- 1. www.ccris.comAKPK Success StoriesNote: *The names specified in these stories have been changed to protect theidentities of the individuals involved. These success stories are meant tomerely provide information on AKPKs services and lessons on moneymanagement.Compiled from http://www.akpk.org.my/learning/success-storiesStory 1When Mr Ramon* stepped into our premises, he was three years into battling a debt he previouslyknew nothing about. Back from the United States after residing there for 15 years, he came to findout rather shockingly that he was RM66,000 in debt due to credit cards.This information startled him as he was extremely sure he paid off all of his debts before leaving forthe United States. When he checked with the banks, he found out that it was not an outstandingbalance that he did not pay that caused the debt, but rather his lack of foresight when he forgot tocancel his credit cards. Both the banks levied finance charges on membership fees and the amountridiculously ballooned in a matter of years.Even after numerous negotiations with both banks that stretched over a span of three years, he stillcould not get them to concede by retracting or reducing the amount on the accounts. Needless tosay, when he heard about AKPK, he had all but lost hope. In a matter of days, AKPK negotiated withboth the banks on his behalf. We also managed to secure Mr Ramon a 10-year tenure to pay off theloan.However, Mr Ramon, like many of our other clients, showed absolute determination in paying theloans, and paying it back fast. After a few short months he managed to come up with a lump sumpayment to settle all the outstanding owed.He then again approached our counsellor for advice. After second negotiations with the banks, ourcounsellor was able to get Mr Ramon a further reduction on his outstanding.Mr Ramon settled with both the banks on the same day and now prudently manages his finances.
2. www.ccris.comStory 2No one could have imagined that Mr Herman* would entangle himself in a bad case of debt.Successfully running and managing a computer repair shop, the luxury that came with owning hisown private business afforded Mr Hermans wife a stay-at-home lifestyle as the mother to their one-year-old son. It also helped Mr Herman take full care of his ageing mother.Mr Herman and his wife always managed their credit cards sensibly and continually honoured therepayments on their outstanding in full amounts. On top of that, Mr Herman also knew theimportance of savings and kept aside a percentage of the income he made from his business.It was hard to say what exactly made him give up all his savings for an ailing friend in need. Otherthan seeing a friend face financial trouble, Mr Herman was somewhat confident in knowing that hewould not need the money in the near future.Unfortunately, circumstances cannot always be controlled. Only months after handing his friendevery cent he had ever saved, Mr Hermans business faced stiff competition by a bigger firm thatdecided to set up their operations close to his base.As business started dwindling, Mr Herman used his credit cards to fund the expenses of his ailingcompany. He figured that he needed to recoup his losses by injecting more investment. Besides, hethought he could always pay it off later when business got better.As time passed it seemed that the financial freedom he constantly dreamt about since the slowdownof his business was getting further out of reach. Mr Herman could not afford to make repayments onhis credit cards from the little income he made through his business.To make matters worse, when creditors came knocking on his door, he realised that he could nolonger afford to support his family and at the same time handle the repayments on his credit cards.The stress of being unable to meet his credit card repayments coupled with a meagre income causedmany arguments within the household. Under tremendous pressure, it came as a relief when MrHerman, through his friend, heard about AKPKs services.After negotiations with the respective banks, we managed to reduce the monthly debt repaymentby almost 60%. We proposed a repayment plan that would not put too much pressure on MrHermans finances. Six months after being on the repayment plan, Mr Herman managed to come upwith the balance of his outstanding after being paid back by his friend. Mr Herman is relieved now 3. www.ccris.comknowing that he has his finances under control. He is also more cautious with his money. "The debt Icould not handle, it was like a dark financial cloud following me every day. Now that cloud is gone."Story 3Mr Charles*, a successful regional sales executive with two young children and a beautiful wife,always knew how to manage money well by living within his means.He always had credit cards and had been using them effectively for years. He was never in the habitof abusing or misusing his credit cards and always serviced his outstanding repayment promptly andin full. However, he never saved for a rainy day and that was what got him into a financialpredicament in the first place.Mr Charles also supported his ageing father besides his own family. When his father needed moneyto cover a life-saving operation cost, Mr Charles stepped in and used his credit cards to fund hisfathers procedure. However, when notices from the creditors arrived, Mr Charles could not affordthe repayments on the credit cards.Huge arguments that broke out between Mr Charles and his wife put tremendous strain on thefamily. The family was under incredible pressure, as they did not know how to deal with thecreditors and was constantly worried if they would ever be able to put food on the table.Mr Charles found out about our credit counselling and debt management services and immediatelycontacted us for assistance. Working relentlessly with the various creditors involved, we managed toreduce Mr Charless monthly debt repayment by 70%!Mr Charles enrolled into our debt management programme and abided by his repayment schedule.As Mr Charles was keen to fully settle all the outstanding on his credit cards, which was fairlysubstantial, we suggested that Mr Charles sell his apartment and move his family with his ailingfather.Mr Charles took the advice, fully settled all his credit cards outstanding and even managed to savethe balance in a high yield savings account. He is now relieved from debts, knowing that his financesare under control and his life is back on track. 4. www.ccris.comStory 4A single mother with an eight-year-old son, Sandra* says her problems started about 10 years ago.She admits that she was proud then and naive, and wanted to show off, especially to her family, thatshe made a good living.She spent her money on almost anything: clothing, shoes, good and expensive food and lived likeshe was earning a good income. Of course, part of this was caused by her unhappy marriage. In2005, with her marriage breaking down, Sandra resigned from her job as a personal assistant to amanaging director of a public listed company to engage full time in multi-level marketing, thinkingthat she would fulfill her dream of achieving great wealth. But she was still spending like there wasno tomorrow. She kept on spending without any control until she started receiving legal letters fromthe banks that had offered her credit cards. At that time, she was holding credit cards from fivedifferent banks with a credit limit of over RM70,000 - and she was that much in debt.Finding herself trapped in a financial crisis, Sandra tried to take the easy way out. She did not wantto face the problem and tried to run away from the issue. In fact, she tried to kill herself once andended up in hospital.Sandra did not know about AKPK until her younger sister told her to visit us, but at that time she hadalmost given up on her life.With our help, Sandra has been paying her monthly repayments promptly for almost two years now.She has learned to budget her spending and even begun to save some money.She admits that she has struggled to build back her confidence and just keep going. Sandras advicefor those who find themselves sinking by the weight of their debts is to face the problem and seekhelp from AKPK instead of going to loan sharks.Nowadays, Sandra only spends what she can afford and no longer buys unnecessary things. Nowemployed in the sales and marketing line, she tries to save her commission earned for rainy days.Although it is not much, at least she has some savings. She also invests part of her EmployeeProvident Fund (EPF) in a unit trust.She advises to achieve balance in our lives: exercise everyday, eat right and occupy ourselves withjobs that takes up most of our time so that we do not have any chance to spend money needlessly.She also believes that if you are happy, it is easier to control your spending. 5. www.ccris.comStory 5When En Ahmad* was involved in a car accident, he lost his hearing apart from losing his job. Beinga security officer for the past 15 years at a local government agency, En Ahmad was only paid asimple salary of RM2,600 a month, which was insufficient for his household expenditures. Due to theaccident, he was forced into resignation as his hearing disability greatly affected his job.En Ahmad was simply devastated when this happened; he began to worry about keeping up with hismonthly expenditures. His housing loan monthly commitment alone was RM1000. On top of that, healso had monthly commitments on his hire purchase and personal loans. En Ahmad, only 48 yearsold and had two school going children and a wife to care for, was extremely worried about hisfinancial security. He did not know how he would secure any other employment with his limitedexperience and education. On top of that, his hearing impairment was a setback for many blue-collarjobs.Distraught, En Ahmad approached his previous employer in the hope that they could ease hispredicament. His previous employers then encouraged En Ahmad to get an