300,000 sought help from AKPK over debts
Published on: Saturday, December 06, 2014
ALMOST 300,000 individuals nationwide as at end of October this year have sought help from the Credit Counselling and Debt Management Agency (AKPK).And from that, 117,565 customers have enrolled into its Debt Management Programme (DMP).These borrowers sought the agency's assistance for serious debt problems and inability to repay their debts.
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The participants, during the briefing by AKPK at Wisma Muis on Friday, were told that some of these borrowers apparently had debts with up to eight financial institutions.According to AKPK Chairman Dato' Mohd Hanifa Sher Mohamed, poor financial planning, ignorance and lack of financial discipline to live within their means caused these borrowers to be in their predicament."Financial difficulties could also be triggered by unanticipated or change in circumstances such as health problem, death of breadwinner, loss of employment and business failure," he said.Of the 117,565 customers saddled with debts and who have enrolled with the DMP programme, 40.8 per cent constitute those from the private sector while 8.3 per cent from the public sector, 11.6 per cent self-employed and 6.6 per cent, unemployed.
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A total of 82.4 per cent of the borrowers have combined debts ranging from housing loan, hire purchase and credit card.But with the help and assistance from AKPK, 6,440 of them have successfully exited from the DMP programme with total outstanding amount of RM261.7 million settled.
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However, 70,524 borrowers are still in the debt management programme with a total portfolio of RM5.8 billion.On demographics, there are 70,656 male borrowers in the DMP programme while 35,123 are women.Stay up-to-date by following Daily Express’s Telegram channel.
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