AKPK stands for Agensi Kauseling dan Pengurusan Kredit or the Credit Counselling and Debt Management Agency. It was set up in 2006 by Bank Negara Malaysia to help Malaysians try and settle their financial issues, especially debts and loans.

It was formed at the height of worrying household debt ratio and consists of financial counsellors who provide various debt management services, most of which are free of charge. Among the services and responsibilities of AKPK that are provided for free include:

• Prudent financial management advice and counselling
• Financial education , especially with regards to credit management skills
• Debt management programme so that clients get their debts under control

The main aim of AKPK’s formation was to promote a more financially prudent Malaysia, thereby ensuring that the household debt level in Malaysia is brought down to a manageable level.

Who can obtain AKPK’s services?

Anyone can approach AKPK for any one of their 3 services, no matter your age or the financial problem you are facing. However, if you want help solving your debt issues, there are some basic things you have to fulfil:

• Not bankrupt
• Have positive net disposable income
• Not involved in any litigation proceedings
• Loans worth less than 2 million
• Loans taken from financial institutions regulated by BNM (not from loan sharks or illegal money lenders)

Is it really true that I don’t have to pay anything?

Yes, it’s true you don’t have to pay a single cent as all of AKPK’s services as free of charge and there are no agents or middle men.

How do I approach AKPK?

Visit any one of their branches, some of which are located within Bank Negara buildings. You don’t need a prior appointment, just walk in.

Will AKPK reveal my financial details?

AKPK may disclose your financial information to:

• Governmental authorities to fulfill statutory, regulatory and governmental requirements
• Banks, insurers, takaful operators, development financial institutions and cooperatives.

How will AKPK help me with my debts?

When you are part of AKPK’s debt management programme, you need to:

• Spend 20 minutes attending a public briefing with a question and answer time
• If your branch doesn’t have a public briefing session, you can proceed to one to one counselling with their financial experts
• The debtor then shares all his/her financial information and it is reviewed together to identify potential savings
• Debtor must also reveal all loan balances and loan facilities
• AKPK will negotiate with your lending institutes to restructure your loans
• You may then repay through AKPK or to the banks directly after letter of debt management programme is issued by AKPK

What documents do I need to provide to AKPK?

• Latest CCRIS report
• Loan statement for all your loans
• If you’re employed, your salary slip
• If self-employed, statutory declaration of income
• Latest EPF statement ( for restructuring of home loan)
• Income tax statement
• Any legal documents that are relevant