Minimal Asset Process
Complete Debt Relief if You Meet Criteria
Minimal Asset Process (MAP) is a form of bankruptcy in Scotland which allows people who have no assets and no affordability to write off their debt within 6 months. In order to qualify, you must meet certain criteria, which you can find here
MAP Sequestration will impact your credit file for 6 years, from when it begins.
Unfortunately, we are not able to help clients apply for MAP at this time, but we are able to provide you with advice about this option. You can get help to apply through sources such as your local Citizens Advice, local authority and other charitable organisations. To find a local money advisor near you, visit Scotland’s Financial Health Service or the Money Advice Service.
What are the advantages of MAP?
- Creditors cannot keep contacting you
- Creditors cannot object
- Debts completely written off after 6 months
What are the disadvantages of MAP?
- Your credit rating will be affected
- An application fee applies (usually £90, however reduced to £50 during the COVID-19 pandemic)
- Should your circumstances change during the 6 months, it would be upgraded to a full administration bankruptcy (Sequestration)