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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 7, 2015 at 02:53
by   jeff005
edited Apr 3, 2017 at 07:36
 
@Mag,

Do you think we should wait for the RM15,000 and do some payment off then only seek advise from AKPK
If this RM15,000 is an expected account receivable from business venture, please do not put too much hope. Money in your pocket is yours but still in other people accounts is never yours. In the onset of the 1997 financial crises, I have business account receivables in the excess of RM500,000. Even collecting 30% would have solve my cash flow, but.. but.. bye, bye to all those monies..

My personal opinion is still that, approach AKPK and understand their system and whether you can make adjustments to your lifestyle accordingly. Even if you received the RM15,000, save it up for emergencies. Under the Debt Management Program (DMP), any defaults of 2 months will auto cancel the program without the need to inform you and all charges will revert back to the original amounts. Default charges will be added back accordingly. So, be very careful never to DEFAULT AKPK repayments. Even if 1 month late, the next month MUST make 2 payments to top it back immediately and you MUST inform AKPK of the delayed payment. They do make allowances for 1 month DELAY but NOT 2 months DEFAULT. Hope you can understand this point accurately.

You are in your teens. Nothing much will happen to you (credit rating) if you make good your debts. Do not let the big black debt develop into a sinkhole. That is when bankruptcy can/may come into the picture. It is not too late now since the total debt does not exceed RM100,000. My opinion is still that AKPK is still your best way to get out of this debt hellhole and you have to look into this option AS SOON AS POSSIBLE... NOW..!!
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answered on Oct 7, 2015 at 04:00
by   miserable
edited Apr 3, 2017 at 08:19
 
@Jeff,

Can I attend the AKPK course then only make up my mind whether to take this program or not? Or once I approach them I need to take this program? Have you been in AKPK program?
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answered on Oct 7, 2015 at 04:19
by   jeff005
edited Apr 3, 2017 at 08:03
 
@Mag,

You attend the AKPK "Seminar". After the briefing, only then a decision can be made. It is free. It does not mean that AKPK will accept you nor that you have have accept the program if it is not suitable for you. There is no commitment on either side. During my times, there is no AKPK to help debt ridden people.

If forumers here are all lazy to give opinions, there will be more bankrupts and Malaysia is going to be bankrupted very, very soon!
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answered on Mar 28, 2017 at 04:49
by   legend of loan
edited Apr 3, 2017 at 08:09
 
What do you mean by:
Jabatan Insolvensi Malaysia (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).

Currently on AKPK for RM700/month for 10 years
+ BRRK-i personal loan RM1540/month for 10 years
+ MBSB personal loan RM533/month for 25 years
+ HLB-i Hire Purchase RM784/month for 9 years
Total LOAN = RM 331,000
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answered on Mar 28, 2017 at 04:58
by   jeff005
Do not understand your query.
Are you on AKPK DMP now?
Housing and car loans are secured loans.
AKPK is for unsecured loans.
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answered on Mar 28, 2017 at 13:55
by   legend of loan
edited Apr 3, 2017 at 08:12
 
Yes. I'm in both.

Partial AKPK (for credit cards only) = around RM72,000
Personal loan didn't go through AKPK as the AKPK person told me the payment will be increased if both of my personal loans went to AKPK.
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answered on Mar 28, 2017 at 15:17
by   Lazyboy
Hi Jeff,

So for AKPK only those with an income or job can apply?  
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answered on Mar 28, 2017 at 16:20
by   jeff005
edited Apr 3, 2017 at 08:17
 
@ Lazyboy

AAKPK DMP is for people in gainful employment. However for those in self employment can be admitted if there is proof of variable monthly income via banking systems.

@ legend of loans
Malaysia Building Society Bhd (MBSB) gives personal loan for 25 years? AKPK will have to restructure it to a max of 10 years which will sure kill you. No wonder it is at the verge of going into financial crises and would be taken over by other entity..

A bankrupt reported in to Jabatan Insolvensi Malaysia (JIM) can apply for one credit card account provided the bank agrees. But which bank will?
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answered on Apr 19, 2017 at 14:19
by   Jessica
edited Feb 20, 2018 at 02:42
 
If I am under AKPK and have fully settled all debts, will it affect my chances of getting any loan from banks in the future and will the loan be approved by the bank easily. I'm worried that it will affect my chances of getting a housing loan in the future since I would like to purchase a house for investment when cash flow is good. Please advice.
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answered on Apr 20, 2017 at 01:54
by   mike
edited Feb 20, 2018 at 02:45
 
If I am under AKPK and have fully settled all debts, will it affect my chances of getting any loan from banks

This is a very subjective question, maybe only AKPK and the banks are able to provide an accurate answer.

I'm worried that it will affect my chances of getting a housing loan in the future since I would like to purchase a house for investment
In future when your cash flow is rich maybe you will have the option purchase a house by cash.
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