Don’t despair, targeted repayment assistance is available

By Azaddin Ngah Tasir, CEO of AKPK (Agensi Kaunseling & Pengurusan Kredit),

As the automatic blanket moratorium comes to an end on September 30, AKPK urges Malaysians to take proactive steps in assessing their financial position now and into the future.

While the nation’s economy is showing signs of recovery, we understand that many individuals are still grappling with the impact of the Covid-19 pandemic. Customers who foresee difficulties in resuming their financing repayments should seek help from their respective banks to discuss their repayments before the moratorium ends.

There are various targeted repayment assistance options available to help customers better manage their finances by reducing monthly commitments, extending repayment schedules, and/or changing the financing terms, enabling them to adapt to this unprecedented situation.

However, customers may also seek independent advice and assistance from Agensi Kaunseling dan Pengurusan Kredit (AKPK) if the bank’s proposal does not meet their overall financial commitments or they have multiple borrowings from the banks. AKPK will work out possible repayment plans upon taking into consideration their overall or holistic financial commitments.

In the process, AKPK also provides financial counselling and education on prudent financial management. All these services will enable customers to improve their productivity at work and get their finances in order, providing peace of mind.

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