Planning to buy a house but you’re blacklisted by the banks? Calm down, it is not the end of the world. However, there is no quick and easy way out of the grievous state that you have put yourself in. Getting you there didn’t take you just one day, and it takes the same effort and time you need to get yourself out of the crypt. So, what are available ways for you to clear this situation?


1) AKPK can help

Debt Management and Counselling Agency (AKPK) has expanded its role to become a nominee under the Voluntary Arrangement (VA) service, a rescue mechanism to help potential bankrupts..

Chief Executive Officer Azaddin Ngah Tasir said the new service would provide debtors with an opportunity to negotiate a debt repayment plan with creditors or restructure loans, and hence avoid bankruptcy.


Source: www.akpk.org.my


The Debt Management Programme will assist consumers to regain financial control. AKPK also offers Financial Education service on the responsible use of money and credit management skills. Whereas, the Financial Counselling service will provide you with counselling and advice on managing your finances wisely – from budgeting, money management and credit-related issues.

What are you waiting for? Contact AKPK now!


2) Contact your bank

Never ever play a try-catch-me game with your bank, and do not avoid their calls when they contact you for repayment.

Go to your bank and negotiate a repayment schedule. Your CCRIS report might be bad just because, for instance, your payment due date is earlier than your payday date. You can always discuss with your bank the option of re-adjusting your billing cycle.

You might also want to reach your bank to discuss on minimum repayments for your loans. Most banks are open to renegotiate loan terms as they would also want to minimize non-performing loans. Work out a repayment flow that you can afford and that the bank will agree upon to benefit both you and your bank. Don’t worry if you have problems negotiating with your bank; you can approach AKPK to be a mediator through its debt management program.

If you’re capable of paying the full amount of your debt, on the other hand, ask for a Letter of Discharge to prove that you are clear from the debt and should no longer be blacklisted.


Source: pinterest.com

3) Fix your CCRIS report

Try not to be too worried about your CCRIS report because you will eventually clear the bad record after 12 months—if you really put an effort to fix it. CCRIS is a prominent source used by financial institutions to help them establish a view of the credit history of potential or current borrowers – and determine their creditworthiness before offering them credit. However, it only shows the last 12 months of your repayment records. The oldest data will be erased accordingly. 

You need to start making regular payments towards your loans or credit cards to clean your record. A reasonable budget is required for you to do it. Note down your monthly income and expenses. Be sure to allocate an amount of money for your debt repayment. Always paying on time and having a good payment history for the next 12 months should significantly help to improve your credit score. 


Climb Your Way Out Of Bad Credit

The best and only way to remove your name from being blacklisted by Bank Negara is to pay back the money that you owe. Do note that trying to settle all your debt at once will not have any effect on your credit score. First, negotiate some kind of settlement. Then, build up a history of good payment. Once your score is good, you can re-apply for the home loan you’ve wanted.

Good luck in returning to financial health. Remember to be patient.

Do you have any suggestions to clear a bad, no good, absolutely horrendous credit score? Feel free to share with us your experiences.

(By Elmia Kayok)


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