MINIMAL ASSET PROCESS (MAP)
SCOTLAND ONLY
* May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.
MAP is a simplifies form of bankruptcy designed people with low income with minimal assets. It is a cost-effective and straightforward procedure aimed at providing financial relief to those who qualify.
Benefits
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You do not need to appear in court to apply for MAP bankruptcy.
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There is no fee to apply for MAP.
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This process is usually complete within 6 months, after which most of your unsecured debts will be legally written off.
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Once this approved, your creditors cannot pursue you for payments or add further charges during this process.
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Most unsecured debts are included in MAP bankruptcy.
Risks
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Your credit rating will be affected for 6 years.
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Your bank are likely to close or freeze your accounts, limiting you to a basic bank account during the MAP.
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This can affect your job.
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Some landlords may evict tenants or refuse to renew a tenancy agreement if they become aware of your MAP status.
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Certain debts, such as student loans, child support, and court fines aren’t included in MAP and must be managed separately.
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If you’re self-employed, obtaining credit for business purposes or services may become more challenging.
Achieving debt freedom,
Starting with just 3 simple steps
Step1
Take the first step. Answer a few simple questions to give us an idea of your financial situation.
Step2
Speaking about debt can be tough. Our empathetic, trained experts will explain how we can help.
Step3
Once we’ve discussed your options, it’s over to you. By this point, debt freedom is in your grasp.
We’re ready to talk
* May not be suitable in all circumstances. Fees apply. Your credit rating may be affected.