If you are struggling to repay debt because you’re on a low income and have few assets to sell, the Minimal Asset Process (MAP) may provide a way out of this worrying situation. MAP allows you to claim sequestration, or bankruptcy; it can relieve huge financial pressure and allow you to start again.
Other forms of debt relief rely on your ability to make monthly payments, or sell assets to repay creditors, but the Minimal Asset Process could allow you to be free of unsecured debt within six months.
Your money advisor will need to assess your income and expenditure to determine eligibility for MAP. If there is no surplus income after essential payments have been made, or you have received certain benefits for the last six months, you may be able to make an application.
Should your circumstances change for the better after you enter the Minimal Asset Process, you’ll need to revert to standard sequestration which will involve a further fee, and regular payments towards your debt.
Scotland Debt Solutions can help establish your eligibility for the Minimal Asset Process, and ensure you understand your obligations. We will analyse your financial situation and explain any other alternatives. Call to arrange an initial meeting free-of-charge.
The government has introduced a range of measures to help individuals, families, and sole traders in Scotland who are struggling to cope financially due to the coronavirus pandemic.
When you apply for a personal loan it’s important to be open with the lender and tell them exactly what the loan is for.
Our Scottish based team can help advise you on your debt problems.