Tag Archives: credit card payments

AKPK's Debt Management Plan Is A Way Out Without Filing Bankruptcy

1
Posted by Vedis the DMP Blogger on November 5, 2009 – 6:50 pm
Filed under AKPK Debt Management Plan, Credit Card Debts, Debt Management Companies, Debt Management Programs

AKPK Debt Management Plan (DMP)“Why are you in deep credit card debt?” Is it because of excess spending that causes you to default on your credit card payments or is it due to the pay cut or job loss brought about by recessive times?

As for me, my credit card debt (hubby and mine) was caused by excess spending and insufficient income. There was always not enough income (from both of us) to pay the credit card payments, daily expenses, car and home loan instalments.

Whenever there was insufficient money to pay the minimum credit card payments, withdrawing cash advance from credit cards was always the solution to settle the payments.

As a result, more credit card debt incurred due to cash advances, cash advance fees, late payment charges and other miscellaneous fees imposed by banks.

Just as I thought filing for bankruptcy was the only way out to get rid of staggering credit card debt and harassing phone calls and warning letters from the creditors and credit card companies, AKPK saved me (and hubby) from declaring bankruptcy.

Regardless of why you are in debt, you need to know that there is a way out without resorting to bankruptcy. You can get out of your situation through AKPK’s debt management plan if you are a Malaysian.

The AKPK’s debt management program is individually designed to provide you with a unique solution for your financial situation; it keeps you from having to take out a debt consolidation loan or file for bankruptcy.

If you think that a debt management program is right for you, it is important to make sure that you know perfectly well the pros and cons of enrolling in a DMP.

AKPK’s debt management plan is a way out to get rid of credit card debt without filing for bankruptcy for me, but it does not necessarily suit you.

You yourself have to attend the credit counseling briefing to know the ins and outs or the pros and cons of the debt management programme before making a decision.

A Debt Management Program When You Can No Longer Pay Your Credit Card Debts

0
Posted by Vedis the DMP Blogger on October 19, 2009 – 2:56 am
Filed under Credit Counselors, Debt Management Programs

What happens when you can no longer pay your credit card debts or credit card payments? Well, you have the option of a debt management program to help bring you back to right financial track.

Debt management program, also known as debt management plan, is individually designed to consolidate all your multiple credit card payments into one lower payment.

The debt management repayment is often made affordable to you so that you can pay all your credit card payments.

Of course, a debt management plan is NOT an option for you if you are already at advanced litigation process or involved in bankruptcy.

If you find that a debt management program is right for you after a credit counselling session, your credit counsellor will start negotiating with your creditors to lower the credit card monthly payments, reduce the interest rates, and waive late payments and over-the-limit charges.

Often times, your creditors or banks will agree to the affordable repayment plan just so they can receive any amount of payment towards the balance you owe them.

As a credit card debt woman who is now in a free debt management program, I must admit that it is a great solution for helping me get rid of my credit card debts.

The DMP not only allows me to pay ONE lower repayment every month, it also stops the wave of annoying or even threatening phone calls or warning letters from the banks and credit card companies.

Signing up for a debt management program is easy; it’s a matter of finding a credit counseling and debt management company you feel comfortable with that is difficult.

Make sure you find a credit counselling and debt management agency that will work best for you. Remember, you want the right debt management program to put an end to your pestering debt problem, not creating more debt.

Top 10 Reasons Why People Turn To AKPK Debt Management Programs (DMPs)

0
Posted by Vedis the DMP Blogger on September 25, 2009 – 2:35 pm
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Cards, Credit Score / Credit History, Debt Management Companies, Debt Management Programs

Speaking of reasons why I enrolled in AKPK debt management program (DMP), I have cited quite a few reasons whenever I mention my AKPK DMP.

I am sure they are of the same reasons given by others who were or are in debt management plans.

Let me share with you top 10 reasons why people with credit card and personal debts, including myself, have turned to debt management programmes to pay off the debt.

May the reasons stated below help you make up your mind whether a debt management program is the right debt relief option for you.

1. You have tried out self repayment plan but it doesn’t help much to decrease your debt balance. I did try out self credit card debt reduction from April 2007 to August 2008 and managed to bring down my credit card debt from RM63,809 to RM40,344. But since then, the amount of debt balance didn’t decrease much.

2. You are so deeply in financial crisis that you need to get rid of your debt before any legal proceeding such as being sued for bankruptcy starts. Although I was able to bring down my credit card debt through self debt reduction plan, I still decided to turn to AKPK debt management program.

Why? Well, I couldn’t bear with the late payment fees and over-limit charges imposed by banks anymore; the amount of late payment fees and over the limit charges was so much that it made my efforts of paying down my credit card debt a waste of my hard-earned money.

3. You don’t want to be disturbed by irritating and harassing phone calls from debt collection agencies. Ask anyone who has been behind their payments or has missed a few credit card payments, they will tell you how stressful and depressing it is when it comes to handling calls from banks and collection agencies, and also piles of notices and warning letters.

4. You would like to lower the interest rates on your outstanding balances so that you are able to save money. From 18% interest rates to 6% or 7% interest rates, I must say that it’s a huge saving.

5. You don’t want to pay extra charges due to late payment. One day in August 2008, I told hubby that I had had enough of paying the never-ending late payment and over-limit fees charged by banks that brought us to nowhere, but increasing credit card debt!

6. When your budget is too tight, a debt management plan allows you to lower your monthly payment. Due to economy downturn, hubby’s meager income and my decreasing online income made us opt for lower payments for our credit cards.

Previously hubby and I had to pay more than RM2,500 for the credit card minimum payments. But with AKPK’s debt repayment plans, we are allowed to pay much much lower payments to our creditors. My DMP is RM320 per month while hubby’s DMP is RM360.

7. You have no idea about managing your own debt at all and you need proper guidance.

8. You have multiple bills and you can’t manage them efficiently.

9. You find that you need a professional credit counselor to assist you to work out a budget based on your income and commitment.

10. Your credit score is in a bad shape and there is a need for you to rebuild it through a proper debt management program.

Why Opting For AKPK Debt Management Program (DMP)?

1
Posted by Vedis the DMP Blogger on September 14, 2009 – 11:49 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Counselors, Debt Management Companies, Debt Management Programs, Debt Settlement Plans

Since I was approved of the AKPK debt management program (DMP), I have always been asked by readers or friends why I chose to get out of debt with a debt management program.

There were several reasons why I enrolled in a debt management programme and not debt consolidation or debt settlement. Debt settlement? I wonder if there is any debt settlement plan in my country.

First and foremost, it’s FREE to join the AKPK debt management plan. You are not charged any enrollment fee or monthly service fee. Yes, the DMP provided by AKPK (Agensi Kaunseling Dan Pengurusan Kredit) is free; it comes with zero enrollment fee or monthly service charge.

Since the program is free to join and at that time I had had enough of my piled up credit card debt, I made an appointment with a senior credit counselor in Ipoh branch.

Did I do any DIY debt management to get rid of credit card debt? Of course, I did. In fact, I began budgeting and cutting spending starting April 2007 to pay down my credit card debt before finally signing up with the AKPK program.

In a span of almost one and a half year, I managed to pay down my debt from RM63,809 ($18,000 plus) to RM40,344.

Just as I thought I could slowly pay off my credit card through budgeting and cutting back on spending, bad things crept in one by one.

Firstly, hubby and I were not able to generate more income to pay the bills. Money was always not enough when it came to making payments to credit cards, home and car loans, utility bills and personal expenses.

We started being in late in payments or skipping some of the credit card minimum payments. As a result, late payment fees, penalty charges, over-limit fees, and other miscellaneous fees began piling up and added to my already piled up credit card debt.

One day after watching the AKPK’s TV commercial ad, I decided to pay a visit to the agency and enroll in its debt repayment plan to help me get out of credit card debt without stress.

Consider Credit Counseling & Its Debt Management Plan To Avoid Bankruptcy

2
Posted by Vedis the DMP Blogger on August 19, 2009 – 11:01 am
Filed under Credit Counselors, Debt Management Companies, Debt Management Programs

Get Help From Debt Management ProgramIf you are in debt trouble, you have probably heard about getting help from debt relief options like credit counseling, debt consolidation, debt management and debt settlement.

Often times, the term “credit counseling” is used in the same sentence as debt settlement, but actually, it’s a completely different process.

With credit counseling, you will actually work with a credit counselor to pay off your debt in smaller, monthly payments that you can afford.

So, do you really need credit counseling to get you out of debt? You need it if you have been receiving harassing phone calls from bill collectors or if you are unable to make another month’s high interest credit card payments.

Before you attend any credit counseling briefing, it’s important that you choose a good credit counseling agency so that you are not scammed.

Look for a reliable credit counseling agency that is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA) or the National Foundation of Credit Counseling (NFCC).

Once you have identified the right credit counseling agency, you’ll have to meet with a certified credit counselor, and provide him with all of the details of your debt.

After a thorough review of your debt, credit history, and a detailed analysis of each of your creditor accounts, your credit counselor will let you know if there is a need for you to enroll in a debt management program.

Once it is determined that signing up with a debt management plan is right for you, your debt management program counselor will negotiate with all of your creditors to reduce interest rates, eliminate late payment fees and lower payments before creating an affordable debt repayment plan that you can live with.

It’s true that working with a credit counseling service can do some damage to your credit report. But if you are at the stage where your last resort is filing for bankruptcy, you would definitely consider a debt management plan in order to avoid bankruptcy or a report full of charge-offs.