|
AKPK’s Debt Management Programme |
Regain control of your life and your debts. Through AKPK’s Debt Management Programme (DMP), our counsellors will work with you to develop a personalised debt repayment plan in consultation with your financial service providers*.
AKPK does not provide loans or financing.
Our DMP is available to all individuals who need assistance in managing their personal debts with financial service providers* regulated by Bank Negara Malaysia, provided that:
- You have a positive net disposable income after meeting all your expenses
- Your total debt exposure does not exceed RM2 million
- You are not under any advanced litigation process such as bankruptcy notice/creditors petition etc.
- You are not adjudged bankrupt
Don't wait. Do it now. Talk to us.
Call AKPK's toll free hotline: 1-800-88-2575 or visit any AKPK office nearest to you for an appointment.
*Financial service providers comprise of:
- All commercial banks
- All Islamic banks
- All insurance companies
- All takaful operators
- Development financial institutions (regulated by Bank Negara Malaysia)
- Credit/charge card issuers (regulated by Bank Negara Malaysia)
Debt Management Programme (DMP)
Individuals who are unable to manage their debts on their own and satisfy the basic qualifying criteria can be enrolled into AKPK’s Debt Management Programme (DMP).
AKPK’s DMP aims to help those who are distressed by their financial obligations to financial service providers under the purview of Bank Negara Malaysia (BNM).
What is a DMP?
A personalised debt repayment plan for individual customers developed in consultation and agreement with Financial Institutions (FIs) involved
Who is entitled?
Any individual who satisfies the DMP criteria of:
- not being a bankrupt
- not being in an advanced stage of litigation
- having sufficient net disposable income after meeting one’s expenses, and
- having a total debt size of not more than RM2 million
What does the DMP process entail?
The borrower are encourage to attend 20 minutes public briefing + question and answer at our premises or branches accorded with public briefing
For branch without public briefing, you may discuss with our counsellors immediately
The borrower shares his/her financial predicament with AKPK's counsellor
A review of the borrower's monthly expenses is done with a view to identify potential savings
All loan facilities and latest loan balances are declared by the borrower
Negotiations take place between AKPK and financial institutions on behalf of the borrower
Issuance of DMP confirmation letter by AKPK and you may opt to pay direct to your financial institutions or pay via AKPK
You may ask to sign the Supplementary Letter Offer (SLO) by your financial institutions
Documents required during counselling
- Latest CCRIS Report from Bank Negara Malaysia
- Latest loan statements for all facilities
- Latest salary slip if employed
- If self-employed, please provide the prove of your income such as statutory declaration
- Latest EPF statement if you want to restructure your housing loan
- Any legal documents if any
- Income Tax Statements if any
Benefits of DMP
- Reasonable repayment terms are tailored to the individual's available cash flow
- Moratorium of legal proceedings
- Cessation of calls from debt collectors
- Getting back on track and moving on with life
Consequences of enrolling into DMP
- Lifestyle adjustment needed
- Withdrawal of credit lines
- Obtaining of new credit while enrolled in DMP is subject to FI's discretion
What are the determinants for a successful DMP?
- Strong will and determination in wanting to get back on track and move on with life
- Discipline in making payments as scheduled
- Willingness to make sacrifices for future freedom from debt
Under what circumstances your DMP come to end?
- Upon early or full settlement
- Upon request for withdrawal
- Upon termination of account for non-payment
- Upon notification of your death
Source: web Agensi Kaunseling Dan Pengurusan Kredit (AKPK)
