Minimal Asset Process (MAP)

Minimal Asset Process (MAP), is a route into Sequestration.

The 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.

If you do not have a low income and you do have substantial assets then you may not be eligible for a MAP and qualify instead for Full Administration Sequestration.

MAP Sequestration does impact your credit score but remember, if you have already missed any payments to your creditors, your credit will already have been affected.

The Minimal Asset Process Sequestration solution would leave you debt free and in a position to rebuild your credit rating in a shorter period.

Minimal Asset Process Sequestration replaced the previous equivalent solution known as Low Income Low Asset Bankruptcy (LILA) in April 2015.

Who qualifies for a MAP?

MAP Bankruptcy may be for you if:

You live in Scotland or have lived in Scotland within the last 12 months.
You have not been bankrupt in the last five years.
You have not been bankrupt through the Minimal Asset Process within the last ten years.
You are not a homeowner.
You do not own any land or property
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 £25,000.
Your vehicle is worth £3,000 maximum.
You have no disposable income
You can pay an application fee of £50 to the AiB*

*If you are in receipt of certain prescribed social security benefits then there is no application fee payable.

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 fee is only £50*

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.

*If you are in receipt of certain prescribed social security benefits then there is no application fee payable.

Find out more

Contact an experienced 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.

Minimal Asset Process (MAP)

Reduce creditor contact
Lasts for 6 months
Write off debt you can’t pay