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AKPK account terminated, now working in oversea. How?

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asked on May 13, 2017 at 21:42
by   Marcuschan
edited on Nov 17, 2017 at 10:53
 
I am 31 years old and I have debts from my 2 credit cards and personal loan. Total is RM60,000. This was due to my parents' sickness and surgery, but both were gone with unfaithful fate.

I was not being employed in Malaysia as my experience did not match many company requirements. I was unemployed for almost 1 year after the retrenchment crisis happened. But I have enrolled AKPK for 1 year and paying consistently, but I got retrenched and was not working for 6 months. Now I am in Thailand working as recruitment consultant. 

I have just recently been employed in Thailand for 1 half month. I have also missed payment for 3 months when I was not employed and decided to come to Thailand and work. When I called AKPK to make full payment, they said my account has been cancelled. 

I wasn't surprised and asked how I can renew it, they said ITS SUBJECTED TO MANAGEMENT APPROVAL!

I am now very, very worry about my debt and have some questions below:

1. Can they renew my AKPK account as I was not prompt for payment for the 1st time only?
2. I will write in my plead letter that I will make prompt payment and even pay more that 1 month advance. Can this a good reason for my request to be approved?
3. What happens if it is not approved? What happen to my debt if I not pay? 
4. If I can't pay AKPK if they do not approve to activate my Debt Management Program (DMP), will they bankrupt me automatically? What will happen to my passport as I am an expat working here.

Appreciate help from all members and experienced members.
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6 Answers

answered on May 14, 2017 at 02:01
by   kiki
edited May 22, 2017 at 10:15
 
1. Can they renew my AKPK account as I was not prompt for payment for the 1st time only?
They can if they want to but better you assume they will not as the normal case is.

2. I will write in my plead letter that I will make prompt payment and even pay more that 1 month advance. Can this a good reason for my request to be approved?
You can plead or begged to your knees.. but still you do not know what lies ahead in the future. It is this that your chance is very slim.

3. What happens if it is not approved? What happen to my debt if I not pay?
Your debt remain as it is and will now be under the jurisdiction of the banks.

4. If I can't pay AKPK if they do not approve to activate my Debt Management Program (DMP), will they bankrupt me automatically? What will happen to my passport as I am an expat working here.
List down the amount of your debts, we may be able to provide some opinions if you are nearing to bankruptcy.
1) credit card #1 = RM?
2) credit card #2 = RM?
3) personal loan = RM?
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answered on May 14, 2017 at 04:48
by   jeff005
edited May 22, 2017 at 10:18
 
@ MarcusChan

Personal Views ( non-legal )

If I can't pay AKPK if they do not approve to activate my Debt Management Program (DMP), will they bankrupt me automatically?
Your this DMP file has been terminated. It cannot be re-activated. You can make a fresh application based on ability to repay with proof of gainful employment after a period of time. I have friends that was approved after a one year grace.

Not bankrupt automatically. It is not that easy to make a person bankrupted. But make sure you have a forwarding address in Malaysia properly given to the bank.

You have to show them that you are not residing in Malaysia currently. with proof of acknowledgement from the bank. In this manner, you can delay any bankruptcy proceedings since you are not in Malaysia even if any debt that has exceed the RM30,000 threshold. (RM50,000 soon).

What will happen to my passport as I am an expat working here.
When your passport expire? Did you have an expat visa to work in Thailand?
If not, it is not proof of gainful employment. Thailand expat visa requirement is a minimum of 40,000TBH salary per month. Thai immigration laws requires banking of salary in Thai banks. This should be good enough for AKPK

Meanwhile negotiate for installments with the bank that is near to the RM30,000 (maybe RM50,000) soon. Continue with some payments and apply for DMP down the road.

If you have not been made a Judgement Debtor by any bank before (in a court of law), it may take 18-24 months for any bankruptcy proceedings to be executed (note- depending on your debt structure). By then your financial capability could be stabilized. 

By the way, what was the monthly repayments to AKPK?
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answered on Sep 14, 2017 at 13:31
by   ooi sy haur
edited Oct 3, 2017 at 11:09
 
I've not pay AKPK for 2 months. Can I work in Singapore as my company assigns me go to Singapore.
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answered on Sep 14, 2017 at 14:11
by   jeff005
edited Oct 3, 2017 at 11:10
 
@ ooi sy haur

Go and speak to your officer in AKPK. Pay promptly to AKPK to avoid termination of the Debt Management Program (DMP) which could lead to more problems. Bill collectors in both Singapore & Malaysia are 'abang adik'. I would not cherish bill collectors knocking downs at the Singapore workplace.
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answered on Nov 3, 2017 at 13:41
by   Frankie
edited Nov 17, 2017 at 10:52
 
I also have the same issue with AKPK termination. Because last 3 month I was admitted to the hospital and cost my financial more serious, but I also sent an email to AKPK and told them I will resume the payment end of November. Unfortunately, today I received an email from AKPK informing me that my AKPK account has already been terminated. 

May I know how to continue back that AKPK program.. If not I will definitely be in bankruptcy.. If really bankrupt, may I know my house also need to sell? Please advise. What should I do?
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answered on Nov 3, 2017 at 20:02
by   jeff005
edited Nov 17, 2017 at 10:55
 
my AKPK account already terminated.  
Your Debt Management Programme (DMP) was terminated by one or all of the banks involved not AKPK. You have been duly informed of that when joining. Any bank can terminate it once there are 2 months default.

May I know how to continue back that AKPK program.
Current practice is after one year from date of termination notice.

May I know my house also need to sell?
If total debts over RM50K, it might reach bankruptcy proceeding in 12-18 months
If it is a fully paidup, my advice is to sell out cheap cheap now for cash.
If still under housing loan, it is up to the bank and Jabatan Insolvensi Malaysia (JIM), subject to any shortfall of any auction.
Single or joint names property?
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