Minimal Asset Process (MAP)
What is MAP, and how could it be used to clear your debts?
MAP is an entry route into sequestration (bankruptcy) that can provide a ‘fresh start’, free from debt. It is only available to residents of Scotland
MAP is generally only an option for non-homeowners in receipt of benefits for the last 6 months or no available surplus after being assessed using the common financial tool. It can only be used for total debts of between £1,500 – £25,000. Your total assets (excluding car) should be worth no more than £2,000, with no single asset worth over £1,000. Your car or other vehicle should be worth no more than £3,000.
There is a one-off fee of £50 for MAP, payable to the Accountant in Bankruptcy. If you are in receipt of state benefits, you may not have to pay this fee.
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The advantage of MAP is that it normally lasts for 6 months, and you will not have to make any payments in unless your situation changed in the 6 months prior to discharge. If your situation has altered over those 6 months you will revert to normal Sequestration route.
What are the disadvantages of MAP?
The disadvantages of MAP are that it will have a significant effect on your credit history. The record will appear on your credit file for 6 years, and you are likely to find it very difficult to obtain further credit during this time. Also, your assets may need to be sold, to go towards repayment of your debts.
Following MAP, you will still face restrictions in working in certain professions, and it may also affect your current or future tenancy agreements.
Struggling with debts? Contact us today!
At PayPlan, we like to do things differently. We see debt as a PART OF LIFE so have developed a wide range of practical debt solutions that help people to deal with their debt and get on with living their life.
The best way to find out what makes us different is to call us free on 0800 280 2816 and have a chat with one of our fully trained advisers. They’ll listen to you and talk about you, your life, your debt and your aspirations. You’ll find them understanding of your situation and helpful in your search for a solution that’s right for you.
If you already think that MAP is the right choice for you, call our advisors today on 0800 280 2816 for confidential, no obligation advice. Or you can complete and submit our online Debt Help form and we’ll call you back.