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Redundancy and debt

Being made redundant and losing your job is worrying, and in most cases means having to get by on a reduced income.

Your intention may be to get back into work as soon as possible but it’s important to act fast to stop your financial situation becoming worse.

If you’re worried about how to deal with your household bills or debts, or both, we can help.

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Your rights with redundancy

If you’re facing redundancy it’s vital that you understand your rights and entitlements. You also need to be aware of the correct procedure your employer must follow.

For example, sometimes an employer will have to offer you a redundancy settlement. Your HR department or line manager will usually make you aware if this is the case for you.

If you're facing redundancy, you may have a number of options to consider:

  • Taking voluntary redundancy (where appropriate)
  • Accepting an offer of redeployment within the same company
  • Retraining
  • Applying for a new job elsewhere
  • Setting up your own business

Whichever option you take could mean big changes for you and your family. Seeking advice may help you make the right choice. As difficult as it may seem, try to keep calm and not to rush into any long-term decisions.

A good place to start is to get advice on any debts you may be dealing with. It's possible that we can arrange a debt solution for you to help you while you're on a reduced income or looking for new employment. 

Benefit entitlement

Use our online benefits calculator to check if there are any extra benefits that you can claim.  Depending on your situation you may be able to claim Jobseeker's Allowance or money to help pay your rent and council tax.

Government mortgage schemes

If you’re a homeowner you may be able to get help with your mortgage payments. Read our information on government mortgage schemes to see if you're eligible to apply.

Payment protection insurance

If you’ve paid for payment protection (PPI) with any of your creditors, see if you can claim on them. This will mean that the insurance will pay your normal monthly payment for you.

If we haven’t answered your question please contact us and one of our advisors will be able to help you.

Help and advice if you've been made redundant

If you've recently lost your job or you're facing redundancy, it can be a very stressful time. It's important to know how to deal with your debts, prioritise your outgoings and maximise your income.

If you're worried about falling behind with your debts, or you need debt help, use our online Debt Remedy tool which can give practical advice and a solution to help you deal with your debts.

If you'd prefer, call our Helpline to speak to one of our expert advisors who'll be able to talk to you about your situation.

Helping you become debt free...

“I wish to thank your staff for all the great help they gave me when I was in so much debt.
They were a pillar of support to me.” (Leslie, Essex)

Foundation for Credit Counselling Wade House, Merrion Centre, Leeds, LS2 8NG trading as StepChange Debt Charity and StepChange Debt Charity Scotland. A registered charity no.1016630 and SC046263. It is a limited company registered in England and Wales (company no:2757055). Authorised and regulated by the Financial Conduct Authority.

*This is the average rating of our service based on the StepChange reviews on Feefo by DMP and DRO clients three months into their solution.

© StepChange Debt Charity 2017