MAP is a form of bankruptcy for people with few valuable assets and who have no money to meet their debt liabilities. You need to meet strict criteria to be eligible to apply for the scheme and must also reside in Scotland. This means that not everyone will be eligible. However, if you don’t qualify, another debt solution may be suitable.
To qualify for MAP, you’ll need meet the following conditions:
- Your total debt must be at least £1,500
- You must not owe more than £17,000
- You do not own any one asset worth over £1,000 (excluding your vehicle, which can be worth up to £3,000 as long as it is reasonably required by you)
- The total value of your assets does not exceed £2,000
- You must have taken money advice from an approved Money Advisor or Insolvency Practitioner
- You must be living in Scotland or have lived in Scotland sometime during the last year
- You must not have been made bankrupt in the last five years
- You must not have been made bankrupt through the Minimal Asset Process within the last 10 years
- You must pay the application fee of £90
- You must have a Certificate for Sequestration signed by your money advisor
- You must either have been in receipt of benefits only for the last six months or a money advisor agrees that you have no money left over, after you have paid your living costs, to make any contribution to your debts
- You do not own any land or property
To qualify for MAP, you must have no disposable income. This means that once you've dealt with your essential costs, such as rent, food, utility bills and travel costs, you have nothing left over.
Speak to a qualified debt expert about your situation, as they’ll be able to advise whether MAP is the right solution for you.