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Bankruptcy or AKPK

New MessageBankruptcy or AKPK (modified 0 times) almostdie
hi all,

My total debts to few banks is around RM 230K(credit cards and personal loans). Ever since early last year, I started to have difficulties to pay the minimum amount on time. However I still made some payment on and off. My net income is RM8K and after minus my expenses I have about RM 4K to pay back my debts. However, this is still not sufficient to pay the mimimum amount to every banks.

Basically I do not have any tangible asset, I have one house (market value about rm100K) which I remorgate early this year and I have one 7 years old wira (market value around RM10K).

I don have any savings and every month I am left with few hundreds for my own expenses. So virtually I am already a bankruptcy.

So, like the others, I have been receiving numerous calls from bank, CA, lawyer chasing for payment. Most of them are not polite and threaten me with all kinds of tricks... summons, bankcruptcy and so on.

I think I will go crazy and phyco if they continue to harrass me.

I have approach AKPK early last month and made my first payment, the monthly repayment they proposed is RM2700.

since AKPK process will take about 2-3 months to approve, the banks/CA still calling me and threaten me everyday even though I told them I have apply to AKPK and waiting for approval.

so my questions is

1) Can I stop making payment to banks while waiting for AKPK approval ? Actually I have stop making payment to few banks this month since I am already broke

2) should I wait for bank to sue me bankruptcy since I don have any assets except an old car ?

3) what would happened if bank sue me bankcrupcy and how much should I pay ? can I just pay some mimimum amount and wait for 5 years and appeal for 'pelepasan'?

4) would the banks still charge interest after I declared bankruptcy?

5) Should I wait for bankruptcy or wait for AKPK approval since under DMP program, the repayment will also include some interest to the bank?

any advise is very much appreciated.

tq

03 Apr, 2009 15:07:56

New MessageRE:Bankruptcy or AKPK (modified 0 times) jeffer2881@yahoo.com
Hello,
With status the better way is declartion on bankraptcy by ownself,so those interest will be stop at that moment,
what you lose is a car and a house for debt repayment,but allowed moretime arrange on debt repayment with out interest adding,
with your income were discharge from bankraptcy easily,
That NOT such as 5 years releasting item.
Thanks,
jeffer2881@yahoo.com
04 Apr, 2009 18:59:05

New MessageRE:Bankruptcy or AKPK (modified 0 times) AKPK DMP Club Member
Hi,

Has your AKPK application been approved? I understand your desperation as I have been like you. I am in AKPK's DMP now.

Hope you don't mind my answers to some of your questions.

1) Can I stop making payment to banks while waiting for AKPK approval ? Actually I have stop making payment to few banks this month since I am already broke.

* I stopped making payments to some banks too because I was really broke at that time... In my experience, once you were given a chance to submit the DMP form, the chance of getting the application approved was quite high.

My credit counselor had told me that one reason why some applications were rejected - The applicants didn't answer phone calls when the credit counselors needed more info / documents from them.

2) should I wait for bank to sue me bankruptcy since I don have any assets except an old car ?

* According to my credit counselor, once you have submitted your application, banks can not initiate any legal actions.

You may get calls from banks telling you that they are going to sue you or your accounts are at legal stage, well, they try to frighten you. Play along with them - sound scared when talking with them, but forget about it once you hang up the calls.

3) what would happened if bank sue me bankcrupcy and how much should I pay ? can I just pay some mimimum amount and wait for 5 years and appeal for 'pelepasan'?

* Look at answer for Question 2.

4) would the banks still charge interest after I declared bankruptcy?

* It's too early to worry about this when your AKPK application may be approved.

5) Should I wait for bankruptcy or wait for AKPK approval since under DMP program, the repayment will also include some interest to the bank?

* Of course, wait for AKPK's approval. You don't need to file for bankruptcy if you are in the DMP. Your credit counselor will let you know the interest rates, but one thing for sure, the interest rates are much lower than your credit card interest rates. Mine is 6% and 7%.

Answers from a credit card debt woman who is now under <a href="http://www.syncxpress.com/a-credit-card-debt-woman-is-under-akpk-debt-management-program-malaysia/">AKPK's debt management program</a>.

any advise is very much appreciated.

tq

17 Apr, 2009 15:57:00

New MessageRE:Bankruptcy or AKPK (modified 0 times) JASON
I THINK MY MESSAGE IS VERY IMPORTANT TO YOU.

I DO OWE BANK RM220000 TO 230000 LIKE YOU AND I PAY RM2500 PER MONTH WITH INTEREST RATES OF 9% PER ANNUM.

JUST STOP PAYING BANK IMMEDIATELY SINCE YOUR RECORD IS NOT GOOD ANYMORE AND I AM SURE AKPK WILL APPROVE YOUR APPLICATION BASE ON YOUR INCOME OF 8K.DON WORRY ABOUT BANKRUPTCY SINCE YOU HAVE ENROL IN AKPK. JUST TELL THE CREDITOR TO SUE YOU OR #### OFF AND DON FEEL PRESSURE ANSWERING THEIR CALL. THEY CANT SUE YOU IF YOU HAVE ENROL IN DMP PENDING APPROVAL. DON'T WORRY!!!!!!!!!! WITH YOUR INCOME AND SAVING OF 4K, AFTER MINUS YOUR AKPK MONTHLY PAYMENT YOU ARE STILL SOUND. TRUST ME LIVE HAPPIER.

18 Apr, 2009 10:47:27

New MessageRE:Bankruptcy or AKPK (modified 0 times) Summer Lady
Really.. go for AKPK when you still not under BN or CP ..

The later you go, the closer to bankrupt you are ..

Is not that easy as those ppl had said.. discharged after 5 yrs... No such things of getting auto discharge after 5 yrs ..

28 Apr, 2009 16:45:17

New MessageRE:Bankruptcy or AKPK (modified 0 times) Money IS DEBT
If i am you(who get RM8K/mth income), I will save those money. Why pay the bank? They don't need ur money to survive, (they got BILLIONS & BILLIONS) but YOU DO NEED THE MONEY TO SURVIVE!! If your bank account frozen, put the money in other ppl's(those you thrust, like your mother) bank account or keep it in ur house vault!! The Banks Dont CARE ABOUT if you gonna be homeless, car less, cashless, they DONT CARE nothing about ur god#### problems. they dont even care if u r gonna sleep on the street or DIE & ROTTEN, Cause all they care is their GOD#### MONEY ONLY!! PPL WORK THEIR ASSES OFF JUST TO FIND OUT IN THE END, THEY GET INTO MORE & MORE DEBT, THAT CAN NEVER BE PAID OFF!!
30 Apr, 2009 10:28:11

New MessageRE:Bankruptcy or AKPK (modified 0 times) AKPKian
I did not make any payment to any bank once i've submitted my application. AKPK will help us to find out from CCRIS on our latest outstanding balance and approach all banks on our behalf to negotiate on the terms.

Just have to be more patient. Even you are under AKPK Debt Management Program. Some bank will not stop going after you for payment. Just insist that you are under AKPK DMP that's it.

www.akpkian.blogspot.com

07 May, 2009 12:09:27

New MessageRE:Bankruptcy or AKPK (modified 0 times) cardburden
I am in the same boat as others.
I have enormous debt to be settled and after by many banks.
I live with fears and worries.
My banks were calling me almost everyday.
I am helpless and I am NOT be able to service my monthly instalments.
Yes, I seek assistance with AKPK and entered DMP. Well, similar situation, the banks harassed without stopping ...

Will like to share my experience with others at : www.akpk-saviour.blogspot.com

cardburden

10 May, 2009 19:18:27

New MessageBankruptcy or AKPK (modified 0 times) Donal Trump
Hi All,
Do not worry if one has enrolled in the AKPK's DMP (Debt Management Program).
According to regulation, the first 3 months a person is accepted
into the DMP, the banks are not allowed to sue its debtors who are accepted
by AKPK's DMP. If the banks do so, debtors can file a complaint to Bank Negara
including harassment. Insist on your rights. After all, the AKPK's program
is owned and managed by Bank Negara who actually regulates the banking industry.
We are human beings with emotions. Banks should act like monster robot trying
to squeeze debtors' neck when they are already under stress and anxiety, let alone
sometimes - thinking of suicidal feelings - and in turn leading to insomia and
high blood pressure. We are people created out of love and people needs love and
understanding to move on in life. This world is too much centered on money instead
of being a miracle to other people's life. Let not money and fear dominate our live.
I am not saying money is not necessary. Purpose in life has a much more value than
just earning money. We live for a purpose higher than the value of money! Cheers!!!
23 May, 2009 23:38:43

New MessageBankruptcy or AKPK (modified 0 times) Donal Trump
Sorry - below is the correction to the above by adding "NOT":-

"Banks should NOT act like monster robot trying
to squeeze debtors' neck...............

23 May, 2009 23:50:15

New MessageRE:Bankruptcy or AKPK (modified 0 times) cardburden
AKPK will definitely save you .. no problem.

DO not pay bank a single once you are in DMP. Answer the bank's phone calls, insisting on you are in the DMP program and no money will be paid to the bank. Tell them you are already BROKE.

Your AKPK approved letter will be on the way ....

Read my stories at :

www.akpk-saviour.blogspot.com

06 Jun, 2009 12:50:00

New MessageRE:Bankruptcy or AKPK (modified 0 times) Leo Future
I just received a call from AKPK & they told me by next week they will process & will let me know the amount of the 1st payment. Once I done that, only then they will calculate our salary & start to fix the monthly payment. Since my debts is around RM140,000k (with credit cards, personal loans, house & cars)..how much will the first payment be. Since Im only earning RM1800 per month & a single mom of 2 kids.

Furthermore I need to ask. since my house & car is 3 month due this month, must I pay the bank as usual for the house & the car (pay 1 mth due). Worried they might take back the car. that the only transport i have to send my 2 kids to school & for my work. Will they send notice for the house as well. What must i say to the banks?

Please give a clear view. I hear from few friends, the AKPK will take away the house & the car to settle some of the debt. Im so worried

25 Aug, 2010 16:03:51

New MessageRE:Bankruptcy or AKPK (modified 0 times) vkpc
Please give a clear view. I hear from few friends, the AKPK will take away the house & the car to settle some of the debt. Im so worried.
Don't worry and don't listen to your frens.
25 Aug, 2010 16:26:44

New MessageRE:Bankruptcy or AKPK (modified 0 times) Leo Future
Thanks alot VK. I was so tense & at least I could breath peacefully. Never been in this situation before. All happen due to wrong investment.
25 Aug, 2010 16:32:53

New MessageRE:Bankruptcy or AKPK (modified 0 times) magg
Hi guys

i have almost situation here..owing to bank about 350k. still not seek AKPK coz heard friend that they going to ur home and sell to repay ur debt.

question :

1) do AKPK have any min amount to repay to the banker?? currently my net pay is RM5k.
2) now i had ask agent to sell my house but still no buyer, if once i sell my house ( SPA with my husband )
do AKPK take the whole sum to settle my debt or just take 50% of my share?
3) do i still can go oversea vacation with my husband ?

please notalawyer or anyone help to clear my picture here...many thanks

thanks
Mag

27 Aug, 2010 08:07:15

New MessageRE:Bankruptcy or AKPK (modified 0 times) PJKJG
Dear magg,

I am another person who have fallen into the spiraling debt accumulation trap.
My total debt (credit cards + personal loans) amounts to RM130,000++.
And my net pay is only about RM2,900++.
At first I was in a state of denial that I need to go to AKPK, despite my friend's numerous advice.
Until, my car got towed away due to non payment for 3 months.
That really knocked the senses into my head.
Immediately I took leave from work and went straight to AKPK the following day.
Now I'm at the stage where I have went for : (1)Consultation, (2)Paid the 1st payment to AKPK and (3)Submitted my application.
I'm now waiting for the result which, according to AKPK, I can check in 2 weeks time from the date I submitted my application.

I know how you feel. We are all humans. I'll try my best to answer your queries :

Q1) do AKPK have any min amount to repay to the banker?? currently my net pay is RM5k.
A1)AKPK will negotiate with the banks to reduce the interest charged down to about 7%-9%, and spread it over 10 years (may vary from case to case, but that's the general guideline). As a rough guide, as I was told by AKPK, for a RM10,000 debt, the monthly payment would be around RM120.

Q2) now i had ask agent to sell my house but still no buyer, if once i sell my house ( SPA with my husband ), do AKPK take the whole sum to settle my debt or just take 50% of my share?
A2)For the Debt Management Program(DMP), AKPK only handles Non-Secured loans problems; ie. credit cards, personal loans etc. Not housing loans or car loans, UNLESS the house or the car has been AUCTIONED off and there are STILL outstanding balance. So, for housing or car loans problem, you will have to negotiate directly with the banks. AKPK will however advise and assist you on what you should/can do. If you still decide to sell the house, it is up to you on how you want to use the proceeds to pare down your debts. AKPK can advise, but cannot take your money because you are not a bankrupt.

Q3) do i still can go oversea vacation with my husband ?
A3) As long as you are not a bankrupt and pay your taxes, (and has a valid passport) you should have no problem to travel abroad.

My answers above are only based on my own personal knowledge given on honest basis, and should NOT be taken as the absolute correct advise. The correct answer may vary from case to case (we all have different types of financial problems maa ..), where only AKPK would be the authority on the subject.

But my best advise is : DON'T WAIT ! GO STRAIGHT TO AKPK. As one of the earlier forumer said, THE LATER YOU GO TO AKPK, THE CLOSER YOU'LL BE TO BANKRUPTCY. NEVER WAIT ! NEVER DELAY ANOTHER DAY.

Myself, after I went for the first briefing (everybody has to go for the first briefing before you get an appointment with their consultants), I went home feeling much better, can breathe, can sleep, can eat, can smile. Because I know there is a solution to the problem I'm facing.

Remember, AKPK is an agency set up by Bank Negara. They CAN HELP you. But first you have to help yourself and visit AKPK. Don't be shy or embarassed, you will find out that you are not the only one. And some even have problems bigger than yours. (That's what I found out when I went there).

So, do yourself a favour and don't wait.

Cheers !

01 Sep, 2010 14:44:23

New MessageRE:Bankruptcy or AKPK (modified 0 times) 1818
For those who are feeeling sorry for themselves, take note that AKPK rejected my case on the first meeting itself. I owe so much c.c debt, my minimum monthly repayment would be about RM9k (maybe more) a month! How many people can afford to pay AKPK RM9k a month?
01 Sep, 2010 16:56:21

New MessageRE:Bankruptcy or AKPK (modified 0 times) magg
hi pkgjg..

thanks for ur advice..will do the neccessary arrangemennt..

hi 1818..why akpk rejected ur offer..i thought their guideline say if ur debt is below 2m . u still can apply for DMP?? am i right

magg

01 Sep, 2010 22:27:55

New MessageRE:Bankruptcy or AKPK (modified 0 times) 1818
Hi magg,

I can't afford the minimum RM9k monthly payments.

Why so much, RM9k monhtly? Because I owe many, may banks a LOT of c.c debt.

02 Sep, 2010 18:39:41

New MessageRE:Bankruptcy or AKPK (modified 0 times) helpless
dear all

i also facing the same problem. Owing bank almost rm200k for housing loan. Join-venture with my ex husband. The bank not able to auction the house due to below market value. I call the bank and ask if i can pay 50% and the rest the collect from my ex but the dont want to entertain me. Shall i go to AKPK? Did AKPK will accept such case or only for credit card debts? How can i make my ex to contribute some payment? We are not in touch and he has remarried.

Appreciate your comments.

Thank you.

21 Sep, 2010 10:17:34

New MessageRE:Bankruptcy or AKPK (modified 0 times) Charles
Profile | Email
Filing for bankruptcy as early as possible is the best option. It will help you in your debts and give an opportunity to start anew. However, prior to filing for bankruptcy, it is best if you discuss it with a bankruptcy attorney. They sure will help you choose better options and clarify things which are bothering your mind.
27 Sep, 2010 10:44:18

New MessageRE:Bankruptcy or AKPK (modified 0 times) Ms Sim
Hi, would like to seek some advices:

My bf has owe several credit card debts which amounted about RM30k. I wan told by my friend that in order to apply for the AKPK debt management program, the applicant are not allowed to have life insurance policy. Is it true? Kindly advise. Thank you...

12 Nov, 2010 17:32:43

New MessageRE:Bankruptcy or AKPK (modified 0 times) B369
hi,

I'm serving AKPK Debt Management Plan, I still can have house, car, insurance and share a/c. There you can have insurance, pls get AKPK advice, use your techice tactic to ask AKPK counselor waive all late charges, interest, lawyer fee with strong support to reduce debt amount for reduce AKPK Debt Management Plan installment.

B369

16 Nov, 2010 20:38:32

New MessageRE:Bankruptcy or AKPK (modified 0 times) Danish
hello all, my name is Danish, i am 25years old...i am young married.. & now i got trapped in credit card debt... i owing about 12k for 3 credit card......each card need at least RM300 TO RM500 for mininum payment..i cant afford it as my net salary about just 2k..

My question is:

Is it better for me to refer to AKPK? if i settled everything with AKPK in future, can i still buy a house or any asset in future (loan with bank)?


thanks for advance
Danish

27 Nov, 2010 03:43:09

New MessageRE:Bankruptcy or AKPK (modified 0 times) B369
dear danish,

The best to meet AKPK counselor early, don't let the debt ball roll bigger and bigger.

If you have money (cash and EPF) you can buy whatever you want after a while when you full settlement AKPK debt management plan in future.

27 Nov, 2010 12:20:22

New MessageRE:Bankruptcy or AKPK (modified 0 times) Danish
Thanks for the answer
28 Nov, 2010 23:07:44

New MessageRE:Bankruptcy or AKPK (modified 0 times) nick
recently my life are in totally dark side as i has been unemployed for 2 months.thank god that i manage to start a new job this month,and my car loan has been outstanding for 3months.bank keep pushing me to pay the full amount of the oustanding balance which i do not have that ability.though i have new job but the salary wont enough to cover the car loan payment too,is it possible for me to do refinance for car loan?and i do have some issue with the guarantor of the car loan,can i withdraw the guarantor or change guarantor?appreciate reply.thanks
14 Mar, 2011 22:00:00

New MessageRE:Bankruptcy or AKPK (modified 0 times) B369
Hi,

Help us to more understand yr situation:
1. Do you have hse loan?
2. Do you have outstanding credit card?
3. Do you have outstanding personal loan?

B369

17 Mar, 2011 22:12:34

New MessageRE:Bankruptcy or AKPK (modified 0 times) AKPK Applicant
Hi,
I went to the first DMP briefing session, met the counselor and made my first payment last month. But until now, there is still no letter from AKPK. Banks are starting to send legal letters to me cuz i have stopped paying. Now i am really worried as I am not sure of my DMP status. AIs there any other way that we can check on our DMP application status or we just have to wait for the letter. What if the letter was lost from the mailbox? I traied to contact my credit counselor but no answer. Please advise..
Thanks!
10 May, 2011 12:27:48

New MessageRE:Bankruptcy or AKPK (modified 0 times) Samm
Profile | Email
Hi,

Perhaps someone can give me advice on my current situation.
Im 27 years old. I have 1 c.card with a balance of Rm7k and 1 personal loan with a balance of Rm6.5k. I quit my job last year to start a business, running my own company with a partner. Unfortunately, my partner cheat on me, stealing almost all company money. Instead of finding a new job, i decide to run another enterprise since last 3 month and received a profit around Rm2k monthly for the time being. My problem now is i failed to pay to both of the banks since last 4 month and they keep chasing me by phone call until now. Just now i received a call from 1 of the bank agent and will take a legal action (Ccris) if i cant settle the payment by lumpsum on next week.

What is the better option for me right now since i dont have a payslip and EPF. Can i avoid the legal fees as said by the agent? They charge me around RM1k. I didnt hv an intention to take any loan for the time being but my main agenda is to avoid an interest that keep increase and to avoid any problem happen to my own company. Should i negotiate with the bank or go to AKPK?

Can a ppl on a CCRIS list go fly to oversea for vacation or business purpose?

TQ in advance.

25 May, 2011 20:09:13

New MessageRE:Bankruptcy or AKPK (modified 0 times) 1818
@Samm,

Can i avoid the legal fees as said by the agent? They charge me around RM1k. I didnt hv an intention to take any loan for the time being but my main agenda is to avoid an interest that keep increase and to avoid any problem happen to my own company. Should i negotiate with the bank or go to AKPK?

If I were you, I would make an appointment with AKPK soonest possible before negotiating with the banks. See what AKPK has to say first. Ignore those debt collectors, whenever they call you, hang up on them, telling them you're going to AKPK, etc. not much use, they may even scold or shout at you for not paying them so money quickly.

Can a ppl on a CCRIS list go fly to oversea for vacation or business purpose?

As long as you are not bankrupt, did not commit any crime and not wanted by the police, income tax department, etc., there is no reason why you can't travel outside Bolehland. To be more sure, you may http://sspi2.imi.gov.my before making travel plans.

All the best!

25 May, 2011 22:27:09

New MessageRE:Bankruptcy or AKPK (modified 0 times) sally
Hi All,

Recently, I was also in debt. I went for AKPK on 27/7/2011 and make the 1st payment on 29/7/2011. Unexpected, I received the approval letter on 11/8/2011. I was so suprising cos they told me it may take 1-2 months to approve my application. But the problem is few of banks still calling me regarding not yet received the letter from AKPK. i told them I will fax the letter to them but they rejected my suggestion and keep asking me to call my counselor to fax the letter to them. I was so angry that they even threaten me if they have not received the letter by this friday, they will take legal action against me.

Just wanna let many people know that I really got my approval letter within 2 weeks.

22 Aug, 2011 17:27:42


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