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Minimal Asset Process (MAP)
Through our experience with Minimal Asset Process we know when it's a suitable solution. Quickly find out if it's right for you with our three steps
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Help reduce monthly payments
If you live in Scotland, have few assets and no disposable income to pay towards your unsecured debts, a MAP could help write it off after 6 months.
A Scottish solution
Minimal Asset Process (MAP) is only available if you live in Scotland.
Why a MAP might be right for you
You have debts of at least £1,500, but no more than £17,000.
Conditions of a MAP
You can't have assets worth more than £2,000 in total – with no single asset over £1,000 but may own a car worth up to £3,000 if it is for essential purposes.
You must not be a homeowner, or own land and have no money left over to pay your unsecured debts.
MAP lasts for only 6 months
Payments on your unsecured debts will be suspended, and after 6 months, if you've adhered to the requirements, they'll be written off.
A cost effective solution
A MAP costs £90 compared to £200 with Bankruptcy, or Sequestration as it's sometimes called in Scotland.
Will it affect my credit history?
MAP is a form of bankruptcy – so your credit rating will be affected for six years.
MAP is for people with low assets and no money to pay towards their debts so it costs less
Answer a few questions online, find out if MAP is right for you
Quickly find out if Minimal Asset Process is right for you
MAPs are available subject to eligibility and acceptance, alternative solutions may be offered. Fees payable if continuing services are provided. Our fees are explained here.
To find other sources of free advice visit Money Helper. It’s here to listen and give free, impartial, trusted guidance. Based around you and backed by government.
MAP can only be arranged by approved Money Advisors, so talk to us for expert advice
Answers to common MAP questions
What if my circumstances improve during a MAP?
If your circumstances improve before you're automatically discharged, you may be subject to the full sequestration process and required to make a monthly payment towards your debts.
Which debts are not included in MAP?
Any court fines, student loans or child maintenance arrears. You will need to keep paying these during a MAP.
Are my creditors still allowed to contact me?
Creditors are not allowed to contact you once your MAP has been approved.
For further information about MAP Read more...
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