Minimal Asset Process, (MAP), is a form of bankruptcy and replaced the LILA bankruptcy.
It 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 bankruptcy 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.
After a decade of stagnant wage growth and unprecedented personal debt levels in the UK, it’s more important than ever, to have your financial house in order. We know how busy most people’s lives are; be it working full time, caring for family or both. Often, staying on top of your finances ends up taking … Continued
