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Minimal Asset Process | Guide

Remember, MAP is a form of bankruptcy, so it does have consequences. It will have an impact on your credit rating. The bankruptcy will be recorded and remain visible on your credit history for six years, during which time, obtaining further credit is likely to be difficult and it may continue to be difficult even beyond this period.

Depending on your circumstances, there may be other restrictions. For example, you can't borrow more than £2,000 without telling the lender you have been made bankrupt. You also can't hold certain job roles (such as director of a company) or run a business unless you meet certain conditions. Records of your bankruptcy will appear on the Register of Insolvencies for two years after it has ended, which is publically available.

It may be a condition of your discharge that that you complete one or more compulsory financial education courses.

If your circumstances improve before you are automatically discharged, your MAP may become subject to the full sequestration process and, if you can afford to, you will be required to make a regular payment towards your debts for up to four years.

While there are consequences to all debt solutions, not getting help with your debts could have its own set of consequences, which is why it’s good to speak to an expert about your situation.

Next: Alternatives to MAP

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