Iain Fraser

The free resource, ‘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 and Scottish Technical Committee, which are made up of experienced insolvency professionals from across the UK.

Iain Fraser, chair of R3’s Scottish Technical Committee, said: “We’ve developed this guide to provide individuals with all the information about the various options available, what they involve and who they are typically suitable for in one place.

“We hope it will encourage more people to seek advice about their finances at as early a stage as possible. We know how hard it is to talk about money worries, but having the conversation at an early stage gives you more potential options for resolving your situation and more time to take a decision about which of them is right for you.”