Worry and Redundancy

Worry and Redundancy

Facing Redundancy? Looking for Redundancy and personal debt Advice. Wilson Field, a UK premier recovery and insolvency firm give FREE personal Debt advice

Facing Redundancy? Looking for Redundancy and personal debt Advice. Wilson Field, a UK premier recovery and insolvency firm give FREE personal Debt advice

A couple of months ago, I wrote a blog about the construction industry and how my husband could face redundancy. Well today it happened, my husband got put on notice of redundancy.

My family and I have just returned from a great holiday in Turkey, full of sun, sea, cocktails, not a worry in the world. But within 2 days of returning we have been hit with this news.

Obviously news like this causes worries and concerns regarding money and security and we are no different. As we knew my husband’s job wasn’t secure, we put extra steps in place to try and stop the loss of income affecting us.

It is now time to tighten our belts and put as much money away as possible. Just in case it takes a while to find work again.

If you become in a similar situation ensure you carry out the following. It could save you some money and help to tide you over for an extra month or two.

  • Make sure you take redundancy cover on your mortgage.
  • If you’re out of work and unable to pay your mortgage, contact your mortgage provider, they may give payment holidays. Remember failure to pay secure debt such as mortgages and hire purchase could result in repossession.
  • Review your income and expenditure and try and reduce your expenditure
  • Look at your standing orders and direct debits. Ask yourself, do I really need my gym membership, I haven’t attended for a month or the SKY TV package at that time.
  • Review any benefits you may be entitled to, a loss of income could result in you being able to claim extra tax credits, housing benefit etc depending on your circumstances.
  • Review any outstanding bills you may have. Firstly contact the lenders directly and explain your situation and if not successful with payment holidays or interest frozen etc consider contacting a debt advisor to run through your debts and see if they can assist you. Here at Wilson field we have excellent advisors and as a company we carry out different forms of debt recovery and insolvency for both individuals and businesses.
  • Only seek additional loans / debt as a very last resort. Remember, some lenders charge large interest rates if payment are not made in full. There are crisis loans available via social security for emergency items such as utilities and food.
  • Finally don’t deal with money worries alone.

My husband and I are taking each day as it comes and hopefully he will find work again soon and we will be back planning our next holiday in the sun.

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