I am officially under Malaysia’s AKPK debt management program. What a relief! No more haunting calls and notices from banks from now on. No more exorbitant late payment charges. Yes, I am under AKPK’s debt management program that helps me restructure my credit card debt.
Let me share with you my bumpy journey from getting to know AKPK from the television channel to being approved to be under the debt management program.
I first came to know about AKPK (Agensi Kaunseling Dan Pengurusan Kredit or Credit Counseling & Debt Management Agency) in April this year. The AKPK’s advertisement appeared very very often during that time.
The next day, I went to AKPK’s website to find out more information. The first thing I wanted to know about AKPK was whether it was legitimate or not.
AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counselling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.
After making sure that AKPK was set up by Bank Negara, I was relieved. I was even more relieved when I knew that it’s FREE. Yes, it’s FREE.
I didn’t visit the nearest agency at my place during that time because I thought I could still manage my credit card debt and I didn’t have to resort to any debt repayment plan.
When did I decide to apply for the debt management program? I made up my mind when Bank Negara changed the late payment penalty charge policy. The late payment penalty charge policy was revised to a minimum of RM10 or 1% of total outstanding balance.
I used to pay RM5 or RM10 for my late payment fees. But after the change of BNM policy, I had to pay RM30, RM40 or more for the late payment charges. Bear in mind that I had more than 6 credit card payments to pay every month and I was always late in payments.
I couldn’t take it anymore. I felt suffocated by the accumulating credit card debt caused by the finance charges and late payment fees.
So, in August, I made an appointment with one of the AKPK counselors at Ipoh branch.
All in all, I dropped by at least 3 times before I successfully submitted my debt management program application.
The first time I paid a visit, I didn’t bring my payslips or income statements to prove that I make certain amount of income every month. I don’t have any payslip because I am working online. I make money from the internet.
You Must Have Pay Slips Or Income Statements. If you have no payslip or income statement, the counselor will not give you the application form at all. He will not let you apply if he knows that your application will not be approved.
You have only ONE chance to apply for the debt management program. Everyone has only ONE chance for this debt management program. Because of this reason, the debt management counselor is very strict. He wants to make sure that you have all the necessary documents so that your debt management program application will be approved.
• You have a positive source of income after meeting your expenses
• Your total debt does not exceed RM2million
• You are not under advanced litigation process
• You are not a bankrupt
Read my AKPK Debt Management Program Part 2.
{ 42 comments }
The Start of Saving 30% of Net Income in 3 Separate Savings Accounts.
