Minimal Asset Process

Scottish residents who are on low income, with not many assets and struggling to repay their debts could take control of their debts with the Minimal Asset Process.

Minimal Asset Process (MAP) replaced the LILA (Low Income, Low Asset) scheme in April 2015 and is a form of sequestration (bankruptcy). MAP can help you if you are on low income, have little assets and are struggling to repay your unsecured debts. MAP is a cheaper alternative to Sequestration and people are often discharged after six months with their debt troubles resolved.

If you live in England, Wales or Northern Ireland, MAP is not available to you. Visit our pages on Debt Relief Orders, which are the equivalent debt solution to MAP.

Disadvantages of MAP

  • You cannot enter into a MAP if you own heritable property
  • You will be required to pay a fee to apply for sequestration (bankruptcy)
  • Your credit rating will be affected for at least six years
  • Your details will be added to the public register
  • You cannot obtain more than £2,000 of credit, or any amount of credit, if you already have debts amounting to more than £1,000, without declaring your sequestration to the lender

Advantages of MAP

  • Write off unaffordable unsecured debt
  • You will no longer have pressure from creditors
  • You could be debt free in six months

Is MAP right for me?

  • You live in Scotland
  • You’re on a low income; this can be defined as either having an income made up of benefits only, or no money left once all of your essential living costs have been accounted for
  • Your debts are between £1,500 and £17,000
  • You’re not a homeowner
  • You have not been sequestrated (bankrupt) in the last five years
  • Your assets are worth less than £2,000 in total – no single item worth more than £1,000
  • Your car is worth £3,000 or less
  • Pay the £90 application fee to the Accountant in Bankruptcy (AIB)

How do I apply for MAP?

Applying for MAP is a more simplified process than Sequestration (Bankruptcy) and requires you to submit an application to the Accountant in Bankruptcy and pay a £90 fee.

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Minimal Asset Process

Updated on 2018-04-29T13:26:47+01:00, by Kristian Stock.

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