Minimal Asset Process, (MAP), is a form of sequestration and replaced the old LILA bankruptcy (Low Income Low Asset).
Minimal Asset Process allows you to write off your unsecured debts in a short period of time if you are on a low income with no disposable income left after covering your essential living costs or your income is only from income dependent benefits. MAP sequestration does affect your credit score but remember, if you have already missed any payments to your creditors, your credit will already have been affected. This solution would leave you debt free and in a position to rebuild your credit rating.
Contact an expert money advisor at Trust Deed Scotland to find out more about the debt solutions available to you. We are here to help you decide the best course of action to suit your individual needs and support you every step of the way. If you would like a fresh start, get in touch today.
How long does a Trust Deed last in Scotland? Trust Deeds offer a way out from unaffordable debt and the chance to rebuild your credit once the Trust Deed term has ended. The Trust Deed is a debt solution that’s only available to residents of Scotland and typically lasts for 48 months although there are … Continued
