to AKPK for help and was told off "We dont entertain blacklisted people"

if i not mistaken after akpk..will affect the approval rate for ur credit card

If your credit facility is tagged under AKPK, no bank would approve any loans or cards until settlement to all your existing facility is being cleared off.

I have appointment with AKPK next month so i can't answer your question now cause i am not 100% sure but do give them a call. AKPK conduct public briefing twice a day (11am & 4pm) on weekdays, sorry i forgot what the time schedule on saturday. This briefing is compulsory to attend. After the briefing, feels free to ask them any questions after that when you still think you need AKPK help, then set a date with the them for personal consultation. Please hurry though cause theres lot of people attending and the briefing space is limited & i have to wait a month for my personal consultant with AKPK. Its ok though cost they don't charge you anything.

Yes it is a compulsory to attend the briefing before signing up with them.
It's like a compulsory to attend the "hearing on a driving course" before taking the test.

AKPK website:
http://www.akpk.org.my/

actully if one is really has no other solution, seeking AKPK's help is not too bad...provided u r not blacklisted yet lar...cos they don't entertain blacklisted ppl and bankruptcy case (i think)...the interest charged depending on the ngotiation between AKPK officer and the bank but it's definitely lower and so much much lower...the agreed repayment amount will not change even after 5 years if the bank interest increases or ur monthly income increases...if u are agreed to pay an amount of RM500 a month back to the bank, it will still the same after 5 years or more even interest rate increase...one thing good about AKPK is they let u calculate n minus off the necessary monthly expenses and savings, watever balance from ur salary will be used to pay off the debts....from tat day onwards no more using cc...which is not too bad actually, at least u will haf no chance accumulating more debts anymore....

and if you fail to pay the monthly payments, they revoke the plan and you will be revert to normal payment terms with the bank. I read this from someone's experience somewhere... and even though they don't blacklist you, banks will know you are under AKPK 'care' and thus qualifies you as a not-so-good debt managed person and therefore they might not offer any more loans to you.

check this out when you see AKPK and let me know if it is true or not. thanx

Yes it is true. I.e. the bank has no right to "bother" you while you're in the program. But if you defaulted the payment twice; than you're on your own. AKPK would cancel the program/plan and bank would start to hassle you again with calls and legal actions and yes...the original interest rate charged.

Btw, yes; whoever is still under AKPK plan/program wouldn't qualify for any loan.
Like I mentioned before, AKPK might not help everyone. They would access one's earning and see whether or not they really need help.

AKPK also help for personal loan and housing loan?

Any loan. As long as it's legal and one is really in deep debts.

People who joined this program will have to follow strict guidelines and make sure payment been made accordingly to the agreement. One of friends now can pay his settlement with only 3% interest and will take lesser time to finish the debt. However, from what I heard, once banks knows you pernah masuk this program..its harder to get any financial facilities from bank again although you already settle your debt.

how this akpk work?

any update?

Help me ask AKPK how to be bill gates in 3 months

inspiron,

one thing to consider. AKPK will only help you ONCE in your lifetime. If they help you now, they cannot do it again in future if you stuck in deep debts. This is what I heard from the briefing conducted at my office.

it is more like last line of defence before bankruptcy. a visit to AKPK would never hurt, as long you are well informed on the decision you are going to make.

well, i'm not making it scary to go to AKPK, but it is nice to see your monthly minimum RM3,200 (must have been multiple cards) to RM800/month.

regarding the difficulties of applying loan/cc after your settled your AKPK, you might want to double confirm with them. I believe it depends on the bank's risk rating on you, not because you was saved by AKPK before.

I'm with AKPK prog now. AKPK only help to settle credit cards/personal loans but not car/home loan. I owe RM65k to 5 credit cards and AKPK help to merge all debt as one with 8% interest. Total upto RM94k...Paid RM520 for 2 years and cont RM880 from 3rd to 10th years. There's no choice, need to agree or else get bankrupt.
So regarding the blacklist, i'm not but AKPK will advise you not get any loans to reduce your debt burden.

In your 10 years period with AKPK, no banks would be lending you any money. Sad but that is the hard cruel fact.
So if you have the money power; I would suggest re-negotiate with AKPK to do a full settlement as soon as you're able to do it.

Looking for debs deduction tool to lower down my credit card debts and spending characteristic.

tool ? perhap the tool is within yourself ... contact

http://www.akpk.org.my/

otherwise read some finance blogs

that means you might get be able to apply for loans from banks even if you under apkp? or do they mean ah long?

I think you miss the word 'not'
You can get no more loan from any gov institution while under AKPK. Dont mess your life with ah long. Their interest is not in black and white, they simple raise their % and its not negotiable

I got another friend doing AKPK soon and the % they quote him is 8%pa. So high
Anyone else doing AKPK, pls share with us your interest rate as I heard its not the same for everyone. Those who quote from their friend's friend, please ask them to show you their white and black as people can say a lot of things. I heard last time rumours that AKPK can give 0% interest. Now I dont believe liao

I will try to accumulate all trustworthy feedback from you guys and update the 1st page soon. Bare with me.

AKPK help negotiate with the bank, for me to pay at least $100 a month. CC debts totaling to 6k++ after this i need to deal straight with the bank. Now awaiting the bank to send me the papers. Will update how much the interest they gonna charged me.

Most probably is on 8% pa. This is the standard rate given by akpk.

not all are really 8%. My friend started it last december and hers is only 7%.

I went for the briefing with her. there's pros and cons lar using akpk service. The pros is, u will be capped with a fixed interest rate and will not increase anymore even the bank CC interest increased or even ur salary increase.

The cons are u will not be able to use cc anymore and getting loan will not be approved as long as u r with akpk programme but u can do so after u haf done with the payment. But actually i see not using cc as a good practise. cc sometimes really put ppl in deep shit....

In fact, if u haf no other option, going to akpk for solution is not that bad...

My brother being enrolled into AKPK Program since last year.... Total Credit card and PL loan debts accumulated around RM54k. All da while he been paying minimum payment and due to some problem of his job, he not managed to pay anymore and seek help from AKPK.

Is been paying for AKPK about 14 months of RM1k monthly. I felt the pain of this and decided to help him clearing off the settlement. My question is, if i wanted to fully settlement for those debts, is that possible to get some discount or reduction from the bank.

Let say rm54k, been paid rm14k.. should be more or less left RM40k. So if i discuss with the bank, do you think with 30k i can fully settle it?

Nope. The debt cannot be reduce. If your loan is 40K, means you will need to pay 40K. AKPK can only prolong the payment period and reduce the interest. Even if you negotiate with bank, I not sure if there any bank in the world would like to reduce your debt with them.

The bank can actually.I am working with Recovery Dept before.Let say your principal RM30K + interest RM10K.Total RM40k.Anything that above the principal amount is a good proposal.Bank are willing to waive the interest part but you must know how to bargain and propose.I manage to get my customer to get a waiver of more than 200K for his housing loan.The total loan amount is roughly RM1.3Million.Credit card is also the same.It up to the bank to give a waiver or not.

I read from the AKPK website abt the testimonial.... even got ppl able to reduce from 200k+ to 30k... almost 90% ler.... But i m not that greedy la!

I don't know what is the principal and what is the interest is. Swap pay swap pay... then pay, pay, pay... but the interest keep increasing...

Eg. Swap 10k, minimum payment rm500. then interest rate 1.5% based on RM9500. Keep on pay minimum...so how it counts??? And for personal loan, let say rm10k, paid for 2 years, rm5000... so what discount can get?

In actual fact, the "reduce" is actually by shaving off the interest and fees, thus creating an illusion of "reduce".
The principal amount owed is still non negotiable.

When one nego with the banks direct, they would also do the same as AKPK, i.e. converting revolving loans into term loans. So for cards; they would cancel and convert into term loan with a fix monthly repayment. Only down part; obviously the discounts and interest rate and tenure might not be as "attractive" as AKPK's offer.

Greetings,
I would like to know will AKPK help out with small amount debts .. for example : RM2k and above ? .. Or do they have their own minimum value of requirements before assisting us.

They would require you to provide proofs of incomes and they would help analyse your debts to see whether or not you're eligible.
Not everyone is eligible.
Also, it's not entirely beneficial to enroll with AKPK if one is not really in deep hole. There's some consequences to it as discussed in this topic.

Hello all, would like to ask some question if you don't mind, currently just got retrench from work, and now bills keep piling up, my personal loan and two credit card are overdue for 3 to 4 month already, if not mistaken they will have you blacklisted in CCRIS or CTOS is it? I heard from my friend that at the 6 month of not making payment, your name will be in CCRIS and CTOS, what action will they take on me the? Sue me, decllare me bankcrupt?

If your loan is overdue for 3 month, you be blacklisted in CCRIS. Sorry to hear you kena retrench. I think it is better you do some part time for income while searching for new job. AKPK is only the last resort to turn to.

I thanks, thanks for your advice but currently looking for new job, so god help me get a job soon. Thanks for your answer...

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...

heard from a buddy that one of the officer at AKPK apply for credit card but rejected coz too risky. So funny that these ppl are supposely expert but also got financial diff

they are normal human beings too my friend... doesnt mean they drive mercedes they dont have debts... many people do... they just have their own ways of handling it or they go to wherever places that they can get help...

dont judge a book by its cover...

hi all,

b4 you approach akpk, is better to talk to your bank 1st, chat nicely with them and possibility can get a ride-off if the amount not so big or under the manager approved amount.

this is for those having few cc which 1 or 2 cc with low debts under rm3k

so guys / gals, what you waiting for? chat with your cc bank 1st.

if lucky gets ride-off and sure your feeling likes striking lottery ~~

bro,

Pls check my PM..thanks

sorry, just want to ask, if now i under debt management program, can i go to open account for buy share?

PM replied...

yes you can... under DMP, you can't get credit facilities only... like loans, CC... others like open an account, shouldn't be a problem bro...

U should chat wif the bank first, some banks allow things like restructuring. They convert u cc outstanding into lower fixed repayment like loans but they still charge u normal cc charges i thing. But then ur cc will be put on hold as u cant use ur cc any more.

Thats juz my opinion.

Hi....i will like to ask....once a person is in a AKPK program, can that person apply for a refinance home loan???



Thank You



This post has been edited by Sharlie: Jul 24 2009, 07:48 PM

basically, what they do is give term loans if its necessary... unfortunately, they usually refuse to give this because of certain measures taken by the banks... so, better ask them first whether they be able to give it or not...

nope, you can't apply any loans if you're in DMP...

afaik, akpk do not tell the bank whether to approve your loan or not although its shown in your record tht ure under dmp. end of the day, its still depending on the bank whether to approve ur loan or not...

thts wht the akpk officer told me.

that's true my friend... but as you should know by then, the banks will not help you out coz if they want to, they should help everyone from the very beginning... when people seek for refinancing or rescheduling their loans with the respective banks...

end of the day, will definitely be a no no...

hi,

CC debt around 12K
personal loan around 10K

should i go for:
1. balance transfer
2. akpk
3. EPP
4. house loan refinance

?? kinda confuse now.. sigh..

hi there...

basically, what you need to do is to see what can you reduce in amount...
obviously the CC's interest will kill you anytime...
so, below i break down some opinion:

Balance Transfer
- interest quite competitive...
- short term only (6, 9, 12, 18, 24 months)
- you still have buying power (add more CC)

AKPK
- competitive interest rate...
- no buying power (cannot apply for ANY credit facilities)
- up to 10 years
- teach you to control your desire

EPP (not sure on this)

Refinancing of housing loan
- get extra income from the refinancing
- longer period
- you're gonna pay more for interest, and lose quite a lot as well
- still able to apply for any loans if want la

at the end, its up to u which suits you the best... i can only suggest you, give opinions, but not answers...
hope the above helps you to decide...

feel free to PM me for further discussions should you need any...

I plan to enroll now since i got no choice.

Btw, i think my total CC and Personal Loan would reach 28k if combine all. Assuming i will apply for this and income as below:
Nett income: RM 2250
1. Pay hire purchase 420
2. Pay Family RM 1200 for my parents
3. Pay 350 for my rental
3. After deduct i left rm 250. I am really not sure how would the AKPK help since they r unable to combine my hp with my cc and pl.

Really confused now. Can i request for only Rm 100 payment per month for the first 2 year. If yes how big is my chance. I need to have some saving before its too late.

How long will i would know my application result. Will this take long time to confirm?

Thanks!!!!

guys, i got a serious situation now. i got debts with 5 licenced money lender.
4 i loaned RM1.5k each, 1 more is RM5k. so because of trusted friends. i even lose my good job salary RM2.5k per month. now im jobless, how am i supposed to settle this problem. im really regret for my mistake!!!!
by the way, im still got car hired purchase debt with public bank around RM20k
is there any solution for me?! guys please help me out?!

Good to hear that... take the step to ease your burden in the future mate!

ok, based on your information, i can say you have high chance to be enrolled. but, to get RM100 for the 1st 2 years im not sure but you can always request. if you dont ask, you'll never know. so, i suggest you to go to AKPK and see the counsellor to get confirmation. basically, worst come to worst, you installment might be slightly higher, and they will give you options and suggestions to how you can manage it...

the only solution for you is to get a job like right now. since you have loans with money lender, its an issue on life and death mate. in case you've been threatened, report to police and seek for help with the gov for temporary immunity while you get a job. I must say, its a risky life ahead of you. good luck.

Wow, u are good son. Does your parents rely on you for a living? Else I think you may want to negotiate with them on this amount. I think AKPK may ask u the same question too.

Hi,

I went to AKPK last week for DMP briefing and counseling.

As i want to settle all my debts (CC and PL) total about RM40K, they suggest me to pay for RM400 for 2 years and RM500 after 2 years in DMP.

It will cost me to pay nearly rm1K/mth if i pay normal.

For those who have no idea to settle ur debts, I recommended u to go AKPK...

Wow!! U can get like a huge discount!

RM400 * 24 = 9600
RM500 * 24 = 12000
Total : 21600

Which almost 20k discount....

hi all sifu here,

if i'm out from akpk program

can i refinance home loan with other banks in malaysia in the future?


out from akpk already 1 years

thanks

Guys, need advise. My debt is nt that huge amount bt i decided to stay away from debt. I decide to not to use cc anymore. My situation is.
- i have cc outstanding balance rm3k
- PL outstanding balance around rm2.5k (loan rm3k, 2 year, 24 pcnt interest per year, pay monthly rm250 ends jun 2010)
- Earn around rm2-2.2k.

How would AKPK calculate? I still blur2 about this. If i want to settle the debt within 6 months, i assume i needto pay monthly rm800? Bt hw about my PL interest? The total interest frm bnk is around 48 pcnt, cn they rduce the interest? If can i can save around 18pcnt of interest d, thats a lot.. Cn smone help me explaining?

To tell you the truth, your debt is small compared to a lot of others. I don't think AKPK would entertain also.
Your PL is RM250 per month which you can service.
Your card you can slowly pay down with your existing pay.
Not a big issue till you need to go to AKPK if you ask my opinion.

One reason being to be enlisted into AKPK is no laughing matter. Every bank would know that you are part of the program (shown in your CCRIS report) and no loan facility would be granted while you're attached to them.

.

This post has been edited by hikaripro: Aug 26 2020, 01:23 PM

Thx boon, yeah im glad my debt is not that high compared to other. But i just dont like debt. Something tht i totaly forgot when i fill up the loan app form. Another reason i wana settle em in 6 month is bcoz i wana buy car. So if those 2 things are cleared bfore buying car, the lesser the burden..

i think u should talk to akpk....they'll calculated for u how much u must pay per month. usually they will calculate below then your current min payment...u have net profit income...should be no problem.
b4 u go to akpk...make sure make an appointment 1st...call them

akpk step by step.

1) attend briefing
2) attend counselling session...make sure you prepare latest bank statements, latest 3 months slip, and credit report CCRIS (get it from bank negara)
3) make prepayment.
4) submit form. wait 4 a month (ape yg derang cakap)
5) peaceful mind.

item no 1 and 2 better make it on the same day because it take less than 2 hours to settle. make sure u prepare all docs..

Thank you mr nizam. I went to the briefing just now and my appt with counsellor is on Oct 10. Pls pray for my success!!! Will update here...

go Akpk is good...
IF you can accept the consequences....

Wow what you spend so much on? Buy properties? Shares? Unit trust?

what kindna consequences are we looking at?

you will not be able to apply any new credit facilities while enrolling in the DMP.
your current credit facilities (credit card) will be cancelled.

but it is good though because by this way we can prevent ourselves from accumulating more debts.
try to settle slowly..once you are in the good financial situation in future, u still can apply for any new credit facilities after
you finish your programme with AKPK.

by the way, you are not required to enroll in the programme for a long time if you can have enough money to make full settlement while
you are in the programme.

let say you enroll in the programme for 10 years (which is the max tenure).
within 2 years you had sufficient money and plan to make full settlement.
what you need to do is go to the particular bank (your creditors) and make the full settlement.
get a release letter from the bank as a proof you make the full settlement and then forward the letter to AKPK.
your programme will be stop and then after your name cleared, you still able to apply a new credit facilities.
but make sure after graduate from the programme you manage your financial properly.
learn from your previous mistake.

Hi would like to get some advice from you guys here, kinda bit in a mess now.

Credit cards:
Citibank RM7k
Ambank Rm4k

Personal loan
RM12K

Hire Purchase
RM1600

Recently been lay off from work, but happy thing is gonna start work in December but problem getting a car cause blacklisted. Anywhere, my problem here will AKPk help me?

Thank you for your time

sigh... so a lot of young people stuck with cc debit.. me also.. PL + CC around 70k.. can't remember how i spend them....sigh.

how young are you?