Mr. Yii lost his brother when he collapsed one ill-fated Sunday morning due to sudden heart failure. Mr. Yii was a guarantor to a housing loan sign-on by his brother, he was liable for paying the monthly installments of RM 1,800 towards financing the home. Almost immediately the property was auctioned off by the bank, forcing Mr. Yii to incur a new debt of RM 120,000 the shortfall arriving from the sale.
Mr. Yii was fighting hard to stay afloat and was threatened with bancruptcy by creditors. Mr Yii was fearful that if he was declared bankrupt, he might lose his family home and other assets under his name. The stress prompted him to seek help from AKPK as his family’s well-being was now threatened.
The agency managed to get creditors approval for a full waiver on the penalty interest and other charges pertaining to the debt. Additionally the bank also waived 50% of the principal on the loss amounting to over RM 70,000 and agreed that the balance of the loss will be paid with monthly installments of RM 500 over a period of 8 years.
AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counseling 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.
Since it is not a profit-taking company, AKPK offers the following services, free of charge:
- Financial education on the responsible use of credit and basic money management skills
- Counselling and advice on financial management, including financial budgeting to manage expenses
- Debt management programme to assist financial consumers to regain financial control
AKPK also organizes regular public briefing session to help clients understand how APKP’s Debt Management Program at Klang Valley, Johor Bahru, Penang and Kuching. The briefing is currently conducted in English & Malay language.
AKPK does not provide loans or financing. So don’t mistaken that it is just another banking institution whose main aim is to make profit. In order to engage their free service for debt management,
- 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
If you are having trouble with debt, why not give AKPK a call? Their toll free number is 1-800-88-2575.
Kuala Lumpur - 03-2698 8575 ext 201
Johor Bahru - 07-221 0533
Penang - 04-261 2246