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Bankruptcy or AKPK

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asked on Apr 3, 2009 at 20:07
by   almostdie
edited on Jun 27, 2016 at 04:32
 
My total debt to few banks is around RM230,000 (credit cards and personal loans). Ever since early last year, I started to have difficulties to pay the minimum amount on time. However I still made some payments on and off. My net income is RM8,000 and after minus my expenses I have about RM4,000 to pay back my debts. However, this is still insufficient to pay the minimum amount to every bank.

Basically I do not have any tangible asset, I have one house (market value about RM100,000) which I remortgage early this year and I have one 7 years old Wira (market value around RM10,000).

I don't have any savings and every month I am left with few hundreds for my own expenses. So virtually I am already a bankruptcy.

So, like the others, I have been receiving numerous calls from bank, collection agency, lawyer chasing for payment. Most of them are not polite and threaten me with all kinds of tricks... summons, bankruptcy and so on.

I think I will go crazy and psycho if they continue to harass me.

I have approach Agensi Kaunseling & Pengurusan Kredit (AKPK) early last month and  made my first payment, the monthly repayment they proposed is RM2,700.

Since AKPK process will take about 2-3 months to approve, the banks and collection agency still keep calling me and threaten me everyday even though I told them I have applied to AKPK and waiting for approval.

So my questions are:

1) Can I stop making payment to banks while waiting for AKPK approval? Actually I have stop making payment to few banks this month since I am already broke.

2) Should I wait for the banks to sue me bankruptcy since I don have any assets except an old car?

3) What would happened if the banks sue me bankruptcy and how much should I pay? Can I just pay some minimum amount and wait for 5 years and appeal for 'pelepasan'?

4) Would the banks still charge interest after I am declared a bankrupt?

5) Should I wait for bankruptcy or wait for AKPK's approval since under the Debt Management Programme (DMP), the repayment will also include some interest to the bank?

Any advise is very much appreciated.
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answered on Nov 17, 2010 at 01:38
by   B369
edited Jun 27, 2016 at 07:47
 
I'm serving AKPK Debt Management Plan, I still can have house, car, insurance and share account. There you can have insurance, please get AKPK's advice, use your techie tactic to ask AKPK counselor to waive all late charges, interest, lawyer fee with strong support to reduce debt amount for reduce AKPK Debt Management Plan installment.
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answered on Nov 27, 2010 at 08:43
by   Danish
edited Jun 27, 2016 at 07:53
 
I am 25 years old, married... and now I got trapped in credit card debt. I am owing about RM12,000 for 3 credit cards. Each card needs at least RM300 TO RM500 for minimum payment. I can't afford it as my net salary is just about RM2,000.

My question is:

Is it better for me to refer to AKPK? If I settled everything with AKPK, can I still buy a house or any asset in future (loan with bank)?

Thanks in advance.
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answered on Nov 27, 2010 at 17:20
by   B369
edited Jun 27, 2016 at 07:56
 
@danish,

The best is to meet Agensi Kaunseling & Pengurusan Kredit (AKPK) counselor early, don't let the debt ball roll bigger and bigger.

If you have money (cash and EPF) you can buy whatever you want after a while when you have made full settlement under the AKPK debt management plan in the future.
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answered on Nov 29, 2010 at 04:07
by   Danish
Thanks for the answer
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answered on Mar 15, 2011 at 03:00
by   nick
edited Jun 27, 2016 at 08:10
 
Recently my life is totally in the dark as I has been unemployed for 2 months. Thanks God that I manage to get a new job this month, and my car loan has been overdue outstanding for 3 months. Bank keeps pushing me to pay the full amount of the outstanding balance which I cannot afford. Even though I have a new job but the salary is not enough to cover the car loan payment too. Is it possible for me to refinance my  car loan? and I do have some issues with the guarantor of the car loan, can I withdraw the guarantor or change guarantor? Appreciate reply. Thanks.
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answered on Mar 18, 2011 at 03:12
by   B369
edited Jun 27, 2016 at 08:12
 
@nick,

Help us understand your situation more:
1. Do you have housing loan?
2. Do you have outstanding credit card?
3. Do you have outstanding personal loan?
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answered on May 10, 2011 at 17:27
by   AKPK Applicant
edited Jun 27, 2016 at 08:26
 
I went to the first Debt Management Programme (DMP) briefing session, met the counselor and made my first payment last month. But until now, there is still no letter from Agensi Kaunseling & Pengurusan Kredit (AKPK). Banks are starting to send legal letters to me because I have stopped paying. Now I am really worried as I am not sure of my DMP status. Is there any other way that we can check on our DMP application status or we just have to wait for the letter. What if the letter was lost from the mailbox? I tried to contact my credit counselor but no answer. Please advise. Thanks!
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answered on May 26, 2011 at 01:09
by   revolt
edited Jun 27, 2016 at 08:50
 
Perhaps someone can give me advice on my current situation.

I'm 27 years old. I have a credit card with a balance of RM7,000 and a personal loan with a balance of RM6,500. I quit my job last year to start a business, running my own company with a partner. Unfortunately, my partner cheated on me, stealing almost all company money. Instead of finding a new job, I decided to run another enterprise since last 3 months and received a profit around RM2,000 monthly for the time being. My problem now is I failed to pay both banks since last 4 months and they keep chasing me by phone call until now. Just now I received a call from one of the bank agent telling me that they will take legal action (CCRIS) if I can't settle the payment in lump-sum by next week.

What is the better option for me right now since I don't have a payslip and EPF. Can I avoid the legal fees as said by the agent? They charge me around RM1,000. I don't have intention of taking any loan for the time being but my main agenda is to avoid an interest that keeps increase and to avoid any problem happen to my own company. Should I negotiate with the bank or go to AKPK?

Can a person on CCRIS list go overseas for vacation or business purpose?
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answered on May 26, 2011 at 03:27
by   1818
edited Jun 27, 2016 at 08:50
 
@Samm,

Can I avoid the legal fees as said by the agent? They charge me around RM1,000. I don't have intention of taking any loan for the time being but my main agenda is to avoid an interest that keeps increase and to avoid any problem happen to my own company. Should I negotiate with the bank or go to AKPK?

If I were you, I would make an appointment with AKPK soonest possible before negotiating with the banks. See what AKPK has to say first. Ignore those debt collectors, whenever they call you, hang up on them, telling them you're going to AKPK, etc. not much use, they may even scold or shout at you for not paying them.

Can a person on CCRIS list go overseas for vacation or business purpose?

As long as you are not a bankrupt, did not commit any crime and not wanted by the police, income tax department, etc., there is no reason why you can't travel outside Bolehland. To be more sure, before making travel plans, you may check your travel status at: http://sspi2.imi.gov.my

All the best!
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answered on Aug 22, 2011 at 22:27
by   sally
edited Jun 27, 2016 at 08:23
 
Recently, I was also in debt. I went to AKPK on 27 July 2011 and make the 1st payment on 29 July 2011. Unexpected, I received the approval letter on 11 August 2011. I was so surprising because they told me it may take 1-2 months to approve my application. But the problem is few of the banks still call and tell me that they have yet to receive the letter from AKPK. I told them I will fax the letter to them but they rejected my suggestion and keep asking me to call my counselor to fax the letter to them. I was so angry that they even threaten me if they have not received the letter by this Friday, they will take legal action against me.

Just want to let many people know that I really got my approval letter within 2 weeks.
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