DMP by AKPK

DMP ( debt management programme ) introduced by AKPK is a debt structuring plan to help those running into credit card / personal loans and find difficulty in servicing the loans.

How do you confirm your difficulty in servicing the loans ?

1. If you have drawn to almost the full limit of your credit cards.
2. If you are only paying the 5% minimum payments each month and do NOT walk out from the situation continuosly for months.
3. If you still depending on withdrawing cash from your credit cards to service the monthly instalments.

How does DMP restructure your debts ?

As the current PLAN as finalised by the banks with AKPK :

1. Consolidate all your credit card/personal loans into one account.
2. Restructure the total debt by a maximum 10 year loan payable via an AKPK account to be distributed to all the various banks.
3. A lower interest comparable to the current credit card rate standing at 9% per annum applies to the consolidated account.

Hence, with the provision by AKPK, one will enjoy a lower interest rate on existing debts with lower monthly repayment and a longer period for completing the payments to the loans. As a rough indication - one may be required to pay at only one fifth of his present monthly commitment to the banks e.g if you are serving a monthly instalment of RM 10,000.00, probably with AKPK, you will ONLY pay RM 2,000.00. Naturally, it is a great relief to the debtors.

AKPK does NOT seem to limit on the age of the applicants and the age to complete the payments to the loan, hence, we are able to see that AKPK is willing to provide assistance to ALL who are running into difficulties with debts. If age limitation is brought into inconsideration for application, many applications will be turned down. I met an old man in the late sixties at the AKPK office whom has successfully had his DMP application approved by AKPK, and I could see his joy on the face narrating his story on how he ran into the debts after his retirement, he told me he had been serving AKPK payments for the 5th month. I forgot to ask him, how did he get through the DMP if he has already retired without an income .. somehow, the question remains unanswered in my mind, however, I have a positive thinking, I think AKPK had counciled on him and provided the solution. He praised AKPK for providing the proper counciling and assistance.