MAP - Minimal Asset Process Sequestration

Formerly known as LILA sequestration (the Scottish equivalent of bankruptcy – MAP is a way off managing unaffordable debts in Scotland.

How does MAP sequestration work?

Minimal Asset Process allows you to write off your unsecured debts in a short period of time if you are on a low income with no disposable income left after covering your essential living costs or your income is only from income dependent benefits.

MAP bankruptcy does affect your credit score but remember, if you have already missed any payments to your creditors, your credit will already have been affected. This solution would leave you debt free and in a position to rebuild your credit rating.

Who Qualifies For Minimal Asset Process

✔️ You live in Scotland.

✔️ You have not been bankrupt in the last five years.

✔️ You are not a homeowner.

✔️ You do not have many large valuable assets, (assets worth £2 000 or less in total and no single asset worth more than £1,000).

✔️ You have debts between £1,500 and £17,000.

✔️ Your vehicle is worth £3,000 maximum.

✔️ You have no disposable income

Advantages of MAP

✅ Your lenders are legally obligated to no longer contact you via any method of communication.

✅ The process usually lasts for 6 months instead of 12, unlike full bankruptcy.

✅ Your debts will be written off upon completion.

✅ Most unsecured debts can be included.

✅ The setup free is only £90, whereas sequestration costs £200.

Disadvantages of MAP

❌  Your details will be added to the Register of Insolvencies, (ROI), a public register, for 5 years.

❌  It will show on your credit rating for a period of six years.

❌  You will not be able to apply for credit for a further 6 months after being discharged.

Find Out More

Contact an expert money advisor at DAS Scotland to find out more about MAP and all the other debt solutions available to you.

We are here to help you make an informed decision based on your affordability and support you every step of the way. If you would like a fresh start, get in touch today.
 
📞 0141 380 0588
 
 
🕕 You can also try using our Debt Repayment Calculator tool