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Who has experience with AKPK? Need advice..

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asked on Oct 24, 2011 at 00:53
by   ladyindebt
edited on Oct 15, 2016 at 06:16
 
If you are currently under Agensi Kaunseling & Pengurusan Kredit Debt Management Program (AKPK DPM), I'd like to ask advice from you. I've defaulted my credit card payment ranging from RM3,500 to RM10,000 of credit limit, and 2 personal loans worth RM10,000 each. Think there's around RM60,000-RM80,000 worth of debt, I'm not sure because it's been so long since I receive or even bother to find out my current outstanding with the banks. Now that I finally have a better paying job and slowly getting my life back on track, I'd like to seek help from AKPK.

My questions are:-

1. One of the requirement before you get help from AKPK is that you'll need to have 3 months of credit statement of each bank that I owed. Is there a way I can get my latest statement without going through the banks? I don't think I want collection agencies start haunting me again..

2. I wonder how would AKPK proposed a suitable monthly instalment... Do share with me what's your actual debt amount, and the reduced debt amount after going through AKPK, and what 's your instalment like..

I can't wait to fix the damage I've done in the past and live my life to the fullest again... It was one hell of a lesson learned and thank God that I've been given a chance to improve my life again..
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answered on Jul 9, 2013 at 23:06
by   Serena
edited Oct 11, 2016 at 08:46
 
I wanted to settle my credit card debt with this bank due to the interest charge which is way too much even after the card was terminated. My card was terminated 8 years ago. I did try to make arrangement with the bank directly to settle it off with an agreed amount by installment but they refused. Now I want to settle this off as I am in the midst of migrating. What should I do, if the bank is not willing to settle this with an amount? I wanted to settle this long back but they are too arrogant though. Please advice what are my other alternative to get the bank to agreed with an amount?
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answered on Sep 4, 2013 at 16:21
by   Kent
edited Oct 11, 2016 at 08:42
 
@shasha

is it true that you cannot enroll with AKPK if your problem is hire-purchase
Agensi Kaunseling & Pengurusan Kredit (AKPK) will not help you to reduce the total debt on your hire purchase BUT will restructure your MONTHLY PAYMENT with LONGER PERIOD

@Serena

Please advice what are my other alternative to get the bank to agreed with an amount?
Just voice out to AKPK and they will help, they are strong enough to against because the banks are under Bank Negara Malaysia (BNM).
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answered on Mar 17, 2017 at 04:35
by   ToGoOrNotToGo
Hi all, 
have been googling on what is AKPK's "power" when it comes to negotiating with banks as I have been hearing different stories from different people.

From the latest post of this thread:
"Please advice what are my other alternative to get the bank to agreed with an amount? 
Just voice out to AKPK and they will help, they are strong enough to against because the banks are under Bank Negara Malaysia (BNM)."

One of the story that I heard is they can only consolidate total outstanding and lower the interest to something like 9%.

Some said they can get banks to waive the interests charged over the years and even discount on principal amount. 

Anyone has more accurate infor regarding this?

I am kind of hesitate to go to AKPK as I don't think my net disposable income is enough to pay the monthly instalment (this one I roughly calculated myself) 
Thanks in advance. 
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answered on Mar 17, 2017 at 05:21
by   kiki
One of the story that I heard is they can only consolidate total outstanding and lower the interest to something like 9%. 
True..

Some said they can get banks to waive the interests charged over the years and even discount on principal amount.  

True..

Anyone has more accurate infor regarding this? 

You can always visit them for consultation and you not obligated to register yourself under their program.

I am kind of hesitate to go to AKPK..

Aahh you have other better options? Good for you.
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answered on Mar 17, 2017 at 05:34
by   jeff005
edited Mar 17, 2017 at 05:49
by   jeff005
Some said they can get banks to waive the interests charged over the years and even discount on principal amount.  
NOT ACCURATE

AKPK consolidate all bank debts (except H/P and housing loans) and standardize it to 9% perannum (straight line) basis. It is based on all the current up to date statement of accounts from ALL banks involved, at point of application and acceptance into the DMP. You have to submit the latest CCRIS from BNM.
The bank can no longer charges additional interests, default interests, Annual fees once you are accepted into the DMP.

GO FOR IT, it stretches to a max of 10 years repayment period.
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answered on Mar 17, 2017 at 05:45
by   jeff005
"Please advice what are my other alternative to get the bank to agreed with an amount?  
Just voice out to AKPK and they will help, they are strong enough to against because the banks are under Bank Negara Malaysia (BNM)." 

 Some said they can get banks to waive the interests charged over the years and even discount on principal amount.  


These are outdated advice dispensed 4 years ago. You have been reading on wrong "stories".
Go to the AKPK website and read for yourself.

AKPK is set up by BNM to help those in debts problems.
The Banks are NOT under BNM but all their financial transactions are regulated by BNM.
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answered on Mar 18, 2017 at 16:04
by   ToGoOrNotToGo
Thanks all for your reply and information.

Some updates here, just in case it might be useful for others who came across this website. 

I called up Akpk yesterday and am going there sometimes next week, need to bring:
IC photocopy 
CCris report (can print at akpk)
Latest 3 month's payslips
Latest EPF statement (also can print at akpk)
Bank statements (this one headache, no more statements from some of the banks after they sent me court summons) 

Tried to fill up the online applications but stuck at the page where I need to key in all banks' account number and amount owed, my friend said if no statements then they will ask you to call up each and every bank to ask, only managed to call some and will continue next Monday, after keying in all information, they will be a page which you can set appointment with the "counselor" (whom I wonder how "powerful" and helpful  he or she is) 

I see there are a lot of threads here about fighting with the banks which I find really "encouraging" and ease my worries a lot and you guys are very helpful and resourceful, if akpk rejects my application then I would need you guys help to "fight".

Thanks in advance! And have a nice weekend.
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answered on Mar 22, 2017 at 23:37
by   Freya
@ToGoOrNotToGo

How much is your total debts and your net disposable income? 
Maximum tenure with AKPK is 10 years, if you can't afford the monthly instalment that they proposed, they will ask you to fly kite.

You might want to follow my story which I am going to post later.
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answered on Mar 29, 2017 at 21:43
by   kayra mia
edited Apr 3, 2017 at 08:30
 
This is the document that you have to bring when meet the AKPK staff:

I also ask them how to get the latest credit card statement... 7 years never pay. So embarrass to call the bank. They said never mind... if you have you may bring, if not they will call bank to request.

At the moment, I have not fill up my data thru AKPK yet until receive CCRIS report from Bank Negara Malaysia (BNM). For you info, I'm a full-time housewife and I have small bakery business from home. Like my case, I have to write a letter (for my own income) and get the pengesahan from "Pesuruhjaya Sumpah".

My credit card debt with Citibank, credit limit is RM4,000 but now almost RM17,000.

Dokumen-dokumen yang diperlukan sebelum menghadiri sesi kaunseling
1. Salinan IC
2. Laporan Kredit terkini dari Bank Negara Malaysia / CCRIS.
3. Laporan terkini atau pun lama bagi semua pinjaman dari institusi kewangan yang berkenaan (Jika ada)
· Nama Bank
· Baki terkini
· Feadah
· Nombor Kad/ Nombor Akaun
4. Slip gaji terkini jika bekerja / bukti pendapatan seperti pengisytiharan pendapatan dari mana-mana Pesuruhjaya Sumpah.
5. Penyata terkini KWSP
6. Dokumen undang-undang / Penyata Cukai Pendapatan (jika ada)
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answered on Mar 29, 2017 at 23:52
by   jeff005
edited Apr 3, 2017 at 08:31
 
@ kayra mia

Do take note that there is a Statute of Limitation of 6 years to sue you in a court of law. If the banks have not start a lawsuit from the date of default of repayments to the bank for a 6 year period,  you can use this Limitation to set aside any lawsuit.
Why waste monies to pay thru AKPK? 
It is the banks fault not to sue within the 6 years.

@ kiki
Bolehkah Tuan kiki elaborate? Sebab Tuan ada menang dalam perkara/perjuagan ini di Mahkamah.
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