Going through Minimal Assets Process with CAP

To qualify for a MAP:

• Your debts must not exceed £25,000

• Your assets must be worth no more than £2,000, with no single item worth over £1,000

• Your car or other motor vehicle may be worth up to £3,000

• You must not own land or property

• You cannot have been through sequestration in the last five years, or a MAP in the last ten years

• Your income must come solely from benefits only, or you must have no disposable income (this means the money left over after you’ve paid all your living costs each month, such as food, rent and bills).

• You must live in Scotland, or have lived there within the last 12 months.

If you decide to work with us, we’ll let you know whether a MAP would suit you as part of your CAP Plan.

You’ll receive a letter from CAP explaining your insolvency advice along with a copy of the Full client agreement, which you need to sign and return. If your case has just been set up, your Debt Coach may have already discussed this with you.

In most cases, there should be no fee payable if CAP advises MAP as your recommended route out of debt.

Before applying for MAP for you, we’ll apply for a credit report just to check none of your debts have been missed off. If you’re a new client, we’ll ask you to sign a Credit report consent form which will allow us to access your credit report.

Next, we’ll carry out a pre-application check. CAP’s experienced Debt Advisors will make sure we’ve got everything in place to go through the MAP on your behalf.

When your application is ready and we have received all the necessary paperwork and evidence from you, we’ll arrange a phone call with you. Once you confirm you are happy with the contents of the application, we will submit it online on your behalf.

Your application is done! The Accountant in Bankruptcy (AiB) will then approve the application, or respond if they have any queries. Typically, an application will be resolved within a week.