Self Help Guide for Debt Relief Plan
As part of AKPK’s efforts to encourage borrowers to be in full control of their own financial situations, this ‘Self Help Guide’ (SHG) aims to facilitate borrowers in communicating or negotiating directly with their lenders (institutions under Bank Negara Malaysia’s supervision) on debt repayment proposals.
SHG is a step-by-step guide includes the following documents to support borrowers’ repayment proposals:
Borrowers are advised to use SHG as a guide for their debt repayment proposals and to approach their lenders first before seeking assistance from any other parties. As a borrower, please ensure that you:
receive a written reply from the lender concerned on the repayment proposal
keep all correspondences, payment records and other documents related to the loan(s).
Debt Relief Plan
A debt relief plan is normally initiated by the borrower and evaluated by his/her lender. If you have difficulty in paying the monthly loan instalments, you may negotiate directly with your lender to restructure/reschedule the loan(s).
For this purpose, you may submit for the lender’s consideration a debt repayment proposal with instalments that suit your current repayment capacity. Upon evaluating your debt repayment proposal, the lender may accept or reject the proposal, or negotiate with you for more payment.
Lenders may not immediately accept or reject your proposals. Nevertheless, lenders appreciate your sincerity to repay the debts and would be willing to work out a debt relief plan. Be ready to change your lifestyle as this debt relief plan requires determination, dedication and self-empowerment.