loan-agency.com Loan Rejected Specialist OUTSOURCE BANKER Malaysia Loan Agency Malaysia - How To Apply Loan If Under AKPK (2024)

Leave The AKPK Program

Debt Owed to AKPK:
RM50,000

After We Successfully Processed
Get A Bank Loan:
RM 80,000

Bank Loan Repayment Period:
RM1,300-RM1,800/mth

AKPK Paid Off
There Is Additional Cash Flow
RM6,000

Leave AKPK+Cash Flow

Debt Owed to AKPK:
RM50,000

After We Successfully Processed
Get A Bank Loan:
RM 100,000

Bank Loan Repayment Period:
RM1,700-RM2,300/mth

AKPK Paid Off
There Is Additional Cash Flow
RM20,000

Leave AKPK + More Cash

Debt Owed to AKPK:
RM50,000

After We Successfully Processed
Get A Bank Loan:
RM 300,000

Bank Loan Repayment Period:
RM5,100-RM7,000/mth

AKPK Paid Off
There Is Additional Cash Flow
RM160,000

AKPK: What is it?

Applying for a Loan Under AKPK: What Was The Disadvantages?

The Credit Counselling and Debt Management Agency (AKPK) in Malaysia provides various advantages to individuals and households grappling with financial challenges. These benefits are instrumental in aiding people in effectively handling their debts, restoring financial stability, and cultivating improved financial practices. Here are some key merits of AKPK:

1. Facilitates Progress in Debt Management Plans: AKPK is structured to assist individuals in managing their debts and acquiring additional loans may impede the advancement of your debt management plan, particularly if timely repayments are not met.

2. Mitigates Financial Stress: Obtaining additional loans can heighten the stress associated with monthly repayments, particularly if one's financial situation is already strained, leading to increased financial stress.

3. Extended Repayment Periods: Loans obtained through the AKPK program may be accompanied by extended repayment periods, necessitating more time to clear the debt.

4. Potential for Loan Application Rejection: Financial institutions reserve the right to reject loan applications if they do not align with their credit requirements. This could result in unsuccessful applications, causing a waste of time and effort.

5. Risk of Financial Instability: Ineffective management of an additional loan could potentially lead to heightened financial instability, which may require an extended period to recover from.

6. Failure to Address Root Issues: Addressing financial challenges through borrowing may offer a temporary solution and might not tackle the underlying issues. Without a fundamental change in spending habits and financial management, individuals may find themselves facing debt troubles once again.

If an individual is already under the Credit Counselling and Debt Management Agency (AKPK) program in Malaysia and decides to directly apply for a new loan from an outside agency, several consequences may arise:

1. Impact on Debt Management Plan (DMP): Applying for a new loan outside the AKPK program can disrupt the existing Debt Management Plan (DMP). AKPK is designed to help individuals manage their debts in a structured manner, and taking on new loans may complicate the repayment process.

2. Potential Rejection: An outside agency, such as a bank or financial institution, may reject the loan application. Banks have their credit criteria, and individuals under AKPK may not meet these requirements due to their existing financial challenges.

3. Increased Financial Stress: If the new loan is approved, it could lead to additional financial stress. The individual would now have to manage the repayments for the new loan along with the existing AKPK-approved repayment plan.

4. Extended Repayment Periods: The new loan, if approved, might come with its own repayment terms, potentially extending the overall repayment period for the individual. This could mean a longer time frame to clear both the existing AKPK debts and the new loan.

5. Possible Violation of AKPK Agreement: Taking on new loans without the consent or knowledge of AKPK may be considered a violation of the agreement with AKPK. This could have legal implications and might affect the individual's standing with AKPK.

6. Risk of Financial Instability: Managing multiple loans concurrently can increase the risk of financial instability, especially if the individual struggles to meet the repayments for both the AKPK plan and the new loan.

If an Individual Under AKPK Applies For a New Loan From an Outside Agency, What Would Happen to Them?

Since AKPK Was a Government Organisation, Why Do Some People Still Want to Leave the Programme to Seek for Additional Loans?

While AKPK (Credit Counselling and Debt Management Agency) is a government agency in Malaysia that assists individuals in managing their debts, some may still consider leaving the program to apply for a new loan due to various reasons. Here are a few potential explanations:

1. Credit Requirements: AKPK has its own credit criteria and debt management plans. Individuals who have improved their financial situation may want to explore loan options with other financial institutions that have different credit requirements or offer more favorable terms.

2. Specific Financial Needs: The types of loans offered by AKPK may not meet the specific financial needs of individuals. Some may require a different type of loan, such as a mortgage or a business loan, which AKPK may not provide.

3. Faster Debt Repayment: Some individuals may find that they are in a better financial position than when they initially enrolled in the AKPK program. They may wish to explore options that allow for faster debt repayment or more flexible terms.

4. Personal Choice: It could be a matter of personal choice. Some individuals may prefer dealing directly with traditional banks or financial institutions rather than going through a government agency.

5. Desire for a Clean Slate: Individuals who have successfully managed their debt under the AKPK program may want a fresh start and believe that applying for a new loan outside the program will give them a clean slate and a chance to rebuild their credit history.

6. Limited Loan Options: AKPK may have limitations on the types and amounts of loans it can offer. Individuals with specific borrowing needs may seek alternatives that better suit their requirements.

While enrolling in the AKPK (Credit Counselling and Debt Management Agency) program is a commitment to managing debt through a structured plan, there are instances where individuals may wish to discontinue their participation. The process of quitting the AKPK program typically involves the following steps:

1. Contacting AKPK Counselor: The first step is to get in touch with the AKPK counselor who has been assigned to the individual. This counselor is responsible for guiding and assisting the participant throughout the debt management process.

2. Expressing Intent to Quit: The individual should express their intention to quit the AKPK program to the assigned counselor. It is essential to communicate the reasons behind this decision, whether it's due to improved financial circ*mstances, a change in financial goals, or other personal reasons.

3. Reviewing Financial Situation: The AKPK counselor will likely conduct a review of the individual's current financial situation. This includes assessing whether the participant is in a better position to manage their debts independently or if there are alternative solutions that better suit their needs.

4. Discussion of Consequences: The counselor may discuss the potential consequences of leaving the program. This could include the impact on existing debt management plans, interest rates, and any benefits previously negotiated with creditors through AKPK.

5. Providing Guidance: Based on the assessment, the counselor may guide the best course of action for the individual. This could involve suggesting alternative financial management strategies or referring the individual to other relevant services.

6. Formal Withdrawal Process: If the individual decides to proceed with leaving the AKPK program, there may be a formal withdrawal process. This could involve submitting a written request or completing specific forms as per AKPK's procedures.

Even Though an Individual was Under Akpk, It Still Can Quit From It. What Was The Step?

In Summary