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.
In our recent guide on how to track down your debts, we discussed how a debt problem can be all-consuming, and that small purchases and loans add up fast. Most of the time, you will find yourself bogged down trying to make ends meet, always thinking about how to afford the next payment. This leaves … Continued
