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.