Once you are back in work, it’s important that you look at your finances and start to get them back on track.
Use this checklist to help you get back on your feet following redundancy:
Review your finances
Put together a new budget. Keeping your essential household bills up-to-date is your top priority.
Clear your arrears
Clear the arrears on your priority bills. Put an arrangement in place to clear them over a reasonable period.
Use CCCS Debt Remedy
If you need debt help and advice on how to pay your unsecured debts, use our online service, Debt Remedy, or call our freephone helpline on 0800 138 1111 to speak to an advisor.
Start saving
Ideally, we recommend you build up to a minimum of three times your net monthly salary over time. Keep the money somewhere you can access it quickly and easily, as you may need to use it to pay bills or buy food at short notice.
Consider taking out insurance
Think about getting mortgage payment protection or income protection insurance. If you would like further advice on these please visit CCCS Money Matters for free tailored advice on financial products that may be relevant to you. If you decide to take out any insurance, take advice and be clear on what the policy will, and will not provide.
Pay annual bills up front
Paying your yearly bills, like water rates or car insurance, up front will give you some breathing space until the bill comes around again.
Contact the Pensions Advisory Service
Find out if your redundancy has affected your pension, by visiting www.pensionadvisoryservice.org.uk or by calling 0845 601 2923.
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