Details
AKPK (Credit Counselling and Debt Management Agency) is an agency set up by Bank Negara Malaysia (BNM) to help Malaysians manage their debts and improve their financial literacy. AKPK offers free financial counseling, debt management programs, and financial education to individuals facing financial difficulties.
1. AKPK’s Main Services
1.1 Financial Counseling
- Free one-on-one counseling on budgeting, debt management, and financial planning
- Helps individuals understand their financial health and spending habits
- Advises on how to manage debts and avoid financial problems
1.2 Debt Management Program
- A structured repayment plan to help individuals settle debts with banks
- Reduces monthly installment payments based on financial capability
- Lower interest rates (negotiated with banks)
- Covers credit card debt, personal loans, and housing loans
- Helps prevent legal action and bankruptcy
1.3 Helps prevent legal action and bankruptcy
- Workshops and online courses to teach financial management
- Topics include budgeting, savings, credit card management, and debt control
- Helps individuals develop better financial habits
- Malaysian citizens aged 21 and above
- Total outstanding debts below RM5 million
- Unsecured loans only (credit cards, personal loans, housing loans, car loans)
- Not declared bankrupt
- Still earning an income (salaried or self-employed)
3. AKPK Debt Management Program (DMP) Process
Step 1: Consultation – Meet AKPK advisors for financial assessment
Step 2: Debt Restructuring Proposal – AKPK negotiates with banks
Step 3: Approval & New Repayment Plan – Lower monthly payments
Step 4: Debt Repayment – Follow the new structured repayment plan
Step 2: Debt Restructuring Proposal – AKPK negotiates with banks
Step 3: Approval & New Repayment Plan – Lower monthly payments
Step 4: Debt Repayment – Follow the new structured repayment plan
4. Benefits of Joining AKPK
✔ Lower monthly installments – More manageable repayments
✔ Reduced interest rates – Saves money on interest
✔ No legal action – Helps prevent lawsuits or bankruptcy
✔ One consolidated repayment – Simplifies debt management
✔ Free service – No fees required to enroll in AKPK
5. Disadvantages of Joining AKPK
❌Loan accounts will be “AKPK-tagged” in CCRIS (affects new loan applications)
❌Cannot apply for new loans while under AKPK’s program
❌Takes longer to settle debts due to lower monthly payments
❌Not all banks accept AKPK restructuring (some may reject the plan)
6. Frequently Asked Questions (FAQ)
1. Will joining AKPK affect my CCRIS record?
A : Yes, all accounts under the Debt Management Program will be reported in CCRIS, which affects your ability to apply for new loans.
A : Yes, all accounts under the Debt Management Program will be reported in CCRIS, which affects your ability to apply for new loans.
2. Can I exit the AKPK program early?
A : Yes, you can settle your debts earlier if you have the financial means.
3. Does AKPK cover business loans?
A : No, AKPK only helps with personal debts, not business loans.
4. Is there a fee to join AKPK?
A : No, AKPK’s services are completely free, as it is a non-profit organization under Bank Negara Malaysia.
5. Can I apply for a loan while under AKPK?
A : No, individuals in the AKPK program cannot apply for new loans until they complete the repayment program.
Alternative to AKPK: Debt Consolidation Loan
For those who don’t want to enter AKPK but still need help managing debt, a Debt Consolidation Loan could be a solution.
What is a Debt Consolidation Loan?
A new loan that combines all your debts into one single loan
✔ Lower interest rates than credit cards or personal loans
✔ One easy monthly payment
✔ No AKPK record in CCRIS
View more about AKPK on main site