Scotland - Minimal Asset Process

Hi all, 

Would you mind sharing with me your experience of applying for MAP and living with it? 


Here is my background and why I am thinking of applying for MAP: 

My husband left me 2 months ago turning my life upside down as I had been left with all the bills to pay and roughly £6000 of my debt (£3000 credit card, £2000 outstanding car finance and £1000 HMRC debt). Prior to him leaving I was a full-time nursing student and receiving a bursary and also working in hospitals earning a good wage. Since he's left I am unable to do my job due to inadequate childcare (shifts are 7 am - 8 pm + nightshifts and I don't have any family to look after my child, the only childcare I've got is school + after school club), I had to quit my nursing degree as both placement and uni were not helpful in terms of childcare unfortunately and required me to do early starts/ late finishes and nightshifts. This means I also have to return the bursary they have paid me 🤦‍♀️ 

Therefore, since my husband left I have had to apply for Universal Credit. In my first month, I received only £400 from UC due to my previous earnings and barely managed to survive that month. I am due a payment this week but guess what, I have been awarded £0 due to their error, I've phoned them today but I am not sure how long it will take to rectify the error. 

I have been able to obtain part-time employment within school hours 🥳 but that will probably only give me £400 a month if that. 

It has been an uphill struggle since my husband left! 


I have been advised by Step Change that MAP might be my best option as I can't afford to repay my debts at the rate I have been paying them off up to this moment. 
I am worried of course about taking that step. I've NEVER thought I would ever even have to consider bankruptcy. 

So, those of you who have done it, how did you find the process? What were the consequences you're still living with? Is there anything I should know/consider before deciding to go for it? 

Thank you all

Comments

  • sourcrates
    sourcrates Posts: 28,844 Ambassador
    First Anniversary Name Dropper First Post Photogenic
    Hi,

    MAP Bankruptcy is very similar to a Debt Relief Order, which is available to the rest of the UK.

    Its not really bankruptcy, as such, its not invasive at all, and you will hardly know your in the arrangement, your credit file will be affected for 6 years, just like with any other regulated debt solution, and you appear on the insolvency register for 5 years.

    There are a few slight differences between MAP, and a DRO, with MAP, the cost is only £50, and it only lasts 6 months, as a pose to a DRO lasting 12 months, if step change have recommended MAP, then I would probably go with that advice.

    Look at it like this, you can have rid of your debt, within 6 months, which means a new start for you, without the worry of debt on your shoulders, in a short while, you may be able to return to nursing if the childcare situation improves, in your current situation, there is absolutely no reason why you should not do this now.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter
  • Rachbuka
    Rachbuka Posts: 16 Forumite
    First Post First Anniversary
    Thank you sourcrates! 

    This is very reassuring to hear. I didn’t really understand much about MAP although I tried researching but what you’re saying is making sense. 

    It does look like the best option for me at the moment. 

    Thank you again. 
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