Agency helps 9,529 settle debts

GEORGE TOWN: A total of 9,529 Malaysians who sought assistance from the Credit Counselling and Debt Management Agency (AKPK) have settled their debts totalling RM396mil, said Deputy Finance Minister Datuk Chua Tee Yong.

He said AKPK, a subsidiary of Bank Negara Malaysia, was set up in 2006 to assist people in financial management and more than 700,000 people had benefited directly or indirectly from the agency so far.

“Out of the 700,000 clients, about 145,000 people who faced debt problems have entered into the agency’s debt management programme of whom 9,529 had already settled their debts as of January this year.

“For the past four years, the bankruptcy rate in the country was maintained at between 18,000 and 22,000 people which is still under control,” Chua said when closing a financial management seminar organised by the Bukit Gelugor MCA division at Vistana Hotel yesterday.

He said it would be a better option for those facing debts to seek help from AKPK as the agency has a bigger authority to negotiate with banks and financial institutions, especially when dealing with credit card debt management.

“People may not be aware that through AKPK, debtors could convert some of their credit card debts into term loan which has a lower interest,” Chua said.

He urged the public, including those who had just entered the workforce, to utilise the services of AKPK as its services are not only for those facing financial difficulties but also for those making major financial decisions such as buying a car or property.

“AKPK could assist its clients in calculating their affordability.

“This is to pre-plan and to avoid its clients from entering into a stressful financial commitment,” he added.

Chua said the services provided by AKPK are free and conducted in multi-languages.

“If you are not comfortable with English, you can seek counselling in Bahasa Malaysia, Mandarin, or Tamil.

“The information provided to AKPK will not be shared with other authorities,” he assured.

Among those present were Penang MCA adviser Datuk Dr Loh Hock Hun, Bukit Gelugor MCA division chief Datuk Koay Kah Huah, organising chairman Low Joo Hiap and AKPK Penang credit counsellor Tan Chee Hong.