Mr. Yap lost his brother when he collapsed one ill-fated Monday morning due to sudden heart failure. Mr. Yap was a guarantor to a housing loan sign-on by his brother, he was liable for paying the monthly installments of RM 1,800 towards financing the home. Almost immediately the property was auctioned off by the bank, forcing Mr. Yap to incur a new debt of RM 120,000 the shortfall arriving from the sale.

Mr. Yap was fighting hard to stay afloat and was threatened with bankruptcy by creditors. My Yap was fearful that if he was declared bankrupt, he might lose his family home and other assets under his name. The stress prompted him to seek help from AKPK as his family’s well-being was now threatened.

The agency managed to get creditors approval for a full waiver on the penalty interest and other charges pertaining to the debt. Additionally the bank also waived 50% of the principal on the loss amounting to over RM 70,000 and agreed that the balance of the loss will be paid with monthly installments of RM 500 over a period of 8 years.

The above is one of the success stories published at Credit Counseling and Debt Management, or AKPK, stands for Agensi Kaunseling Dan Pengurusan Kredit.

AKPK is an agency set up by Bank Negara Malaysia in April 2006 to provide financial counseling and debt management to individuals as well as financial education to help individuals take control of their financial situation and gain peace of mind that comes from the wise use of credit.

Since it is not a profit-taking company, AKPK offers the following services, free of charge:

  • Financial education on the responsible use of credit and basic money management skills
  • Counselling and advice on financial management, including financial budgeting to manage expenses
  • Debt management programme to assist financial consumers to regain financial control

One of their significant move is the official launch on July 29, 2008 of the personal finance book “MONEY $ENSE – Getting Smart With Your Money”. Click through the hyperlink to download the book, absolutely free.

AKPK also organizes regular public briefing session to help clients understand how APKP’s Debt Management Program at Klang Valley, Johor Bahru, Penang and Kuching. The briefing is currently conducted in English & Malay language.

AKPK does not provide loans or financing. So don’t mistaken that it is just another banking institution whose main aim is to make profit. In order to engage their free service for debt management,

  • 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

If you are having trouble with debt, why not give AKPK a call? Their toll free number is 1-800-88-2575.
Kuala Lumpur – 03-2698 8575 ext 201
Johor Bahru – 07-221 0533
Penang – 04-261 2246


Personal finance author and trainer

    12 replies to "Credit Counseling and Debt Management Agency: FREE Financial Education for Malaysian"

    • kwazee

      wondering why no replies to any of the comments here some which are interesting but without any replies?

    • anna

      I have a Malaysian credit card debt and car loan debt. Is this a crime and will I be arrested at the airport?

    • md win

      What is the disadvantages of a bankrupt persons?1)Will he be put to jail & be cane? 2)Can he still hold a valid driving licence which can be renew yrly or it will be cancelled due to his bankruptcy?
      3)Can he withdraw his epf in full upon retirement or will it be frozen?What about part withdrawal upon 50yrs old?
      Pls reply & thank you.



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      Credit Counseling and Debt Management Agency: FREE Financial Education for Malaysian | Personal Finance Money Tips…

      A success story one how one avoided bankruptcy as well as features of AKPK and how u can benefit from the agency….

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