Finances

Manage the financial impact of redundancy on your household. Articles cover pensions, insurance claims, investment options, and debt management.

All About Council Tax Benefit

If you're on a low income or recently made redundant, you might qualify for Council Tax Benefit to help pay your local tax bill.

All About Tax Rebates and Redundancy

If you've been made redundant, you might be owed a tax rebate that won't be claimed automatically.

Can I Claim Jobseekers Allowance When Overseas?

You can claim jobseeker's allowance while abroad in some situations, depending on when you started and where you're going.

How Does Redundancy Effect Your Company Shares?

When you're made redundant, your company share options and awards may be affected, here's what actually happens to them.

How Redundancy Affects Bonuses

When you're made redundant, bonuses you're owed are calculated into your redundancy pay using your average earnings over the previous 12 weeks.

How to Manage Your Debts

Prioritise your debts when money's tight by focusing on what could cost you your home or job first.

Insurance Against Redundancy

Get covered for job loss with insurance options that protect your income and debt payments when redundancy hits.

Investing a Redundancy Payment

Put your redundancy payment to work by investing it wisely, starting with paying off debts and boosting your pension.

Living on a Reduced Income

Adjust your spending to match your reduced income after redundancy instead of running up debt waiting for things to improve.

Negotiating a Redundancy Package with Your Employer

Your redundancy package isn't final, employers often negotiate terms if you ask for it in writing and don't rush to accept.

Redundancy and Keeping Up Mortgage Payments

If you're made redundant, the government's mortgage support scheme can help you defer payments for up to two years.

Redundant: What Debts Should I Pay First?

After redundancy, prioritise debts by what threatens your home and basics first, not by paying off the smallest balances.

Taking a Mortgage Break: Paying the Interest Only

Switch to interest-only payments temporarily to lower your monthly mortgage costs during financial hardship.

The Best Way to Spend Your Redundancy Pay

Spend your redundancy pay wisely by investing in yourself, building savings, or starting fresh rather than wasting it on impulse purchases.

What Are My Obligations to Creditors?

You don't have to tell creditors about job loss, but contacting them early often helps, and you have legal protection against harassment.

What Are the Financial Penalties Attached to Redundancy?

Redundancy payouts can trigger unexpected tax bills and financial penalties depending on your pay, age and company benefits.

What Happens to Your Pension?

When your employer goes bust, a government protection scheme normally covers your pension, but the amount depends on whether you've started drawing it.

What Is PPI and Can I Claim on it?

PPI covers loan and credit card repayments if you can't work due to illness or unemployment, and you can claim back premiums if you were mis-sold it.

When Redundancy Insurance Is Not Good

Redundancy insurance might not cover you when you need it most, so check if you actually qualify before relying on it.

Will I Receive Maternity Pay in Redundancy?

Your employer can make you redundant while on maternity leave, but they must follow the same process as other employees and can't use pregnancy as a reason.

Will My Pension Be Affected by My Redundancy?

Your pension is usually protected if you're made redundant, but it depends on your employer's situation and how long you've worked there.