Tag Archives: get out of debt

AKPK Debt Management Program Or Bankruptcy Is Your Debt Relief Option?

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Posted by Vedis the DMP Blogger on November 7, 2009 – 10:04 am
Filed under AKPK Debt Management Plan, Credit Card Debts, Debt Management Companies, Debt Management Programs

With current bad economy and job loss, the number of bankruptcy filings and bankruptcies are on the rise. Are you thinking of filing for bankruptcy to get out of debt?

If you are really thinking that bankruptcy is your only debt relief option, you may/might be wrong.

As a woman who was once loaded with RM63,809 credit card debt in 2007 and later reduced the debt amount to RM40,000 in 2008, I had also thought of going bankruptcy.

The thought of filing bankruptcy rose when balance transfers, non-performing loans, short term loans and personal loans didn’t work to bring down the interest rates and outstanding amount much.

On the contrary, there were late payment fees, cash advance fees, retail charges, over-the-limit fees and other miscellaneous charges that kept adding new debt to the credit card debt.

I know how it feels to be under so much pressure from debt that you can’t even think straight. But believe me when I tell you that bankruptcy should be your last resort option.

I’m talking about no hope of ever getting out of debt after trying out balance transfers, non-performing loans, short term loans, personal loans, debt consolidation loans, debt management programs, and debt settlement plans.

One of the reasons that I didn’t opt for bankruptcy was because of the fact that I could pay off my credit card debt through a debt management programme offered by AKPK.

If you are a Malaysian and loaded with credit card debt, you may have known about AKPK by now.

Enrolling in AKPK’s debt management plan is another debt relief option that many Malaysians with credit card debt are seeking now. It’s a free debt management program that charges NO counseling fee, enrolment fee or monthly fee.

I am currently in AKPK debt management plan. In fact, I have been in the program for a year now.

Read my bumpy journey when applying for AKPK’s debt management program in 2008 if you think you need help from credit counseling and debt management program to help you pay off credit card debt.

Questions & Answers For AKPK Debt Management Program (DMP)

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Posted by Vedis the DMP Blogger on September 19, 2009 – 1:54 pm
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Counselors, Credit Score / Credit History, Debt Management Companies, Debt Management Programs

Q: Does being placed in the AKPK debt repayment plan mean I no longer can use my credit cards?

A: Yes. You NO longer can use your credit cards; all your current and valid credit cards will be terminated once you are in the program.

Q. Is it true that no banks would approve my new credit card and loan applications?

A: Yes. As long as you are in the program and haven’t settled all your credit card debt, no banks would give you credit cards or loans.

Q: What about after I have successfully paid off my credit card debt?

A: Yes. You can apply for a credit card or loan again after your full settlement.

And judging from what I know about Malaysia’s banks, I am pretty sure that you can get a loan again and fast so long as you have CASH as down payment.

A good example was my car loan. It’s about 3 years ago. Of course, I was still able to manage my credit card debt at that time and never heard of AKPK.

The bank officer that was in charge of approving my car loan kept telling me that my credit card payment records were far from satisfying and it’s kind of difficult for him to approve it.

Well, in the end he still approved the car. Why? I traded my old car and I could get back at least RM5,000. With RM5,000 paid as the down payment for the car, tell me, which bank would say no?

Q: I heard that my credit score will be damaged once I am in the AKPK debt management plan. Is it true?

A: Since you are thinking of visiting AKPK credit counseling agency, it’s my guess that you have already missed a few credit card payments or you have stopped making payments to banks, right? I am sure your credit report should have been tainted badly because of these missed payments, right?

So, does it matter much if your credit report is hurt a bit more by you being in the debt repayment program?

In fact, being in the program helps rebuild your credit rating. Your monthly repayment to the credit counseling and debt management agency shows that you make payment every month.

Judging from my experience with Malaysia’s banks, so long as you have CASH … ;-)   You know what I mean, right?

Q: You seem to say a lot of good things about AKPK. Do you earn a commission for each referral?

A: I HOPE AKPK pays me commissions for all the information and good stuff about AKPK mentioned by me. :-)

Of course, NO.

Q: Then, why do you talk about AKPK all the time and recommend it to every Malaysian who is in credit card debt?

A: The reason is simple. I am sick of seeing people selling credit card debt reduction solutions to people like you and me who are so deeply in debt and desperately trying to find ways to get out of debt.

Thinking back, I should not blame people who sell the credit card debt solution info. It’s human being’s mentality that FREE info is not worthy; only PAID info is valuable.

Are You Worried About Your Credit Card Debt?

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Posted by Vedis the DMP Blogger on September 5, 2009 – 10:43 pm
Filed under AKPK Debt Management Plan, Cash Is King, Credit Card Debts, Credit Cards, Debt Consolidation Loans, Debt Management Programs, Debt Management Tips, Debt Settlement Plans, Free Debt Reduction Tips, Saving Money

DMP For Credit Card DebtAm I worried about my credit card debt now? No, I am not. But I used to be very worried and stressed out about it before I enrolled in a free debt management program called AKPK debt management programme (DMP).

What about you? Are you worried about your credit card debt?

You should be if your credit card debt has spiraled out of control; you pay more than 15% of your monthly income to your credit card bills or/and borrow cash from one credit card to pay another.

You are not the only one who is dealing with credit card debt nowadays. In fact, almost 40% of credit card holders are in the same predicament!

So what should you do to avoid the need of getting help from debt relief options such as debt consolidation, debt management program, or debt settlement and worst of all filing for bankruptcy?

Start doing credit card debt management to help yourself get out of debt as fast as possible!

Most financial experts will advise you to stop using your credit cards. Quit using credit cards is to prevent you from adding new debt to your existing outstanding balance.

If you have more than one credit card, pay the minimum payment on them all. Then, pay the most to the credit card with the highest APR. Once the card with the highest APR is paid off, keep paying the minimum payment to the rest of your cards and pay the most to the next highest APR. Do so until all the credit cards are paid off.

Another way to help you is try balance transfer deals that offer 0% interest free period for 6, 9 or 12 months to save some money.

Credit cards are convenient, but you don’t have to use them all the time and put everything from groceries to petrol to night’s-out on them. Instead of using credit cards, cultivate the habit of using cash to help yourself curb your spending habits and get into more credit card debt.

If you are really concerned about your credit card debt, start doing debt reduction before you end up resorting to debt consolidation, debt management plan, debt settlement or bankruptcy.

Get Debt Management Program Help To Achieve Total Debt Elimination

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Posted by Vedis the DMP Blogger on September 1, 2009 – 4:34 am
Filed under Credit Counselors, Debt Management Companies, Debt Management Programs

Debt Management Program For Total Debt EliminationAre you tired of paying your credit card debt month after month without seeing much progress? If so, it may be time for you to get debt management program help to achieve total debt elimination.

Once you have established your degree of need for debt help, the next step of your debt management program is to decide whether you will enroll in a debt management plan designed for you by a credit counseling agency or do it yourself debt management to achieve total debt free.

If you have made the decision to go debt free through a DMP offered by a credit counseling and debt management company, make sure you opt for a not-for-profit credit counseling agency that is of a member of the National Foundation of Credit Counseling (NFCC) or the Association of Independent Consumer Credit Counseling Agencies (AICCCA).

It won’t be worth your time or effort to choose a debt management company that charges a large monthly fee for their services as your debt problems may get even worse.

By attending a credit counseling briefing, a certified credit counselor will let you know the debt relief solutions available for your situation.

If it is determined that you need a DMP to help you get out of debt, your credit counsellor will contact your creditors in an attempt to stop harassing telephone calls, lower your interest rates, lower your monthly payments, and perhaps stop late fees and over limit fees.

So a debt management program is created to help reduce your overall monthly debt, help you save on interest fees, and improve your credit rating by paying creditors on time.

Take note, though. Before signing a debt management plan contract, make sure the written agreement detailing all the services discussed and the exact costs you will have to pay.

Whether your aim is to restructure your multiple debts into one affordable monthly payment, pay off all your bills sooner than before, avoid late charges, put an end to harassing phone calls from your creditors, save thousands of dollars in interest, lower your monthly payments substantially or avoid bankruptcy, you can achieve it with a debt management plan.

Use Cash If You Don't Want To End Up In AKPK Debt Management Program (DMP)

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Posted by Vedis the DMP Blogger on August 29, 2009 – 12:59 pm
Filed under AKPK Debt Management Plan, Cash Is King, Credit Card Debts, Debt Management Programs, Saving Money, Spending / Expenses

Hubby and I were in the city for 6D 5N. While hubby was attending a 3D 2N seminar, I was staying at my uncle’s place.

Overall, we spent less than RM100 on food, shampoo, toothpaste, parking fees and discounted trousers during the trip. Unbelievable, right?

You see, hubby’s meals and seminar, petrol and accommodation fees were all fully paid by his school while my accommodation and meals at my uncle’s house were free.

Whenever I went out with my uncle’s family or my sisters, they were the ones who insisted on making payments.

My younger sister who knew my financial woes better kept buying foods and clothes for me. Of course, she paid cash. I am happy that she loves using cash, not credit cards.

I only realize the power of using cash after I was so deeply in credit card debt and had to sign up with a free debt management program called AKPK debt management programme (DMP) in my country.

I am grateful that I was approved of the debt repayment application last October and given a chance to bring my financial ruin back on track without having to declare bankruptcy.

Use cash, if you don’t want to end up in a debt management program to help you get out of credit card debt. :-)

Use cash so that you don’t have to pay high interest rates, late payment fees, over-limit charges and other miscellaneous fees. And most important of all, you don’t have to pay interest on the interest charges you owe!

You Don't Need A Debt Management Program If You Spend Less Than You Make

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Posted by Vedis the DMP Blogger on August 25, 2009 – 1:23 pm
Filed under AKPK Debt Management Plan, Credit Card Debts, Credit Cards, Debt Management Companies, Debt Management Programs, Spending / Expenses

Do you know that credit card debt is a major cause of over one million bankruptcies each year? I almost opted for bankruptcy when my credit card debt was out of control due to high interest rates, late payment fees, over-limit fees, cash advance fees, retail interest charges and other miscellaneous fees imposed by banks and creditors.

Had it not been the option of enrolling in a free debt management program, I would have filed for bankruptcy in 2008.

If you are a new credit card holder, you need to keep in mind that the real cause of your financial mess is you. Make sure you don’t put your blame on the credit cards and the credit card companies when your credit card debt is out of control. :-)

One shopping spree does not usually cause high debt. It is usually a pattern that consists of gradually increasing purchases that add up to a large debt.

It’s fortunate that you are at the stage where your credit card debt is still under control. To make sure that you do not get into deep debt trouble is to start spending less than you make.

Spend Less Than You Make. It sounds simple, right? Well, it can be very difficult if you have a problem with willpower. It is important to stick with spending less than you make or you will find yourself in exactly the same place as I was before and had to resort to debt relief help option like debt management plan to get out of debt.

If you can summon enough willpower and strength towards your finances and spending, then you will find yourself the winner in the game of debt without the need of a debt management program.

As someone who has been there and done that, my advice is – If you don’t have the money to spend, then don’t spend it!