Minimal Asset Process (MAP) is a route into Sequestration (bankruptcy) aimed at individuals who have no, or little assets and who also have little, or no income.
DAS is not insolvency, it is the only statutory debt management plan in the UK.
In order to find out which option suits an individual better, it is essential to seek advice before making a decision. Both solutions, in addition to Trust Deeds, are effective ways of formally dealing with unaffordable debts.
While it's true that many people currently furloughed, or claiming Universal Credit may loosely qualify for both, a clear understanding of your personal circumstances, assets, future ability to repay debts, and/or desire to rebuild a credit rating need to be correctly assessed.
Bankruptcy has always carried the greatest stigma and many people that we've spoken to over the years have struggled on for years to avoid being made bankrupt but the reality is that in the right situation, the Minimal Asset Process route and Full Administration Sequestration are effective tools that have helped thousands of people rebuild their lives through the years.