Advantages & Disadvantages of a MAP

It won’t take long to enjoy a wallet with cash. Your cash

You may by now have decided that MAP or Minimal Asset Process bankruptcy is your best way to becoming debt-free. Just imagine, waking up with actual cash in your wallet, or on your bank card. And it’s your own. You don’t owe it to anyone, or have creditors breathing down your neck for their next payment. It’s all yours.

Finally, this is your chance of a fresh start financially. Above all, you want to keep it that way and at Find a Dept Expert we do too. A huge weight has been lifted off your shoulders and you can start enjoying your money again – but this time, keep a very watchful eye on it. At Find a Dept Expert we’re also here to help you sensibly manage your money.

Map can come at a cost. But what have you got to lose?

Like anything MAP comes at a cost – most significantly, it affects your credit rating. But, this time, if you live within an affordable budget, the details of your MAP will be erased from the Insolvency register within a year as soon as you’ve parted with your Trustee. That’s one disadvantage of MAP. Be aware; there are a few more:


  • After six months you are free from debt that is covered by MAP – it will be legally written off.
  • For those on benefits, MAP is one of the few repayment plans that you can apply for.
  • You don’t need to appear in court.
  • You don’t have to negotiate with creditors.
  • You don’t have to deal with bailiffs and debt collectors.
  • It’s an ideal option for those who have little to no assets.
  • It can be good for those who have low income and cannot afford to make payments to their debts.
  • Interest or other charges stop being added to your debt once the MAP is approved.
  • Your creditors can no longer demand payment once MAP is approved – so you can say goodbye to those stressful red ‘final demand’ letters.


  • You’re stuck with a bad credit rating.
  • Bankruptcy can lead to instant job dismissal.
  • Any assets you do have may need to be sold to repay you debts.
  • Your chances of applying for future credit will be affected.
  • Your bank may close your account, and you may find it difficult to open an account with another.
  • Your landlord may evict you or decide against renewing your tenancy agreement.
  • Details will be posted on the Insolvency register and will remain there for up to one year after your Trustee’s gone.
  • You will face credit restrictions for six months after being discharged.
  • If you’re self-employed, and rely on credit to pay for stock or services, bankruptcy could make it harder to trade.

Unless you’re on a low income, have few to no benefits and are struggling to keep a roof over your head, MAP might not be the solution for you. But if you’re really struggling financially, and cannot find any other way out – speak to us. Speak to an understanding, expert and friendly advisor from Find a Dept Expert. Contact Find a Debt Expert today on 0161 694 2650 or use our Debt Calculator.

Find a Debt Expert is a trading style of Milton & Stirling Ltd, Company Number SC587851 – Solutions Scotland, 78a Stanley Street, Glasgow, G41 1JH. DPA number ZA431921

Milton & Stirling Ltd are an Appointed Representative of MichaelAlan Ltd who are authorised & regulated by the Financial Conduct Authority, FRN 690939.

As part of our free service, we’ll review your financial situation, explain the available options and recommend a debt solution which is suitable for you. The risks of all suitable solutions will be explained clearly and if you decide to go ahead with a debt solution we will refer you to one of our trusted providers who specialise in the management of that debt solution. We’ll be paid for introducing you or for the preparatory work we do, depending on your debt solution fees may be payable if ongoing services are provided. Read about fees and key information in our terms & conditions. To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

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