Minimal Asset Process
What is Minimal Asset Process?
Minimal asset process is for residents of Scotland and provides you with a fresh start by writing off any debts that are unaffordable and unable to be paid back in a reasonable time frame. To look at a MAP you will need to have a low income and few assets, but the process can be much more straightforward to apply for rather than sequestration.
To apply for a MAP you will need to seek advice from an approved money advice organisation.
Advantages
- Creditors cannot legally chase you for payments
- The process usually lasts for 6 months
- Most unsecured debts can be included
- The setup fee is relatively low at £90
- Your included debts will be written off upon completion
Disadvantages
- MAP will adversely affect your credit rating and may affect your ability to obtain credit.
- MAP will be recorded on the insolvency register, which can be searched by the public
- Being in MAP bankruptcy can impact on certain jobs. If you are unsure check your contract
- It’s likely that any valuable assets will need to be sold
- If your financial circumstances improve you may have to go through the full sequestration process