Thomas McKay - Updated - 14th May 2024 - 3 minutes to read
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.
Get a rough indication of what your repayments might be under each of our different debt solutions.
What are the advantages of entering this process?
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.
Thomas McKay
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Business DebtsOur Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority
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