R3, the insolvency trade body, has launched a new resource for individuals in England and Wales 

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.

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.