Never-ending Debts Cycle: Is AKPK for me?

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asked on Sep 15, 2009 at 03:51
by   Kenzo
edited on Aug 5, 2017 at 11:23
I'm having debts from credit cards and personal loan. Till to date, I still can AFFORD to pay minimum amount of all the debts. However, what I mean "AFFORD" is keep having a new loan from other banks to pay the existing debts. That's why till now I still can easily cover the debts from other banks. This has been happening for few years already and finally, I found NO IMPROVEMENT to my financial problems. It's becoming worst.. The accumulated debts become huge!

I did read lots of similar threads in this forum and think that AKPK is the best way I need to go, however, my worries are:
1. When I apply AKPK, will my credit card and loan facilities be stopped immediately?
2. If I failed AKPK, what can I do next? Bankruptcy?
3. How often will AKPK reject one's application?
4. When the application is being process, do I have to keep paying the minimum payment to bank?
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4 Answers

answered on Sep 15, 2009 at 05:17
by   9799
edited Aug 5, 2017 at 11:43
Hi Kenzo

I am now in the 4th months with Agensi Kaunseling & Pengurusan Kredit (AKPK). First, the way you pay your debts will lead you to hell. Don't trust the banks anymore, they are greedy and getting us into never-ending debts cycle.

Please make a call to AKPK immediately. You have to make appointment with them for an hour briefing in a group of 30 - 40 people. Then after the briefing, better to queue fast to get the soonest possible appointment with a consultant. It might take few weeks or months for that appointment because there are more and more applicants. Please bring all documents as informed by them such as banks' statements, legal letter... and photocopy all.

To save your time, after your appointment with the consultants, just bank in the amount to AKPK and show them your receipt. After this, you can just ignore all bank calls and payments. The bank will still threaten you and request for payment, just ignore them.

1. When you apply AKPK, your credit card and loan will not stop immediately. It will stop after all the banks approved your AKPK request. It may take 2 -3 months, my case 3 months.

2. AKPK won't fail you as long you can pay. You can only be bankrupted if your debt to a single party is above RM30,000. Please refer to some topics here which explain in details.

3. AKPK will require a minimum monthly payment from applicants, depending on your total debts. It will take 10 years for you to settle all your debts. You can exclude some debts like car or housing loan which you want to pay. AKPK will only fail you if you can't afford the minimum payment, i.e. RM1,000/month for RM90,000 debt.

4. NO NEED. Trust me, bank will threaten you and call you night and day. Just tell them you've already sign up with AKPK and hang up the phone. Please don't shout on them, they are employees only.
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answered on Sep 15, 2009 at 16:35
by   Kenzo
edited Aug 5, 2017 at 11:48
Thank you for your advice. I know what I am going to do now. Really appreciate your advise.

This forum really help me so much, especially those who are ignorant of the law, like me. Cheers!
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answered on May 31, 2017 at 16:40
by   fifi
edited Aug 5, 2017 at 11:49
I went to the consultation session unfortunately the consultant didn't tell me properly the procedure.

How should I know, when I should start paying and where to pay? She said she will process my application on 29 May but I didn't receive any email until now?

Does the process take a long time?
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answered on May 31, 2017 at 16:51
by   jeff005
edited Aug 5, 2017 at 11:52
when I should start paying
They will inform you the moment your are accepted into the Debt Management Programme (DMP).

where to pay?
Into AKPK account under your name.

she will process my application on 29 May
Does the process take a long time?  
Give her a polite call. AKPK does not owe anyone a living or charges anyone.
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