If you have lost your job or are worried about being made redundant, there are steps you can take to ease the financial pressure. Redundancy can be distressing, but it may also open up new opportunities. The best thing you can do is be prepared. By sticking to a budget and having savings set aside in an emergency fund you’ll be better placed to cope with the initial shock and stress of losing your job.
Check your insurance
If you have repayment insurance as part of a personal loan or hire purchase agreement it may cover payments if you are made redundant. Check your policy document for details.
Redundancy insurance is also available on its own or as an add-on to life insurance – check your policies to see if you have this type of cover.
Find out more about insurance.