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What is the difference between AKPK & Bankruptcy?

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asked on Oct 6, 2015 at 15:56
by   miserable
edited on Apr 3, 2017 at 06:36
 
Can anyone advise what is the difference between AKPK & Bankruptcy?
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answered on Oct 6, 2015 at 16:23
by   Slave
edited Apr 26, 2017 at 21:15
 
AKPK:
Selagi anda belum menerima saman dari mahkamah, anda layak berurusan dengan AKPK bagi pinjaman peribadi dan kredit kad. Bagi pinjaman perumahan, ianya agak kompleks tetapi boleh dipertimbangkan. Sesetengah bank, baru tertunggak 2 bulan, sudah mengirim
notis tuntutan, pada ketika ini amatlah bagus bertemu AKPK.

Bankrapsi:
Mana-mana hutang yang melebihi RM30,000 akan melalui notis kebankrapan. Tetapi haruslah melalui peringkat saman pada awalnya. Iaitu saman di peringkat mahkamah sesyen. Jika tidak hadir maka penghakiman ingkar dikeluarkan. Dalam tempoh 12 tahun, pihak pemiutang boleh pada bila-bila masa mengeluarkan notis kebankrapan. Sekiranya tiada jalan penyelesaian, suatu perintah kebankrapan akan dikeluarkan. Selepas tempoh 2 minggu dan tiada notis rayuan, maka perintah penerimaan atau perintah penghakiman akan dikeluarkan oleh MDI (Malaysia Department of Insolvency) atau Jabatan Insolvensi Malaysia (JIM).

Anda dikehendaki melapor diri dan istihar harta anda di dalam borang dan bersama di dalam creditor meeting. Setelah dipertimbangkan, anda dikehendaki membayar amaun yang ditetapkan selama 60 bulan tanpa tunggakan. Rekod bersih dan setelah itu, anda boleh memohon di mahkamah tinggi untuk dibebaskan dari status bankrapsi.
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answered on Oct 6, 2015 at 21:08
by   jeff005
edited Apr 3, 2017 at 06:40
 
Bankruptcy
If you owe debts exceeding RM30,000 (1 or more creditors in total aggregate) and if you cannot pay them back "on demand", you are in a position to be bankrupted if they bring the debt recovery case to a court of law. Bankruptcy is the last court action for 1 or more creditors to recover their debts.

AKPK
This is a government agency that helps a debtor in cash flow situation to avoid debt litigation in court. AKPK restructure the repayments to a lower repayment amount per month and fix the interests rate to a maximum of 9% per centum on a straight line basis and stretches it to a maximum of 10years. If your repayment is prompt, no late payments charges or service charges can be levied on the loans/credit card account. The sole criteria is that the debtor must be in gainful employment with extra disposable income to repay the total debts by instalments. Under the AKPK DMP (Debt Management Program), it is reflected in your BNM CCRIS records. It is for sure any banks will NOT extend other loans to you.

It is most of the time not practical for AKPK to restructure the following loans.
1. Housing loans with existing tenure of more than 10 years.
2. Motor Vehicles Hire Purchase Loans. (Actual interest p.a. is less than 4%)

Note that the above are Assets Acquisitions and can be disposed off unlike unsecured loans like credit cards or personal loans.
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answered on Oct 6, 2015 at 21:24
by   miserable
edited Apr 3, 2017 at 06:40
 
If I apply for AKPK will it affect to my supplementary card holder?
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answered on Oct 6, 2015 at 21:58
by   jeff005
edited Apr 3, 2017 at 06:41
 
You are the Principal Card Holder?
Under AKPK DMP, sorry friend, no more usage of card. You are under the Debt Management Program (DMP).

Sub card balances is transferred to Principal Card Holder (ie.. YOU). The sub card holder Financial status is NOT affected as he/she is no longer having that card anymore, if it is what you are trying to ask.
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answered on Oct 6, 2015 at 22:20
by   miserable
edited Apr 3, 2017 at 06:48
 
Yes, I am the principal card holder. Under Agensi Kaunseling & Pengurusan Kredit (AKPK), I still allow to travel? And can I work in other country? Currently I don't know whether I should apply for AKPK or not.
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answered on Oct 6, 2015 at 22:46
by   jeff005
edited Apr 3, 2017 at 06:49
 
AKPK is just an Agency. You can do whatever as any ordinary citizen does.

Even a bankrupt who has reported in to Jabatan Insolvensi Malaysia (JIM) can apply to work and travel overseas.

JIM would even allow the opening of 1 "Restricted/Special" bank savings account of your choice and can even apply 1 credit card (credit limit RM1,000).
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answered on Oct 6, 2015 at 23:00
by   miserable
edited Apr 3, 2017 at 06:52
 
@Jeff,

I am in debts with 3 banks.
Bank A - RM 6,500
Bank B - RM 23,500 (monthly minimum RM 1,200)
Bank C - I got 2 facilities here:
Facility 1 - RM 13,000 (monthly RM 650)
Facility 2 - RM 45,000 (monthly minimum RM 3,500)

I had incoming money around RM15,000 to repay for this debt on this coming November.
My monthly income is around RM2,000 and my supplementary card holder income is not stable as economic getting worse and we are using our card to turnover sometimes.
I still thinking whether I should apply for AKPK or not. If I apply AKPK, can I do early settlement? It will affect my future financial? Like if I am going to purchase a house and apply housing loan?
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answered on Oct 6, 2015 at 23:31
by   jeff005
edited Apr 3, 2017 at 07:01
 
@ miserable

Based on a RM2,000 income, you do have a serious negative cash flow problem.

Personal Opinion:
Pay AKPK a visit. Your best option is to seek AKPK DMP Debt Management Program.

You have been digging a big Black hole for the past years by cashing out from credit cards to make min payments. Those 18% daily rest interests, and 1% monthly rests is the main cause of your High Debt vs Income problem.

Very soon this sinkhole will collapse and swallow you up. Luckily you reach this forum, you can avoid this bad situation. 100's K people have fallen into this debt trap. Wake up and do the necessary..!!

When your cash flow situation improves, you can discuss with AKPK to make higher payments to terminate the program earlier. Once the DMP is successfully completed, there is no further bearing on your "credit rating", in fact maybe can have a positive outlook as you have been a responsible and respectable person who has make good your debts.. unlike ME..!!
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answered on Oct 6, 2015 at 23:42
by   jeff005
edited Apr 3, 2017 at 07:20
 
@miserable

Questions:
1. Are you a government servant? Based on RM2,000, you couldn't have been given a RM45,000 facility (20x). Only government servants are given this reckless "credit". I have heard of 3 cases for the past 10 days.
2. How old are you?
3. Is the supplementary card holder, your wife or girlfriend or vice versa?

You are not that miserable anymore, you have solutions, your name?
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answered on Oct 7, 2015 at 00:01
by   miserable
edited Apr 3, 2017 at 07:25
 
@Jeff,

Thanks for your opinion. Will try to discuss with my boyfriend. I am Mag. 27 years old.
I am not government servant. I got those card with high limits based on my previous job salary.

Actually I not so understand AKPK that's why I keep on hold this plan. I am financial tight since May when economic getting down and my boyfriend got financial problem and we used the card to turnover our business. But we are having incoming RM15,000 in this coming November. Do you think we should wait for the RM15,000 and do some payment off then only seek advise from AKPK or go now?
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