Coping with Finance after Redundancy
Being made redundant can be one of the most distressing periods of your life as you come to terms with adapting to a new routine. The chances are that you may also be worrying about the financial implications.
Worrying about being able to pay your next set of bills can cause stress and anxiety. The answer to this may be taking out wage day advance loans.
This helpful guide will help you focus on how you should manage your short-term finances after redundancy.
Look into Benefits
Your previous employers should have arranged your redundancy package as soon as announcements were made that you would be losing your job.
However, if you have any concerns about this it would be a good idea to contact your union or local Citizens Advice Bureau.
While you may think that your redundancy money will tide you over until you get a new job, it is essential that you find out what benefits you are entitled to.
Your local Job Centre will be able to advise if you are entitled to Job Seekers Allowance and if you have any special circumstances you may be able to claim more.
Check Your Insurance
One of the main reasons people take out a wage day advance is to cover their mortgage. Before you run off to fill in an application form, check your insurance policies to see if you have taken out unemployment cover.
If you don’t have cover, it is worth calling your mortgage provider to let them know about your personal circumstances and see if they can offer a grace period while you get back on your feet.
Tax Rebates When You Have Lost Your Job
If you have left work during the current tax year (6 April to 5 April) you may be entitled to a rebate.
A rebate will depend on your personal circumstances so you should check out the HMRC website, where you will find a tax tool checker and advice on whether you should make a claim.
Reign in Your Spending
With a large sum of money hitting your bank account when you are made redundant, it may be tempting to splurge, but this could put you in a poor financial position.
It is important to show restraint and to spend your money wisely, just buying what you need when you need it so that your money lasts as long as possible.
If you find that you do not have a good redundancy package and you are in real financial distress, Loan Moneytree can offer a wage day loan advance that is suitable to your needs.
We want to promote healthy borrowing and would urge you to take out a wage day advance that you know you would be able to pay back within the stated time period.
Our expert team of customer advisors understand how difficult facing redundancy is and we want to do the best to help you feel secure during your time of need.