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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 Jan 29, 2015 at 19:04
by   tchinyi
edited Jun 27, 2016 at 08:03
 
I have a question:

Usually people owe few banks: Bank A (RM10,000), Bank B (RM20,000), Bank C (RM30,000) & Bank D (RM40,000)

When we approach AKPK, they will sum up and tell you that your debt is RM100,000 in total and your monthly installment could be RM1,500. So if Bank A debt was cleared, but Bank B to D still pending, will AKPK reduce your monthly installment? Do you have to inform AKPK ?
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answered on Aug 30, 2016 at 04:35
by   Freya
edited Jan 3, 2017 at 08:23
 
I am jobless, but a friend of mine told me I could go to AKPK even though I am jobless. Anyone can shed some light here? Thanks.
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answered on Aug 30, 2016 at 17:54
by   kiki
edited Jan 3, 2017 at 08:25
 
I am jobless, but one friend of mine told me I could go to AKPK even though I am jobless.
Of course you could go and consult with the AKPK counselors. But do you think you can settle a debt without having to pay anything?
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answered on Jan 3, 2017 at 01:01
by   Jimmy lim
edited Jan 3, 2017 at 08:26
 
Recently the Bank A sued me for credit cards debts RM9,000 and l have to attend court case which I didn't go. I heard from friends that I will be put in jail if I didn't attend, is that true?
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answered on Jan 3, 2017 at 02:57
by   kiki
edited Jan 3, 2017 at 08:27
 
I heard from friends that I will be put in jail if I didn't attend is that true?

If what your says is true.. I suppose Malaysian should start treating jail as their second home..

@Jimmy Lim, it is not true.
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answered on Jul 6, 2017 at 08:56
by   Somebody
edited Jul 18, 2017 at 09:37
 
May I ask something, if we want to join AKPK, we need to bring along the loan statement and some documents as well. I have no experience with all these thing, how do I get the loan statement?
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answered on Jul 6, 2017 at 15:38
by   jeff005
edited Jul 18, 2017 at 09:37
 
Why don't you contact AKPK and ask by yourself?
Bring all the bank loan statement of accounts NOT loan agreement!!!

AKPK HEADQUARTERS
Level 8, Maju Junction Mall 
1001 Jalan Sultan Ismail 
50250 Kuala Lumpur.

POWER! AKPK INFOLINE
03-2616 7766
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