Get started
What is a MAP?
Common questions
Get in touch
Blog articles
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
Answer a few online questions
It's fast and easy
2 min
Get your free Money-Smart report
Makes sense of your money
Find the right solution for you
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 out more about managing your money and getting free debt advice, visit Money Advice Service, an independent service set up to help people manage their money.
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...
Our promise to you
You will not be called by a call centre
Our experienced, Money Advisors will only call at a time convenient for you
DAC look to help everyone
We have helped over 400,000 people with a range of solutions - it's important we find the right one for you
Get your FREE Money-smart report - make sense of your money
Find out if MAP is a suitable solution
Talk with your personal Money Advisor today
If you are interested or would like more information on MAP, talk through your options with one of our experienced Money Advisors
Scottish Solutions
Debt solutions
Read the latest blog articles...
Posted by: Christine Walsh |
March 30 2017
Tackling your debts
Posted by: Kyri Levendi |
February 08 2017
Tackling your debts