What is a MAP?

Putting you on the Debt-Free-Map

If you’re on a low income and don’t have many assets to your name then MAP could be for you. It stands for Minimal Asset Process, and allows you to have a fresh start financially. It is a recently new way for dealing with bankruptcy and is only available in Scotland, and a popular, effective choice for Find a Dept Expert customers.

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.

Typical map duration and types of debt covered

MAP usually lasts for around six months. By this time your debts will have been repaid. This may not always be the case though. If, for whatever reason, you do not stick to the MAP regulations you’ve already set in place, your bankruptcy term can be extended.

Most debts can be included in a MAP, including:

  • Overdrafts
  • Credit cards
  • Bank loans
  • Utility bills
  • Loans
  • Payday Loans
  • Store cards
  • Catalogues

There are certain debts that a MAP can’t cover such as student loans, court fines, or child maintenance.

Remember, this is just a brief overview of a MAP. Get in touch with Milton & Stirling Ltd and we’ll get you debt free, whatever it takes. 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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For independent advice on how to deal with creditors with regards to Insolvency Services see https://www.gov.uk/government/organisations/insolvency-service