Losing your job can be a real shock to you and your finances.
Along with finding a new job, you may be worried about how manage your money until you can find new employment.
Below are some tips and resources to help you navigate this tough time.
Understand your rights
Depending on your situation, you may be eligible for a redundancy package. Your employer should have a process or policy that outlines their redundancy conditions. Employers are legally required to provide a fair redundancy if you worked for them for at least two years.
Check out Citizens Advice Bureau for more information on redundancies.
See if you’re covered
If you have income protection insurance, you may be able to make a claim with your provider. You might also be entitled to receive benefits to help you.
For more information on income protection, go to Citizens Advice Bureau or MoneyHelper.
Look at available benefits
There are a range of government benefits that can help you manage your money while you look for work. Find out if you’re eligible using this free calculator.
Struggling with repayments?
If you’re worried about being able to pay any upcoming repayments, we have some advice on managing repayments.
Our team want to support you in any way we can. Please get in contact with our Credit management team to discuss your options.
Build a budget
If you’ve lost your job, it can be difficult to know where to start in terms of a timeframe for your budget. Six months could be a useful starting point for your budget. The first things you might want to consider are what you are spending per month and areas you could potentially cut back.
These organisations offer free and independent advice on budget planning.
- MoneyHelper - Budget Planner
- Citizens Advice Bureau - Budgeting
- Business Debtline – Budget Tool
Speak to us
If you’ve recently lost your job and you have serious concerns about your finances, please contact our team.
Alternatively, you can reach out to us using the app and one of our team will get in contact with you directly. To do this, log in to the app and go to Help > Personal circumstances > Share your personal situation.
Independent help is available
There are independent agencies that can support you, free of charge.
Terms and Conditions apply, including applicants being resident in the UK & aged 18+ and, if relevant, businesses being based in the UK.
For full website terms including information on Cashplus Bank, Mastercard and use of Trademarks, please see our full legal disclosures at https://www.cashplus.com/legal/.
Advanced Payment Solutions Limited (APS), trading as Cashplus Bank, is registered in England and Wales at Cottons Centre, Cottons Lane, London SE1 2QG (No.04947027). APS is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Firm Reference Number 671140.
APS provides credit facilities subject to approval and affordability, and where accounts continue to meet APS credit criteria.
