R3, the insolvency trade body, has launched a new resource for individuals in England and Wales who want to learn more about personal insolvency processes and managing their debts.
The comprehensive document, ‘Dealing with money worries – a guide to your options’, provides an overview of the potential solutions available to those who are worried about their personal finances.
It outlines all of the statutory (where the people who are owed money agree not to take any further action during the process) and informal (where the individual who owes money’s assets aren’t affected) options for resolving debt problems, as well as further sources of support and advice.
“We’ve developed this document to provide individuals with all of the information they might need about the various options they can access and to make the idea of seeking help or advice on personal debt issues less overwhelming,” says Christina Fitzgerald, Vice President of R3.
“It explains the options that are available for people who are struggling financially, what they involve and who they are typically suitable for, and we hope it will encourage more people to seek help as early as possible.
“Seeking early advice, from qualified and regulated sources, is critical in personal insolvencies: it gives you more options to resolve your issues, more time to decide what option is the most suitable one for you, and a greater chance to make a considered decision instead of a hurried one.”
The document has been developed by R3’s in-house technical team and members of its Personal Insolvency Committee, which is made up of personal insolvency specialists from across the UK.