personal finances - redundancy


How we can help

The prospect of redundancy can be daunting, particularly if your finances are likely to be affected. But there are steps you can take to help you manage any potential difficulties.

First things first

It’s important not to panic or to put things off. Finding answers to questions will help you make practical plans:

Are you entitled to redundancy pay? How much will this be? How long will it last?
What benefits are you entitled to? You may be eligible for Jobseeker’s Allowance. You can check if you’re eligible here or visit your local Jobs & Benefits Office. Claims can take a while to process, even if you expect to find work, so apply immediately
Do you have insurance cover?  Will this help you meet debt repayments while you are out of work
Are you entitled to a refund of tax due to your current circumstances?
If you have a pension, what options do you have?

When you have the information you need, start working out a new budget. There is a budget calculator which you may find helpful to understand and manage your current spending habits.

Make paying essential bills, any mortgage and any other debts a priority.  We’re here to help, go to our contact us page to find out who you can speak to. You can also get free support from the agencies listed on our ‘useful contacts’ section. 

Things to think about

Don’t ignore the problem
Check your redundancy rights
See what benefits you are entitled to
Take time to plan a new budget
Consider reviewing your mortgage and other debts if necessary
Talk to us about your circumstances
Consider your employment options and how can you get back into work
Ask for help if you need it

Getting back to work

How to start your job search

Although being made redundant can be a shock, you should act quickly to make sure you:

Get back out into the job market as soon as possible and that you start receiving the benefits you’re entitled to
Go for a New Jobseekers’ Interview at your local Job Centre
Refresh your CV and look for work online, in newspapers and magazines, through employment agencies and through contacts you already have
You can claim Jobseekers’ Allowance  if you’re unemployed and actively seeking work or working less than 16 hours per week.

Useful contacts

Citizens Advice
Citizens Advice offer free confidential information and financial advice. Advice is offered in your local centre, by phone or online. For further details go to or call 0800 028 1881

StepChange Debt Charity
StepChange offer free impartial debt advice. For further information visit call 0800 138 1111 (Mon-Fri 8am-8pm, Sat 9am-4pm)

Department for Work and Pensions
The Department for Work and Pensions is responsible for welfare and pensions. Information can be found at:

Money Advice Service
Money Advice Service offer advice and guides to help improve your finances and provide tools and calculators to help you keep track and plan ahead. They can offer support in person, over the phone and online. Further details can be found at or call 0800 138 7777

Government Benefit Helps
For help with all benefits that may be available to you visit

HMRC (Her Majesty's Customs and Excise)
Being made redundant may affect how much tax you need to pay. You should also check if you are owed a refund, as you might have paid too much tax while you were working.  For further details go to


0345 300 8000 8.30am-7.30pm, Mon-Fri
09.00am-1.30pm, Sat

Having trouble making payments?

0800 169 9722

Current Accounts

0345 266 8977 8am-10pm, Mon-Fri
8am-6pm, Sat
10am 5pm, Sun and Bank Holiday

Credit Cards

0345 607 6500 8am-10pm, Mon-Fri
8am-6pm, Sat
10am-5pm, Sun and Bank Holidays