If you are seeking ways to manage your existing debt or exploring options for additional financial support, you’ll find valuable insights in our personal loan for AKPK enrolees article.
Read on to learn about AKPK and its Debt Management Programme (DMP) and explore the relationship between personal loans and AKPK enrolees.
By gaining a deeper understanding of these elements, you’ll be able to make informed decisions regarding your financial future.
What is AKPK (Agensi Kaunseling dan Pengurusan Kredit)?
AKPK is a reputable government agency in Malaysia that provides credit management services to individuals who require assistance in managing their debt.
These resources help equip individuals with the necessary tools to understand and manage their finances better, thereby promoting financial literacy and encouraging healthy financial practices.
What is AKPK’s Debt Management Programme (DMP)?
The Debt Management Programme is designed to help borrowers regain control of their debt and work towards becoming financially stable.
However, the programme is not for everyone; specific requirements must be met to be eligible for participation. First of all, you must not be declared bankrupt or embroiled in any lawsuits.
Moreover, you need to have sufficient net disposable income to cover your monthly expenses after contributing towards the debt repayment. Lastly, your debts must not exceed RM2 million.
Participating in the DMP provides several benefits to individuals struggling with debt. They include:
1. A Personalised Debt Repayment Plan
AKPK’s DMP works closely with individuals to create a personalised debt repayment plan.
For instance, it takes into account various factors such as their income, living expenses, and existing debt obligations.
The goal is to ensure that enrolees can reasonably meet all their financial commitments without causing undue financial stress.
2. Help from Expert Negotiators
Secondly, AKPK serves as an intermediary between the debtor and their creditors.
Their role involves negotiating terms on the debtor’s behalf to lower the interest rate or extend the repayment term, making the debt more manageable.
Consequently, debtors can benefit from significant cost savings over the course of the debt repayment period and will also avoid defaulting on their loans.
3. Free-of-Charge Services
Many credit counselling services often charge a fee, which add to the financial difficulties faced by those already in debt.
On the other hand, the DMP is a non-profit service, which means their services are free!
4. A Simplified Repayment Process
Lastly, AKPK simplifies the repayment process by consolidating the participant’s debts into a single monthly payment.
This not only makes managing and keeping track of debts easier but also helps prevent missed payments, which could negatively impact the debtor’s credit score.
The consolidation can also help reduce anxiety related to managing multiple debt payments, allowing the individual to focus on getting their financial health back on track.
In summary, AKPK’s DMP provides a supportive and structured approach for individuals in debt to regain control over their finances.
AKPK & Personal Loans in Malaysia
When participating in the DMP, a common question many individuals have is if they can apply for a new personal loan.
And the answer is both yes and no, depending on the specific circumstances.
Applying for a new personal loan while enrolled in the DMP is possible, but only if you secure third-party funding to settle all outstanding debts.
However, there are several factors to consider, including:
1. Settling Current Debts & Updating Your CCRIS
Before applying for a new personal loan, it is crucial to settle your existing debt obligations as per the DMP agreement.
Furthermore, after settling your debts, you should wait for your credit record to be updated in the Central Credit Reference Information System (CCRIS), which is maintained by Bank Negara Malaysia.
This is because lenders assess your creditworthiness based on this system, so it is essential to ensure your credit record reflects your improved financial situation.
2. Liaising Directly with Banks or Financial Institutions
Additionally, when applying for a new personal loan for AKPK enrolees, individuals must liaise directly with the bank or financial institution they wish to borrow from.
3. Avoiding Previous Loan Providers
Lastly, you cannot apply for a new personal loan with the same bank you have previously borrowed from.
This prevents the risk of re-accumulating debt with the same institution and to promote responsible borrowing practices.
Moreover, when you borrow from a new bank or financial institution, you may have better chances of securing a loan on favourable terms.
However, this largely depends on your credit history and personal financial health.
On the contrary, if you are unable to find someone or some way to settle all your debts, then the answer is no.
You won’t be able to secure even a small new loan of RM1,000.
What’s more, if you apply for a new loan without settling your debts in advance, your application will likely be rejected outright, regardless of the lending institution.
How Bluebricks Can Help with Personal Loans for AKPK Enrolees in Malaysia
At Bluebricks, we offer personalised guidance and support to ensure a smoother loan application experience.
As a trusted one-stop loan services provider, our experts have in-depth knowledge and experience in dealing with the specific requirements and guidelines set forth by financial institutions in Malaysia.
We will carefully review your application, identify any potential issues, and provide practical solutions to enhance your chances of loan approval.
Personal Loan Rejected Services
We are driven to help individuals seeking financial assistance overcome obstacles and secure the loans they need.
If you have faced loan rejections in the past, we offer comprehensive personal loan rejected services to address your specific needs.
In addition to our personalised loan rejected services, we also provide quick cash loan solutions for those facing urgent financial needs.
We understand that unexpected situations can arise and are dedicated to assisting you in times of financial uncertainty.
Personal Loan for AKPK Enrolees – FAQs
In this section, we have gathered a list of frequently asked questions specifically tailored to address questions about personal loans for AKPK enrolees in Malaysia.
We understand that applying for a loan can be a complex matter. Thus, we aim to alleviate any concerns or uncertainties you may encounter and provide the necessary guidance and support.
No, AKPK does not offer personal loans. It is a non-profit organisation that provides financial counselling and debt management services to help people who are struggling with debt.
If you are looking for a personal loan, you can approach banks or other licensed financial institutions to explore their loan offerings.
If you are currently an AKPK enrolee, you cannot apply for a personal loan. Instead, you would need to source funds from elsewhere to settle your outstanding debts first.
Once you settle your debts, you can then apply for a personal loan, and Bluebricks can help. We will carefully review your application and provide practical solutions to enhance your likelihood of loan approval.
In order to apply for a personal loan for AKPK enrolees, you will need to submit a copy of your NRIC and proof of income.
On the other hand, for self-employed individuals, you need to prepare a statutory declaration of your income, your latest CCRIS report and any legal documents (if any).