What to do if you lose your job

September 22, 2016 by Brendan O'Neill

Advice & Tips

Whatever the circumstances, losing your job is always stressful as it can mean that you need to pay your regular bills without an income coming in, whilst you are struggling to look for new work. There are some steps which will make the process a little easier along the way.

The first thing you may want to do is check whether you are entitled to any redundancy pay. You may be entitled to just the statutory redundancy pay, or you may get a little more, according to the contract which you signed. You may also want to consider finding out whether you are entitled to any benefits until you gain further employment.

Once you have an idea what your income is likely to be for the next few months, you may want to consider how you will pay your regular bills. Your home is the most important priority and you should approach your lender to discuss any difficulties you may experience and potential solutions. You may want to speak to a CeMAP qualified mortgage adviser so that you can consider other options, like re-mortgaging to a cheaper deal or taking a payment holiday, if this is permitted.

If you believe you may be in debt, or could soon be in substantial debt, speak to a debt counsellor who will help you to contact debtors and work out a payment plan. You should also prepare an up to date CV, so that you can start applying for jobs immediately.