It’d been a long time since I last hung out at FB AKPK, so a few days ago, I went to check out the happenings there.

Phew, I am glad that I have since picked up some new information from there! Some old rules/regulations/terms/conditions are no longer applicable to new AKPK applicants.

New applicants are so fortunate that they can now submit their application and details via AKPK website. This definitely saves the time and hassle of traveling a few times to and fro the agency to submit form and necessary documents.

Guess that I should rewrite my post of Back Then in 2008 & Now 2010 for AKPK Debt Management Program Application or write a new post when I am free so as not to confuse people. ^.^

As I have been able to pay down credit card and loan debts on time while buffing up big and small emergency funds, I like to encourage people who are loaded with debt to consider AKPK’s debt management plan to help them pay down their debt.

I still do, but I make sure I re-tell them that if they are thinking of buying a car/house in future, then they have to think twice whether they should enroll in the debt repayment plan.

The reason? Well, so long as you are in the program, you will be coded in CCRIS (Central Credit Reference Information System) as being in AKPK!

This means when you want to apply for a car/home loan, the bank will refer to your CCRIS report. Seeing that you are in a debt repayment plan, will the bank give you the loan? Maybe. Maybe not.

According to AKPK, it really depends on the bank. Till today, I am still waiting to hear from someone that he has got a new loan although he is in AKPK or he has been out of the program.

Hello, any AKPK member out there who is still in the program or has been out the plan HAS SINCE BEEN ABLE TO GET A NEW CAR OR HOME LOAN?? Mind sharing? ^.^

Let me recall what my 2010 New Year Resolutions were: 1. Saving Money 2. Making Money and 3. Paying Down Credit Card and Personal Debts.

How did I fare on these 3 aspects last year? ^.^

1. Saving Money. As of 31.12.2010, our i) Joint Savings Account for big emergency reached half of the 3 months’ living expenses; ii) E-Fund Account was equivalent to half of the 3 months’ living expenses in Joint Savings Account; and iii) Investment Fund Account had less than RM1,500′s worth of mutual fund and stocks.

2. Making Money. Online income was 100% from blogs. Each month’s online income was more than enough to pay the home loan installment, bank overdraft interest charge and some daily expenses, but still not good enough to let hubby retire from his long-hour teaching job.

3. Paying Down Credit Card and Personal Debts. Debt repayments to AKPK were in time every month and hubby and I were able to pay off some personal debts owed to 3 family members amounting to RM2,100.

What are my resolutions for year 2011? Well, same as above! Keep on saving money, making money and paying down credit card and personal debts.

Okay, be more specific!

1. Saving Money. i) RM10,000 in Joint Savings Account. The existing amount plus year 2011′s rental will be equivalent to about RM8,000, so RM10,000 goal should be attainable; ii) RM10,000 in E-Fund Account. The existing amount plus my monthly school income plus some online income, yup, it is reachable too; iii) Investment Fund Account. To be frank, no idea yet.

2. Making Money. This year I will pay more attention to Amazon Associates Program. Just learned some new tips that can bring in more earnings from its affiliate products. It’s really fun making US dollar; USD$100 is equivalent to RM300, you know.

3. Paying Down Credit Card Debt and Personal Debts. Keep on paying down the debts, of course!

Enough goals for year 2011!

Things have been so much different when it comes to collecting debts by banks and applying for Agensi Kaunseling dan Pengurusan Kredit‘s debt management plan.

Banks. Back THEN in 2008, there were no third party collection agencies collecting credit card and loan payments on behalf of the banks. Or were there but I didn’t know??

But NOW, there are so many real cases where third party agencies appointed by some local banks call and send text messages day and night to collect overdue payments. They yell, scold, threaten or humiliate the debtors when they are unable to collect the outstanding payments they want. ^ ^!!!

The third party collection agencies and maybe the banks do not seem to be interested in collecting 1/3, 1/2 or 3/4 of the owed minimum payments anymore. Instead, they want full minimum payments owed by the debtors.

AKPK. Back THEN in 2008, it seemed to be less complicated when it came to applying for its debt management program. Thank God there were not so many applicants at that time.

First, I gave AKPK Ipoh branch a call at 05.242.8319 for an appointment to meet a credit counselor. Next, met the counselor at Unit B-2-1 Greentown Square, Jalan Dato’ Seri Admad Said, 30450 Ipoh, Perak.

The counselor went through last 3 months’ payslips and the latest statements for EPF, EA, credit cards, personal loans, house and auto loans before he calculated/worked out to see if there was a positive source of income.

Then, he explained the pros and cons of joining a debt management program. Once the counseling session was over, I went home to fill in the application form and attach a photocopy of all documents needed (watch my video of Documents to Bring When Meeting the AKPK Counselor or AKPK’s video. Oh, AKPK got the credit report called CCRIS (Central Credit Reference Information System) on behalf of me at that time!

Lastly, submitted the application form and waited for more than a month for approval. Once I was notified that my application was successful, I went to deposit the first payment at Maybank. After that, faxed the bank in slip to AKPK’s office and waited for the approval letter. (For the complete story of my application, please read my post of A Credit-Card-Debt Woman is Under AKPK Debt Management Program Malaysia

Let’s talk about NOW if you want to join AKPK’s debt management plan. First, call its toll free number 1800.88.2575 to attend its briefing for 30-minutes. After the briefing, make an appointment within 7-10 days to meet a counselor.

Before seeing the counselor, you have to go to BNM (Bank Negara Malaysia) personally to print out a copy of your CCRIS. With all the documents/statements needed by AKPK, go meet your counselor.

Submit your form, together with the first payment bank in slip and wait for 2 weeks for approval.

It was written in February 2008, a few months before I joined AKPK free debt management program. I blogged about why there was a need to set up an emergency fund and how I saved up for the fund.

I did start saving up for emergency fund at that time, but it didn’t last long. I dug out the money after having not enough money to pay the bills and daily expenses.

Fast forward to today, I am glad that I have some savings in my personal saving account that I can fall back on should there be an unexpected home repair like leaking toilets and clogged water pipes that cost me more than RM1,000 last month and a sharp drop of online income in June.

I have God to thank for putting me in AKPK’s debt management program in October 2008. Since joining the program, there has always been extra money left to be saved in my saving account.

Implementing the ‘Pay Yourself First’ method is also easier when hubby has a steady monthly income together with my online income. Each month on his payday, I will online transfer RM100 into my secret savings account from his account. Similarly, I will transfer RM50 or RM100 from my biweekly pay into the secret account.

I expect more savings on the second half of year 2010 provided (1) I am employed as an account clerk in hubby’s school. I am still waiting for a job interview. Hopefully the principal sees that I am cut out for the job; (2) My online income bounces back to between RM1,500 and RM2,000.

In brief, I would not have been able to save some money as emergency fund if I hadn’t been in AKPK debt management plan that helps restructures my multiple credit card and personal loan payments (more than RM1,500) to ONE small monthly repayment (RM320).

During home cleaning in Ipoh on Thursday, I found some personal finance books which I bought many years ago! I think they were bought years before I was loaded with credit card debt or when my credit card debt was not that staggering.

Multiple Streams of Income by Robert G.Allen, The Millionaire Next Door by Thomas J. Stanley, Millionaire Women Next Door by Thomas J. Stanley, Rich Dad, Poor Dad and Rich Dad’s Guide to Investing by Robert T. Kiyosaki, The Richest Man in Babylon by George S. Clason, …

You know how much the book of Millionaire Women Next Door by Thomas J. Stanley? Phew, RM108 in year 2004! Year 2004? Ya, my finance was okay at that time. Gosh, I must have been mad to have bought such an expensive book!

It’s apparent that I didn’t apply any of the financial tips from any of these bestsellers. If I had learned and applied the tips in the book, I wouldn’t have been in such a deep debt trouble and had to enroll in AKPK debt management program.

After struggling so much financially, I think re-reading these financial books now may bring me more insights and results than 5 years ago.

Compared to 5 years ago, I am now more responsible for my finances and willing to apply what I have learned to pay off credit card debt fast, cut down spending,  save more money and increase income.

Being a work from home woman who makes money online, this Bahagian 2: Tip Menjana Wang surely sparked off my interest. Making money online, woohoo!

Bahagian 2: Tip Menjana Wang (Tip #8 – #12)

Tip #8 – Menjana Pendapatan Pasif Sambil Melayari Internet. Okay, there are suggestions of setting up blogs, Squidoo lenses and HubPages to make money here!

If you are thinking of making money online, ya, the tip here gives you general ideas on how and where you can make money from online.

The tip here suits beginners who would like to make money online, but not me and other bloggers/internet marketers/affiliate marketers who are currently using the above mentioned money makers.

Tip #9 – Dapatkan Wang Tunai Daripada Barangan Terpakai Anda. Selling used stuff online at eBay and other auction websites? Opps, not for me!

Tip #10 – Jadikan Minat Anda Sebuah Mesin Menjana Wang. What’s my passion now? Blogging. Does it make me money? Oh, yes. Does it make me abundant money to pay off my debt fast or turn my vacant house in Ipoh into a homestay resort? Oh, not yet.

Let me dig into The 8-Day Internet Wonder by Edwin John, also given free by K.C.Lau to see if I can push my niche blogs to generate more money online.

Tip #11 – Tukarkan Kad Kredit Daripada Lawan Menjadi Kawan. Here you can learn how to turn your credit card into your friend rather than enemy by taking advantage of the grace period, interest-free installment plans, free gifts, rebates and reward points.

There are also tips on how to eliminate your credit card debt. K.C mentioned getting micro loans from family members/friends. Of course, when it comes to loans, there are interest charges involved.

To be honest, we did get some micro loans from family members at 10% interest rate per annum. It’s true that people are more willing to loan you money when you give them interests. And guess what? You tend to be less inferior in front of them because you pay them interests!

Tip #12 – Pelajari Peraturan-Peraturan Penting Dalam Pelaburan. Opps, about investments! I am not at this stage now, so I skipped this part here.

Go to ‘AKPK DMP Blogger’s Book Review: Tip-Tip Kewangan Untuk Rakyat Malaysia by K.C Lau’ – Part 4.

05.05.2010 3.19 p.m.

Finally, the much anticipated book, Tip-Tip Kewangan Untuk Rakyat Malaysia, which was written by K.C. Lau, arrived at my doorstep this afternoon!

It’s a 353 mm x 250 mm envelope that’s too big to be stuffed into my mail box, so the postman left it on my door mat. Inside the envelope were two books sent by K.C. Lau.

One being his own book, Tip-Tip Kewangan Untuk Rakyat Malaysia while the other one, The 8-Day Internet Wonder by Edwin John.

I personally requested K.C to send me these two books for reviews because the topics fit my blog, www.FreeDebtManagementProgram.com, perfectly. My blog covers topics like credit card debt, AKPK debt management plan, emergency fund, saving money, spending, expenses, income streams, …

05.05.2010 6 p.m.

Okay, I am ready to share with you some of the tips!

As you can read from the title, Tip-Tip Kewangan Untuk Rakyat Malaysia, it’s written in Bahasa Malaysia. No sweat if you are a Malaysian, right?

There are 4 parts in the book:

Bahagian 1: Tip Kewangan Bijak
Bahagian 2: Tip Menjana Wang
Bahagian 3: Tip Menjimat Wang
Bahagian 4: Tip Melindungi Wang

As I am currently in AKPK debt repayment plan and very interested in picking up more saving money tips, I jumped to Bahagian 3 first.

Bahagian 3 – Menjimat Wang (Tip #13 – #17):

Tip #13 – Miliki Kereta Pertama Anda Secara PERCUMA. I totally agree with buying used/second hand cars to save money!

The first car hubby bought was a new one, Ford Laser 1.5, with RM826 monthly installment. He paid a total of more than RM55,000 for a 5-year auto loan and when he sold it, he got back only RM21,000.

The second car was a used Proton Wira 1.3, with RM620 monthly installment. The selling price was RM28,000 and it was at RM15,000 after 3 1/2 years.

The third car is a used Toyota Camry 2.2, with RM820 monthly installment and RM594 yearly road tax. It was bought before we  got into very deep credit card debt.

During the time of struggling with increasing credit card debt, we did think of selling it to cut down spending, but we couldn’t. The amount of car loan still owed to bank was simply larger than the car selling price; there’s still a need to fork out a few thousand ringgit.

Now that with less than RM14,000 car loan to go, hopefully it can be paid off without difficulty by August 2011.

Go to ‘AKPK DMP Blogger’s Book Review: Tip-Tip Kewangan Untuk Rakyat Malaysia by K.C Lau’ – Part 2.

Having read Adino’s 50 Great Outdoor Wedding Ideas and Themes a few days ago, I feel like writing something about wedding and funeral today.

It’s quite similar to the comment I left at Adino’s blog, just that this is a looooooonger version.

You see, I am a person who is very against wedding ceremonies, wedding dinners and wedding parties. If you have been reading my blog, you may have come across blog posts mentioning how much I abhor attending wedding receptions and dinners.

There are a few whys I hate attending wedding dinners. First off, it’s very time-consuming. I had had a few bad experiences when I was still living in KL that made me decide that it’s enough.

There was once that a wedding dinner started at 9.30 p.m. I arrived before 7 p.m. and I had to wait until 9.30 p.m. for the dinner to start. At that time, I was pissed off, thinking why I would let people waste ‘my precious time’? You know, it’s like ‘using your own time to do the stuff you don’t like‘.

Ya, now I am at the stage of ‘spending my time doing the stuff I like’. Are you ‘using your own time to do the stuff you don’t like’ or are you ‘letting others use your time to do the stuff you dislike’?

Coming back to the wedding I mentioned just now, it’s only a not-close-at-all colleague’s wedding dinner. I don’t even remember his name now!

So, I would only attend wedding dinners of those whom I am very, very close to.

Secondly, it’s money-consuming. A wedding money gift costs between RM60 and RM200, depending how close you are to the bride/bridegroom or the parents of both and also how much ‘face’ you want to give.

It’s fine if there is only a wedding dinner to attend once a month or every few months. But it’s not okay when there are 5 or 6 dinners in a month during peak season! Well, you do the calculations.

To me, a credit-card-debt woman who is now in AKPK debt management program, it’s a financial burden.

I am entering into a debt management program with a credit counseling company. I have about $17,500 in debt and my payment with the company would be about $400 a month.

My question is, would creditors be willing to accept 1/2 of the minimum balance that is due actually? I have 3 cards I’m in debt with, $285/month, $185/month, $165/month respectively.

I’m already 2 payments behind with 2 of the cards. Would the credit card companies accept a personal offer of 1/2 the usual minimum for a certain time frame? So I’d offer them $142.50, $92.50, $82.50.

Or since I’m already behind on payments should I stick with the debt management program (I just signed on and have to make my first payment on 2/28) and wait until I’ve been in the program a few months and then try to talk personally to my creditors and see what I can offer at that time??

Please advise. Thanks.

It’s his Chinese New Year Song that some people, especially the elderly, may get offended. But not hubby and I. Hubby is in his early fifties and I, the AKPK debt management program blogger, am in my late thirties. Both of us like Namewee’s songs because we find him such a creative guy.

The lyrics in his songs are nothing but a revelation of truth. Well, the truth always hurts, you know.

I like this CNY song simply because I for one also can’t stand those same traditional Chinese New Year songs sung by local/international artistes year in year out.

Not only do I not like CNY songs, I don’t celebrate Chinese New Year anymore. It’s been many years since I celebrated CNY.

Since when I stopped enjoying this joyous festival? I think it’s since I was heavily loaded with credit card debt and there wasn’t extra money to buy Chinese New Year goodies and give kids Ang Pao.

From then on, I associated CNY with ‘money spending festival’. I was so stressful whenever CNY approached. Trying to avoid as many family/friend visits as possible was one of my ways to cut down on money giving.

Now that I am under the AKPK debt management programme, with RM3,000 in my saving account and extra cash in hand to be spent on Chinese New Year goodies and red packets, I still choose not to celebrate it.

I hate the yearly home cleaning and CNY decoration. I dislike the goodies and new year clothes’ shopping. I abhor the monotonous ‘giving face’ visits to relatives’ or friends’ homes.

Hubby and I just want to live CNY like any normal day. Ya, Valentine’s Day is also another normal day that doesn’t mean much to us.

Does it mean we are not happy with our lives now? No, quite the contrary, we are living more happily and contentedly now more than ever.

I always thank God for helping me and hubby get back on track financially, and blessing us with good dual income and excellent health.

I am curious. Are you still enjoying CNY celebration? Aren’t you tired of Chinese New Year rush, money spending and ‘face giving’ visits?