AKPK has separate letters to the banks and the applicants

Just learnt that AKPK will send separate letters to the Banks and the applicants. The interest rate will NOT be spelt out in the letter of approval to the applicant. The banks will receive a separate letter whereby the interest rate is clearly spelt out in the content.

Normal interest of 9 % p.a applies for AKPK DMP

Banks have reached an agreement with AKPK for the DMP an interest rate of 9% p.a., however, there can still be a leeway of getting a lower interest rate if the debt amount is substantial. Individual cases will be looked into by the AKPK councilor with the banks.

Good luck and good bargain for all AKPK applicants.

Credit Cards become Null and Void

Yes, once you are in DMP , all your credit cards will automatically become null and void. You do NOT have to surrender your cards back to them, BUT, electronically, they are Barred from usage. A little inconvenience, after these years of buying petrol and paying bills by cards. Anyway, without the cards, I am able to control the exessive spending without knowledge.

Well, the existence of a new breed of cards : Debit card or Prepaid card which has the function of the credit card does give some feel of the credit card. I applied for a MayBank debit card today, and find that it is quite useful. The only difference, for debit card, you ONLY use the amount of cash you have in the account ... no longer using any "future cash" as you carry the credit card.

Snail action from the Banks

My DMP has been approved 3 months ago .... till today, I am receiving monthly overdue payment statements from the banks .... late charges, high interest charges. I cannot see the efficiency of the banks on this matter . Fortunately, no telephone calls from them again, however, do receive SMS reminders on the due payments.

I am making my 4th DMP instalment this month, yes, banks recorded the receipt of my payments thro' AKPK, however, the statement still show, the payment is just a part payment, hence, delay and late charges still applies. If the late charges are going to accumulate, my DMP instalment will NOT even cover the finance + late charges. Bank, Bank, why are you so slow in action ?

SMS reminder from AKPK for repayment

Today I received an SMS reminder for my 3rd monthly repayment to my DMP account. Well done AKPK for the SMS reminder service ....

Receiving messages from AKPK is soothing .... however, receiving messages from the Banks is annoying and frustrating.

Thank you AKPK.

Bank's DMP update is slow

My AKPK approved date : 29th April, 2009
Today is : 2nd July, 2009

Already 9 weeks past, I still receive bank statements charging me for Late payment fees, high interest rates. For DMP cases, the banks seem to slow in reaction. Banks are always effective in every aspect in their favour, if you are one day late in your repayment, the phone will ring and the interest and late payment charge are levied without mercy. Banks practise a double standard in their management ... as always commented by many that banks are real blood suckers, and truly, they are !

Try to call my AKPK personal councilor by the direct line

I have the direct line number of my AKPK personal councilor .. I tried to call several occassions today, BUT in vain, no one seems to pick up the phone. Was my personal councilor on leave OR too busy counciling on others ? Anyway, I will try to call again in the next few days .. I just want to find out from my councilor, what was the rate of the bank interest he had secured for me during the negotiation with the banks. Yes, during the counciling session as well as at the briefing session, I was told, the bank interest rate is 9%, however, my personal councilor did promise me to negotiate further for me in view of my enormous debt. I hope to have a lower interest ......