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

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.

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/

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.

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

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.

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.

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.

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.

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.

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.

1. No, your card would be canceled.
2. Am not sure.

Anyway, AKPK wouldn't just simply "enroll" everyone. They would ask for your pay slips and all and even ask you to list down your expenses. Than they would help you to calculate your financial burden and help come up with a payment options see whether or not you can afford it.

That is probably why the government introduce the "service tax" charges to deter consumer on holding too many cards.

they would help draft up a repayment plan and present it to the banks.
So yes, your cards would be cut and changed into term loan. You would not be having any unsecured facilities during the time you are enrolled with AKPK.

If you really think you have no way out, go pay them a visit.

Yes, they would cancel all your card.
Also, they would look at your car too. But in this case if you need the car for working purposes, they would help you to adjust also the monthly installment. Else if you have a second car or a motorbike license, they would strongly advise you to sell off the car.

How they work is they would look at your monthly income, then help you plan your outflow, i.e. your necessity first then see how much is left. After that, they would help draft a repayment plan to the bank. Obviously your card would be canceled as you "can't" even afford a card.

Anyway, I think AKPK would still accept your case. They would take into calculation your total pay vs your monthly essential spending before coming up with a payment plan for you towards the bank.

Also, spend some time to go through that topic to understand further on AKPK.
Btw, you'll need to owe someone RM30k before they can sue you bankrupt. Your RM50k are from 4 different banks thus you're not being sued for bankruptcy.

Yes you need AKPK. But bear in mind that once you enrolled with them; you would left with no active CC.

Who says AKPK doesn't deal with Housing Loan?
AKPK would also take Housing Loan into account. So in the event housing loan monthly repayment is found to be a burden; they would also help in getting restructuring from the respective banks.

Visit AKPK first. Like mentioned countless times they will do consulting first and help you organize your cash flow. If it's needed, they will enroll you and discuss with the banks on your behalf.

This post has been edited by b00n: Jul 1 2011, 12:04 AM

Usually those are letter of demand.
I.e. they issue summons and letter of demands to ask you to pay up. In the event you still don't pay, they have the rights to sue you bankrupt if your balance is RM30k and above. Those summons and letter of demands wuld then be presented to court as a prove that they have "tried" to collect and send notices multiple times and still you didn't response.