Personal Finance Term
AKPK
Agensi Kaunseling dan Pengurusan Kredit, a credit counselling and debt management agency, set up in April 2006, whose services AKPK says are free for individuals and SMEs. Its Debt Management Programme develops a personalised repayment plan with your participating lenders if you are struggling with debt.
AKPK was set up in April 2006 to help individuals manage their money and deal with debt before it becomes a crisis. Its services are free, and they include one-on-one financial counselling, money management education, and a Debt Management Programme (DMP) under which AKPK works with your participating lenders on a personalised repayment plan. Its stated benefits include a repayment term based on your cash flow, a moratorium of legal proceedings and no harassment from debt collectors.
For someone overwhelmed by credit card balances or personal loans, approaching AKPK early is far better than waiting until accounts default or legal action begins. Enrolling in a debt management plan is a serious step and means your credit lines, such as credit cards and overdrafts, will be withdrawn and you may not obtain new credit while you are on it, but it is a legitimate, supported route back to financial stability. Because AKPK says its services are free, it is a safe alternative to private debt settlement schemes that charge fees.