Action plan - Make a redundancy plan
Whether you’ve just lost your job or you think redundancy might be on the horizon, follow these steps to get your survival plan up and running.
Take control of your finances
If redundancy is on the cards, there's a lot you can do now to make sure you're in better shape financially if you do lose your job.
If you've recently lost your job, your income has probably dropped significantly so now's the time to work out how you're going to make ends meet.
- Use our Budget planner to draw up a list of all your income and outgoings and see exactly where you stand
- Use our money saving tips to find ways to cut back on everything from your energy bills to your grocery shopping
Get your debts under control. Switch lenders to get the best rates and pay off as much of the debt as you can.
Try to build up a savings cushion to see you through a period on a lower income.
Know your redundancy rights
Your employer must treat you fairly and act in accordance with your contract and the law. If they don't, you could claim for unfair dismissal.
Claim benefits and any overpaid tax you're owed
Losing your job can put a real strain on your finances. Benefits are available to help you cope with the loss of income and you might also be entitled to a tax refund.
Claim on your insurance
You might have taken out insurance to protect yourself in case of job loss. You might even have payment protection policies that you didn't know about.
Check whether you've got an income protection policy, then look to see if it covers you for unemployment.
Check for payment protection insurance. If you're not sure whether you've got it, look at your loan or credit card documents for the words 'payment cover', 'protection plan', 'loan protection', 'ASU' or 'loan care'.
Contact the insurance company and tell them you want to make a claim.
Get help finding a new job
There's lots of support out there to help you find a new job - it makes sense to use it. You might even want to consider setting up your own business or a career change.