Minimal Asset Process (MAP)

May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.

Free debt counselling, debt adjusting and providing of credit information services is available to customers by contacting MoneyHelper.

The Minimal Asset Process route to Sequestration

For many people, a Trust Deed is a financial lifeline, but they are not suitable for everyone.

If you have debts you can no longer afford and you have a limited income, you will be unable to set up a Trust Deed and sequestration could be your only route.

Minimal Asset Process (MAP), is a route into Sequestration.

The Minimal Asset Process allows you to write off your unsecured debts in a short period of time if you are on a low income with no disposable income left after covering your essential living costs or your income is only from income dependent benefits.

Who Qualifies for MAP?

• You live in Scotland or have done within the last 12 months
• You have no disposable income
• You have not been bankrupt in the last five years
• You are not a homeowner
• You do not have any large assets
• You have debts of less than £25,000
• Your vehicle is worth less than £3,000

Advantages of MAP

Reduce Creditor Contact

The process usually lasts 6 months

Debts are written off upon completion

No setup fee

Disadvantages of MAP

You are unable to act as a director of a limited company or be involved in the formation, promotion or day-to-day financial management of a limited company.

It may harm your employment prospects, both now and in the future

Will affect your credit rating

For 6 months after your discharge, you cannot apply for credit of £2,000 or more, without telling the creditor that you are a discharged bankrupt

For 6 months after your discharge, you cannot apply for credit of any amount when you already have debts of £1,000 or more, without telling the creditor that you are a discharged bankrupt

For 6 months after your discharge, if you are self-employed, you must tell anyone that you do business with the name of your business when you were declared bankrupt

You are unable to act as a Member of Parliament or a Justice of the Peace.

You may be in breach of certain contractual obligations by being made bankrupt e.g. tenancy/lease agreements, various license’s, employment contracts, HP agreements, insurances etc.