The contents of this article are for general information purposes only and does not constitute as legal advice. Specialist advice should be taken in relation to specific circumstances.
Redundancy:
What help might be available?
The financial uncertainty that comes with redundancy can often feel overwhelming, especially when you don’t know where to turn for information.
However, it’s important to remember that help is often available. There may be a few places, some that you may not have considered, that may be able to give you some extra support whilst you’re finding your feet. To help you understand what may be available, we’ve summarised below a few places to look at:
1. Let’s talk; We’re open 24/7
Talking to us on the phone might not be the first thing on your mind right now, but if we know you’ve been made redundant, there may be some things that we can do to help ease some of the financial pressure you may be feeling. These will depend on your individual circumstances, so it’s always worth picking up the phone to us so that we can talk it through.
If you’ve been made redundant, it may also be worth contacting your utility providers, or any other companies where you regularly pay money to, to see if there’s anything they could do.
2. Redundancy payments
Make sure you check if you’re eligible for redundancy payments, so you can get all the money you’re owed. This does depend on your circumstances, and some companies offer a more generous package than others, but if you’ve worked somewhere for at least two years then it’s likely that you will be entitled to some form of redundancy payment.
Your employer is legally required to provide you with the details of your redundancy payment. Once you know the amount you’re entitled to, you’ll be able to start making plans for managing your money while you’re out of work.
It’s important that you understand what you are entitled to and why, so if there’s any part of the process you’re not sure about, there are lots of organisations you can talk to for free, independent advice. You can find their details at the bottom of this page.
3. Income protection
Check your insurance - many people have insurance policies with income protection and forget all about them. Income protection is most likely to be included as part of your home insurance policy, or your life insurance policy (if you have one). If you think you may be covered, it’s worth digging out that old email or paperwork to check if you have any income protection. If in doubt, simply call your insurer to find out.
4. Government support
The government offers a range of benefits to help you if you’ve been made redundant. You can use these calculators to see if you’re eligible for government support: https://www.gov.uk/benefits-calculators Opens an overlay [Will show a security message first]
5. Independent advice
There’s no shame in asking for help. There are also lots of independent organisations who can provide you with help and general advice about managing your money.
citizensadvice.org.uk Opens an overlay [Will show a security message first]
adviceuk.org.uk Opens an overlay [Will show a security message first]
nationaldebtline.org Opens an overlay [Will show a security message first]
stepchange.org Opens an overlay [Will show a security message first]
And remember, we’re always here to help when you need us, any time of day or night - simply call 03456 100 188.