What is a MAP?

How do I qualify?

There are a few issues Find a Dept Expert need to take into account for you to be eligible for a MAP. The most important is that you are NOT A HOME-OWNER (as usually, this is your largest, most valuable asset). You have no disposable income and have been in receipt of benefits for six months or longer. Plus, your dept can’t be greater than £17,000. These are the key qualifying factors; plus:

• Your debts must exceed £1,500 and but are not greater than £17,000
• You haven’t been bankrupt in the last five years
• You live in Scotland or have lived in Scotland in the last year
• Your other assets are worth less than £2,000 in total, with no single item worth more than £1,000
• Your car is worth £3,000 or less
• Your income must consist solely of income-related benefits such as UC, or the amount of money you earn covers essential living costs but have nothing left over

A £90 upfront fee is the way forward

To further proceed with MAP a payment of £90 is required by the Account in Bankruptcy.

Founded in 1985, the Account in Bankruptcy is the Scottish government agency responsible for administering the process of personal bankruptcy and corporate insolvency, administering the Debt Arrangement Scheme. (Wikipedia)

They AiB will accept instalments, but the full £90 has to be paid before you can apply. Unfortunately, exemptions or reductions are not available. At this stage, Find a Dept Expert will also give you all the advice you require – you can’t apply without adhering to this advice.

If MAP is the way forward and you meet the aforementioned criteria, we’ll ask for your details, proof of income and debts. This will include copies of payslips, bank statements etc. We’ll look at any paperwork you can offer, while providing all the support you need.

You should also be aware that with Minimal Asset Process bankruptcy your details will be submitted to a public register, called the Register of Insolvencies (ROI). These are kept on file for five years.