Redundancy

The prospect of redundancy can be daunting, particularly if your finances are likely to be affected. But there are steps you can take to help you manage any potential difficulties.

How we can help

First things first:

It’s important not to panic or to put things off. Finding answers to questions will help you make practical plans:

  • Are you entitled to redundancy pay? How much will this be? How long will it last?
  • What benefits are you entitled to? You may be eligible for Jobseeker’s Allowance. You can check if you’re eligible on the GOV.UK website or visit your local Jobs & Benefits Office. Claims can take a while to process, even if you expect to find work, so apply immediately.
  • Do you have insurance cover? Will this help you meet debt repayments while you are out of work?
  • Are you entitled to a refund of tax due to your current circumstances?
  • If you have a pension, what options do you have?

When you have the information you need, start working out a new budget. There is a budget calculator in our Managing your money guide which you can download.

Make paying essential bills, any mortgage and any other debts a priority. We’re here to help, contact your branch and get free support from the agencies listed on our useful organisations tab above.