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MAP (Minimal Asset Process)

Minimal Asset Process, (MAP), is a form of bankruptcy and replaced the LILA bankruptcy.

How does a MAP work?

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.

Who qualifies for a MAP?

MAP Bankruptcy me be for you if:

  • You live in Scotland.
  • You have not been bankrupt in the last five years.
  • You are not a homeowner.
  • You do not have many large valuable assets, (assets worth £2 000 or less in total and no single asset worth more than £1,000).
  • You have debts between £1,500 and £17,000.
  • Your vehicle is worth £3,000 maximum.
  • You have no disposable income

Advantages of MAP

  • Your lenders are legally obligated to no longer contact you via any method of communication.
  • The process usually lasts for 6 months instead of 12, unlike full bankruptcy.
  • Your debts will be written off upon completion.
  • Most unsecured debts can be included.
  • The setup free is only £90, whereas sequestration costs £200.

Disadvantages of MAP

  • Your details will be added to the Register of Insolvencies, (ROI), a public register, for 5 years.
  • You will not be able to apply for credit for a further 6 months after being discharged.
  • It will show on your credit rating for a period of six years.

Find out more

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.

Trust Deed Scotland 0141 221 0999

Further Information

We provide a wide and varied advice to our clients. Below is some related categories.

Blog

Trust Deed Scotland

How a Trust Deed affects your Credit Rating

Our Debt Guide

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