Pay Off Credit Card Debts

Please read my AKPK Debt Management Program Part 1 if you want to know why I applied for AKPK debt management program and my first visit to the credit management agency in Ipoh.

My first visit was not a success because I didn’t bring my payslips or income statements. I am self-employed and I don’t prepare payslip for myself.

Fortunately, the credit counselor asked me if I had any proof to show that I made money online and I transferred my money to local banks. Yes, I could prove it. I printed out my PayPal statement that showed every PayPal withdrawal I made into my Tune Money Visa debit card. I also requested a hard copy of transaction statement from Tune Money.

The counselor was surprised that people could actually make money online. I was relieved that he accepted my online income proofs, too.

If you have payslip or income statement, your journey will be less bumpy than mine.

Next, You Must Have a Positive Source of Income After Meeting Your Expenses. In my case, my monthly income is RM3,500. My expenses include RM820 car loan installment, RM605 home loan installment, RM800 groceries, RM400 petrol and car maintenance, RM180 bank overdraft interest charge and RM375 miscellaneous spending.

RM3,500 - RM3,180 = RM320

This RM320 is my monthly debt repayment made to AKPK and AKPK is in charge of distributing the money to various banks. In my case, there are 6 banks. 2 banks get RM60 each and 4 banks get RM50 each every month until I settle the credit card debt.

So, it’s important that you have positive source of income after deducting your expenses.

For me, I didn’t give up my house and car. You can choose to give up your house and car together with your credit card debt if you really really can’t make payments for your house and car loan.

The second visit was also not a success because I thought of keeping one credit card for emergency use. I was not told that I must give up all my credit cards during my first visit.

If you are thinking of applying for the debt management program, you must give up all your existing credit cards.

If your debt repayment plan is approved, you won’t be able to apply for any new credit card or loan for the next few years unless you fully settle your debt. Banks will not approve any new credit card or loan you apply in future once you are under the AKPK debt management program.

Who cares? I just want to pay off my credit card debt with One Payment to One Agency on One Date. I don’t mind not being given any new credit card or personal loan in future.

I am grateful that I am under AKPK debt management program with God’s help. With only One Payment to One Agency on One Date, I can now sleep well at night and focus on building up my online business slowly.

In brief, the percentage of getting your debt management program approved is high if:

• You have payslip or income statement
• You have a positive source of income after meeting your expenses
• Your total debt does not exceed RM2million
• You are not under advanced litigation process
• You are not a bankrupt

Don’t wait any longer. Pick up your phone and call AKPK for an appointment. Get all your questions answered there and submit your debt management program application. It takes 3 months to process your application, so start as early as possible.

Again. It’s free. The AKPK debt management program is free.

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