The Minimal Asset Process (MAP) is a cheaper and more straightforward alternative to sequestration bankruptcy, and is available to people living in Scotland. If you are struggling to repay your debts in a reasonable amount of time, the Minimal Asset Process could be the right solution for you. Here at Council Tax Advisors Scotland, we deal with many clients across the country, helping them to take control of their debts and finances, and to face a better future.
Write Off Problem Debts – Here’s How It Works
With a MAP, you could effectively write off your debts and have a fresh start with your finances. This type of solution is aimed at those with no or few assets, and who are on a low income.
Most unsecured debts can be included in a MAP, so if you are having problems paying Council Tax arrears, loan payments or credit card bills, this could be the right solution for you. It’s important also to remember that a MAP isn’t necessarily an easy way out of debt problems, and it will appear on your credit file for six years, and make obtaining credit much harder during this time. You should also be aware that your name will be added to a public register for a period of five years.