Redundancy Debt Advice
Being made redundant often comes as a shock and many people just aren’t in a position to deal with it financially. Finding another job can be difficult and unfortunately the bills still keep on coming.
The sudden impact that redundancy can have on you and your family can be made worse by the debt problems that often result. Debt worries could start affecting you very quickly after redundancy, especially if you have no savings to help cushion the blow.
If you’re already in debt and have lost your job or have been made redundant and are concerned about how you’re going to cope, seeking the right debt advice as soon as you can could prevent many future money problems and all the stress that comes with them.
Here are five invaluable pieces of debt advice when you’re dealing with redundancy;
-
Don’t bury your head in the sand – Getting professional debt advice can help ease the emotional burden of financial problems and could open up opportunities to get your monthly repayments reduced while you look for a new job.
-
Change your lifestyle – Facing up to redundancy is never easy. Preparing a budget of your income and expenditure can help highlight areas where you can cut back until you find another job.
-
Additional borrowing – Relying on credit cards to pay your bills in the short term could soon spiral out of control if you’re unable to get a new job quickly. The debt advice you receive could be very different if you talk to someone as soon as you’re made redundant rather than waiting until things have reached crisis point.
-
Being realistic – When you’ve been made redundant it’s natural to look for another job that reflects your previous role and level of experience. In the current financial climate, there may not be many companies recruiting in your area so rather than wait for months for the right job to come up, taking whatever job you can as soon as possible will help to ease some of the financial strain.
-
Prioritise your debts – If you’ve been made redundant and your household income isn’t enough to pay all your bills then you need to prioritise. Your mortgage is a secured loan and should be your number one concern. Things like credit cards, personal loans and overdrafts are unsecured debts and while they still have to be paid, don’t come with drastic consequences such as repossession.
When you’re looking for debt advice it’s vital that you discuss your individual circumstances with a professional adviser before considering any particular solution.
If you would like more information,
ring Debtsolver now on 08000 434 336 (Free for UK residents only) or complete our
debt wizard to see if you qualify
