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Special Attention Account (SAA) status in CCRIS report due to bank's technical error

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asked on Jul 13, 2019 at 05:30
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edited on Aug 22, 2019 at 14:26
 
I am facing an issue under the Special Attention Account status which is caused by bank's technical error.

I have successfully participated in the AKPK Debt Management Programme (DMP) for 4 accounts: 1 personal loan account and 3 credit card accounts with AKPK offer approval letter.

First payment was made as per initial schedule and subsequent payments were made as per revised schedule which I received from AKPK and with no delay record.

After a year when I applied for a loan, I found that 2 of my credit card accounts are listed under Special Attention Account (SAA) condition.

When I checked with the related bank, I was told that AKPK terminated my 2 credit card accounts which were under Debt Management Programme. Since I have never made payment for more than 12 months, therefore, 2 accounts are listed under Special Attention Account (SAA).

I visited AKPK and the officer told me that AKPK was requested to remove my 2 accounts by the bank since full settlement was made. In fact, I never made any settlement. The officer also showed me their system clearly stated that the requestor & approver were also by the said bank. 

When I talked to the bank again about the technical error and they advised me to make full settlement or rescheduling the outstanding through AKPK. Once I have rescheduled the 2 accounts successfully with the approval letter, I request the said bank to remove it from Special Attention Account but the officer told me that it only will be removed if full settlement is done and they will review the late and finance charges waiver upon rescheduling. 

My doubt is the Special Attention Account (SAA) status occurred is due to the bank's technical error and it cannot be reverted back to the earlier status unless full settlement is made, is that the correct procedure by the bank and can I appeal against it through Bank Negara to remove the Special Attention Account (SAA) from CCRIS?
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10 Answers

answered on Jul 13, 2019 at 07:19
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edited Aug 22, 2019 at 14:29
 
@skyrain1971

What you have written above is a bit confusing to me. Are you still under the Debt Management Programme (DMP) now? For how many years? It appears that the other 2 banks which payments have been made have been fully settled?

After a year when I applied for a loan
How did the loan application go? Successful?
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answered on Jul 13, 2019 at 10:47
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edited Aug 22, 2019 at 19:56
 
@Jeff005,

Sorry about the complicated explanation.

I applied for Debt Management Programme (DMP) in May 2018 with total 4 account approved by AKPK and the monthly payment was RM1000. I have made my first immediate payment RM1000 as per schedule promptly without any delay.

When I logged in to AKPK portal 1st week of June to check my payment status, I found that my payment schedule was being revised and reduced to RM890 and my approved 4 accounts (1 Personal Loan + 3 Credit Cards) became only 2 accounts (1 Personal Loan + 1 Credit Card). Information showed that the 2 Credit Cards were fully settled. In fact I never made any full settlement. It was the bank technical error.

I called up AKPK, the officer asked me to make payment as per latest schedule and I paid according to the new monthly payment schedule RM890 without any delay too.

In July 2019, when I applied for a leasing loan under the RTO scheme. Bank M told me I can still apply for it even under Debt Management Programme (DPM), condition must be account active more than a year and payments made on time and my leasing loan amount must be within my financial ability as normal practice. 

My leasing loan amount is approved up to RMXXX but due to the Special Attention Account (SAA) status, I was requested to settled the SAA from CCRIS in order to proceed further.

Hope you can understand my further explanation.

Your Question 1: Yes, I am currently still under DMP. I joined DMP for 1 year + 1 month. (up to date)

Your Question 2: Yes, my application leasing loan is eligible for RMXXX amount provided the Special Attention Account (SAA) status is cleared. DMP is not limited to my application after bank assessment due to my good payment record in CCRIS.

Remarks: I had successfully made the rescheduling back to 4 accounts (1 PL + 3 CC) as per my latest DMP status in July.

Thanks.
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answered on Jul 13, 2019 at 12:26
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edited Aug 22, 2019 at 20:03
 
@skyrain1971

Wow.. that bank's sales personnel is hard up for sales!

DMP is not limited to my application after bank assessment

Those people under Debt Management Programme (DMP) will not be allowed to make a new banking facility until the DMP has been successfully "settled". Perhaps it was not properly conveyed to you during the DMP briefing. However if any bank offers you new facility and upon any defaults, you cannot be sued successfully for the any non-DMP loans. That is for any new loans after a "high risk" defaulter after having been blacklisted by Bank Negara Malaysia (BNM). It is just like an active bankrupt who was given or issued a credit card (cannot be sued). This is what the Government BNM CCRIS is for.

leasing loan is eligible for RMXXX amount provided the Special Attention Account (SAA) is cleared

Cleared not only for that bank. Must be cleared totally of any  Special Attention Account (SAA) blacklists. Either that banker sales person is poorly trained or their sales target is in tatters. It is actually putting the bank loan at  high risks.

Your "remarks".. so now what happened to the "my application leasing loan is eligible". It has nothing to do with 1 year after being inside the DMP. Slight concession is given from banks for housing loans (usually joint names), but for sure the house will be as "collateral", higher interest rates plus higher down payment (lower loan).

(Caveat: The above comment is written by a Q&A registered User. It represents a personal point of view only and not be regarded as legal advice.)
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answered on Jul 13, 2019 at 12:35
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edited Aug 22, 2019 at 20:24
 
@skyrain1971

4 accounts (1 Personal Loan + 3 Credit Cards)

I do not fully understand how come you only discovered any mistake after 1 year? Your "closed" banking facility will be reactivated after joining the Debt Management Programme (DMP). All those banks will have to send you monthly statements to reflect your payments or non-payments to AKPK. It will also be reflected in the BNM CCRIS.

They did not send you any statements...?? Do complain to BNM & AKPK and the banks HQ.. It is your legal right to receive statements.
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answered on Jul 13, 2019 at 13:30
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edited Aug 22, 2019 at 20:38
 
@Jeff

DMP is not limited to my application after bank assessment 

The credit department officer advised me below:
1) DMP activated after a year can be considered subject to terms and conditions.
2) Leasing loan is actually a rent to own solution programme. We rent the property from bank and pay monthly rental with legal agreement signed with the bank. It can be purchased after a year, details can be found on m2own web site. 
3) The officer informed me during the assessment that I am eligible for RMXXX amount if I can clear the Special Attention Account (SAA) from CCRIS.

4 accounts (1 Personal Loan + 3 Credit Cards)  

Bank did email me the statements, but my mistake and never read it. I thought I just need to make all necessary payment as per AKPK schedule will do. I was aware of this SAA only in CCRIS report when I apply the leasing loan facility. 

MY DOUBT IS:

Bank made the error and caused my 2 credit card accounts under Special Attention Account (SAA) status, can I appeal? I have checked with AKPK and the officer told me that was the bank technical issue and need to refer to them.
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answered on Jul 13, 2019 at 15:04
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edited Aug 22, 2019 at 20:41
 
@skyrain1971

Before I would comment further can I have the following details:
1.  Age
2.  Duration of Debt Management Programme (DMP)
3.  Repayment monthly amount for the new schedule
4.  What does your CCRIS say now? The SAA status has been revised?

Note this clause under MBB FlexKey scheme (HouzKEY)
Minimal upfront cost of 3 months refundable rental deposit only

This is not leasing, it is a Rental Agreement with specific terms and conditions.

Did MBB promise you a housing loan upon completion of the 1 year rental? Is the tenure of the rental renewal every year if you do not qualify for a housing loan? (from any bank). This is a new consumer product not under the purview of Bank Negara Malaysia (BNM).
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answered on Jul 13, 2019 at 16:54
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edited Aug 22, 2019 at 20:50
 
@Jeff

1.  Age
48

2.  Duration of Debt Management Programme (DMP)
Till 2028

3.  Repayment monthly amount for the new schedule
RM1,070

4.  What does your CCRIS say now? The SAA status has been revised?
Record shows 0 with all accounts for the past 12 months. SAA still shown - need to check with BNM for further advice.

minimal upfront cost of 3 months refundable rental deposit only
Yes.

This is not leasing, it is a Rental Agreement with specific terms and conditions
Yes, I termed it wrongly.

Did MBB promise you a housing loan upon completion of the 1 year rental?
Approved Rental Agreement can be converted to mortgage loan after 1 year as per agreement schedule and need not apply loan again if past 12 months payment made on time if you have option to purchase the said property.

Is the tenure of the rental renewal every year if you do not qualify for a housing loan? (from any bank).
I can continue to pay for the rental up to age of 70 till the end of the agreement (rent to own) and become 0 outstanding. First 5 years have no rental increment, the rest of it may refer the agreement schedule. As long as the rental is paid, bank can't terminate the agreement.
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answered on Jul 13, 2019 at 23:39
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edited Aug 22, 2019 at 20:55
 
@skyrain1971

Points to clear:
1.  Will the rental paid, said for 5 years = RM60,000 be offset as down payment?
2.  Will your finances be more stable and qualify for a higher down payment and shorter loan period due to age factor, that is, if it in single name?
3.  Will MBB offer to guarantee you a housing loan, taking into account you are still under the DMP? Other banks may not do so due the Special Attention Account (SAA) status.

Read thru the past 4 years under this Bankruptcy Section and be mindful of those who were bankrupted while trying to save their home when they ran into health problems, unable to find permanent employment and further financial woes. Children tertiary education also affected.

Also take caution that the AKPK Debt Management Programme (DPM) is a Government agreement/contract, if any defaults, and the contract collapses, the banks will revert to their old interests rates with no further mercy. That is the interest rate that you have signed in the first place.

My personal view is that the SAA will remain until all financial debts have been fully settled. This will drastically affects ALL future loans from most  banks.

Take a break for the weekend and spend time with your wife and children. Time is never forever. Continue if there are further questions, on coming this Monday. Have a nice Kit Kat and teh tarik..

(Caveat : The above comment is written by a Q&A registered user. It represents a personal point of view only and not be regarded as legal advice.)
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answered on Jul 14, 2019 at 13:26
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edited Aug 22, 2019 at 21:01
 
@skyrain1971

Read here:
https://www.lawyerment.com/answers/questions/13419/what-is-ccris-ctos-bnm-akpk-special-account-attention-dsr#a49376

It would answer your concerns.

Your main concern will be how to get a car or even housing loan (other than MBB). Next time MBB will still tell you that this is just a Tenancy Agreement and any of your loan will still be subjected to financial regulations enforced at that point of time.

And in any Tenancy Agreement there is always a "Termination Clause". No increase in rental for next 5 years does not mean MBB would not terminate the tenancy prematurely. Logged "on" to that property is pure nonsense to me. When it comes to business dealings nothing supersedes profits for the banking industry. 

At your age, your DSR (Debt Servicing Ratio) is not favorable as you have another 9 years to go. All pros and cons have been laid out in front of you.

Quite sure that MBB has not given you a rain check..

Logic vs No Logic (common ¢)
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answered on Jul 17, 2019 at 17:01
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edited Aug 22, 2019 at 21:01
 
Thanks for your input. Anyway, it is totally out of my topic concern already.
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