Redundancy: What To Do Next

Losing your job is a two-pronged problem. First of all you lose your income, which could be all or half of the household income. Then you need to spend time finding a new job, knowing that your financial situation won't be sorted until you do so. Naturally finding a new job is a priority, but you should prepare yourself financially, just in case this takes you longer to achieve than you had hoped.

Step 1 - Create a new budget based on your existing expenditure. List all bills that still need to be paid.

Step 2 - Claim redundancy insurance if you've been made redundant very suddenly and are sufficiently covered to do so.

Step 3 - Notify creditors/lenders that you have been made redundant. Do this immediately in order of importance (ie notify mortgage lender first to avoid losing your home if you fail to meet mortgage payments).

Don't think 'but I might get a new job next week and then all will be fine.' It is definitely better to be safe than sorry in this situation, because your payments may be able to be reduced or frozen throughout the problem period, until you are back on your feet again. Creditors would rather do this, than have you build up debts or be unable to pay them. It costs them money and time to chase payments or take you to court, so they'd rather find a solution that allows you to make lower payments, or halt payments until you can pay them again.

Credit Repair
Credit Repair: Credit Repair
Credit Repair: Discover How To Repair Your Credit History
Credit Repair: Refused Credit? Discover Why
Credit Repair: The Credit Check
Credit Repair: Credit Information Factfile
Credit Repair: Bereavement or serious illness
Credit Repair: Divorce or separation
Credit Repair: Redundancy or income reduction
Credit Repair: Moving Home
Credit Repair: Leaving Home
Credit Repair: Beware of Dodgy Promises and Bogus Credit Repair Companies
Credit Repair: Sample Credit Repair Letters
Credit Repair: CCJ Removal
Credit Repair: Default Notice removal

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