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Goodness | Okay I have been made redundant today from a job I had been in for 10 years.? |
I live in a housing association flat and have credit card, bank loan and overdraft debts totalling £6,000.
What is my best course of action I can take during the next few days?
I shall be expecting redundancy pay in a couple of months. |
 |
 
Cari
|
The first thing you do is go to DWP. You will be able to sign on for JSA with immediate effect, and also to put in a claim for Housing Benefit which should cover about 80% of your rent.
Next thing is you contact the bank, credit card company, whatever and explain the situation. Ask if you can have a couple of months off from payments. They won't give you more than that, so in a couple of months you may need to renegotiate to a more affordable repayment plan.
Now, I am confused about why you are expecting redundancy pay "in a couple of months" as redundancy pay is generally payable on your regular pay date. If you normally get paid on the 30th of the month, you should get it on the 30th of THIS month. The longest you should expect to wait is one calendar month, which it would be if you normally got paid on the 16th (as today is the 16th).
Anyway, when you get your redundancy pay you will want to use it to pay off as many of your debts as you can, starting with those which have the highest interest rate (probably the loan, then the credit card, with the overdraft being the least of your worries).
So, hopefully you'll find another job quickly and this won't be a huge issue. If you don't manage to find one, then obviously it's more of a problem, but you'll just have to work something out with your lenders. |
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David M
 |
Think your best bet is to apply for job seekers allowance and perhaps ask the banks permission to withold the loans repayments as of just now. |
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MOD
 |
Best to contact all creditors and let them know and arrange a manageable payment schedule but more importantly use your time and try to get employment and then you can bank any redundancy money you get all the best man been there. |
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Mr Premier
 |
Get a new job ASAP, the bills will not go away |
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The Last Word
|
get to the job centre, see about signing on as unemployed. They will give you the proof tou need, so that you can then show the bank, etc., that you are genuinely out of work. If you have a mortgage, have you got payment protection insurance on it? If so, apply straight away. If not, contact your mortgage provider and tell them about your redundancy
good luck |
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evie
|
If your credit card and bank loan were taken out before 1 April 2007 you may not have to pay them back at all. That is because they may be legally cancelled. Website www.bdebtfree.info will help you. |
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Niamh B
 |
Sorry to hear you are going through this!
I think you should get on to all the institutions you have borrowed from and explain to them your current situation. In most cases these places are understanding and can work out a new payment plan with you, or even freeze your accounts/loans etc.
Wishing you the very best
Nini |
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WelshLad
|
See CAB for advice asap, and it won't be easy but look for a new job, apply for as many as possible. |
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andyp774
|
If you have payment protection on the accounts that will cover it. You should be entitled to 10 weeks pay plus your last wage so that should cover some of the payments. |
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Kid B
|
Ouch. It might seem like an impossioble situation at first, but I can assure you there is light at the end of the tunnel.
First off, cancel any unnecessary outgoings like sky tv, expensive mobile tariffs and other subscriptions. You don't want your debt to get any worse.
Make sure you contact the banks to let them know about your situation. They won't want you to default on your debts or declare yourself bankrupt, so they will work out a way that you can repay the money without having to do this.
Best of luck to you and I hope you get things sorted out. |
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allen555
 |
Make a list of your outgoings and cut out all those you can live without. Sky TV, Virgin, Mobile phone etc. Look at the weekly shop and cut out every non essential. Buy 'own label' if it is cheaper than the branded stuff. Cut out fatty foods and breads, that will stop you buying jam, buttery spreads etc. Be decisive and cut down on everything. No fags or booze. Stop using the tumble dryer and cut down the amount of washing of clothes you do. Wear your outer clothes more than one day to cut down the washing. Switch off every non essential electrical device. Do not use anything on standby. Get the kids, if you have them, to switch off all their TV's etc and switch off lights when the room is empty. Good luck with the job hunting. |
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Vikstar
|
Do you have any kind of payment protection with your loan and credit card that covers you for redundancy? check your small print, they may have charged you for it without you knowing. In that case they should cover the payments for you for a few months. If not, I suggest contacting them and explaining your situation - they may agree to lower payments or suspend the interest for a few months.
Also, register with a recruitment company for temporary work of any kind to keep your head above water.
Good luck. |
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Della Roland
|
Hello Every One,
I am Della Roland by name, I live in Canada , just a few weeks ago I was in search for a loan of $ 25,000 Dollars, as i was running out of money for feeding and my bills. I was scammed about $4,500 Dollars and I decided not to involve my self in such business again finally A Friend
of my introduced me to a loan firm due to my appearance and doings. I made a trial and I am most grateful am I today, I was given a loan amount of 20,000 Dollars by this great firm Petti Micro finance managed by Mr. Frank Petti.
If you are in need of a genuine or legit loan or financial assistance and you can be reliable and trusted of capable of paying back at the due time of the funds I will advice you to, contact him via email info@pettimicrogroup.co.cc. And you will be free from scams in the internet. I want you to tell him that Mrs. Della introduce him to you, |
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