Minimal Asset Process (MAP)

May not be suitable in all circumstances. Fees may apply, read here. Entering into a Protected Trust Deed may affect your credit rating.

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How Much Do You Owe In Total?

How much do you owe in total?
Why are we asking this question?
By knowing how much debt you owe, we can ensure we are able to offer you the most appropriate debt solution for your needs.

What Is A Minimal Asset Process?

Available only to residents of Scotland, Minimal Asset Process or MAP Bankruptcy is a type of debt solution that is designed for individuals who are struggling to pay their debt in reasonable time and may need portions of it written off. Those who normally opt for MAP have a low income and few assets and therefore perhaps do not qualify for a Trust Deed.

The Minimal Asset Process tends to be easier and cheaper than sequestration, the Scottish equivalent of bankruptcy.

MAP last for 6 months, it doesn’t require any monthly payments and it can only be set up through an approved Money Advisor.

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Scottish Trust Deed
Who Qualifies For A Minimal Asset Process?

What Fees Minimal Asset Process Does a MAP Involve and How Do I Apply?

When you apply for a Minimal Asset Process (MAP), there is a fee of £90. This fee is payable to the Accountant in Bankruptcy (AiB) and must be made in order for the application to be processed.

There are plenty of charities that can help you through this process without adding any further fees, but bear in mind that some companies may add their own fees on top.

To apply for a Minimal Asset Process (MAP), you will need to contact an approved Money Advisor, however, the process is simple:

  1. Using the Common Financial Tool, they will look at your income and outgoings and calculate whether you could pay back your debts in a reasonable timeframe.
  2. You will need to pay the £90 fee.
  3. Your Trustee will notify your lenders that you have entered into a MAP and that you can stop paying towards your debt
  4. The MAP will last 6 months, at which point you will be discharged from it, and your debt will be written off.
  5. You will then be put under a set of restrictions that will last a further 6 months.
  6. If you gain any assets within a 4 year period of being discharged from the MAP, then the Trustee will be able to seize them and sell them to contribute towards your debt.
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Scottish Trust Deed

What Are The Advantages and Disadvantages of a Minimal Asset Process?



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The Different Debt Types We Can Help With

Whether it is a Trust Deed, Sequestration or a Debt Arrangement Scheme, only unsecured debt can be included in a debt solution.

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Our friendly, understanding and expertly trained advisors are ready to assist you, offering impartial and practical guidance in a completely non-judgmental setting. We recognise that anyone can encounter financial challenges, which is why we prioritise treating our customers with empathy and understanding.

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With over 20 years of experience, we have helped literally thousands of people solve their money worries. Once you have enquired, one of our team members will be in touch, learning about your specific circumstances and pointing you in the direction of the help you need; whether that is with us, or one of our trusted partners.

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If you choose to become one of our clients then, should you need us, we are here to help. We understand that life can be tough and we can all be faced with the unexpected from time to time, so should your circumstances change during your Trust Deed term, get in touch and get the support you need.

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What is a minimal asset process (MAP) in the context of a trust deed?

A MAP is a debt relief solution available in Scotland that allows individuals with few assets and low income to address their debts. Its an alternative to sequestration, which is similar to bankruptcy. In the context of a trust deed, its another form of insolvency for those who do not meet the criteria or cannot afford the payments that come with a Protected Trust Deed.

How does one qualify for a minimal asset process?

To qualify for MAP, you must have total debts between £1,500 and £25,000, have little or no disposable income (after essential living costs), total assets worth less than £2,000 with no single asset worth more than £1,000 (excluding a vehicle), and not have been through MAP or sequestration in the last 10 years.

What impact does entering into a minimal asset process have on an individual’s income?

When entering into MAP, there isnt much direct impact on ones current income since its designed for individuals with low income. However, it requires that applicants have little disposable income left after essential expenses. Applicants must also disclose all sources of income during the application process which may affect eligibility.

Can someone under a MAP continue understanding and managing their finances independently?

Yes, individuals can still manage their day-to-day finances independently; however, they are required to adhere to certain restrictions regarding obtaining credit and they cannot act as company directors while under MAP. They should also seek financial advice before making significant financial decisions during this period.

What happens after successfully completing the minimal asset process?

After successfully completing MAP—typically within six months—individuals are discharged from their debts included within the program. This discharge means theyre no longer legally responsible for these debts. The completion also leads to certain entries in public records like the Register of Insolvencies but could potentially allow them to make a fresh financial start without those debts.