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Redundancy and reduced income

Losing your job can be daunting at first. But with the right support, you can minimise the impact of redundancy. Our guide helps you understand your rights with your employer after being made redundant, how to sort out your finances, and where you can find third-party support. 

Redundancy - what to ask your employer

Redundancy can cause a lot of stress and uncertainty, especially when it comes to your finances. You need to make sure you have all the relevant facts to hand in order to start planning your future.


Sorting your finances

If you're struggling with your financial commitments due to reduced income, try completing our downloadable income and expenditure form.

You could also try some of these options to see if you can boost your income or reduce your outgoings.

Has your income recently gone down?

As soon as you feel yourself struggling or worrying about how to manage your money, give us a call. Calling us will never make the situation worse. Our trained telephony partners are here to help you, when you need us the most.

To get the most out of your call with us, check out our call checklist. Don’t worry if you haven’t got all this information to hand. The most important step is making that first call.

Third party advice and support

We understand making that first call can be difficult. Before speaking with us, you may find it helpful to discuss your situation with someone else first, especially if you have multiple creditors. For free, independent and confidential money advice, please see below.


If you're being made redundant, you should be treated fairly by your employer and there are certain steps they would be expected to follow. You may also be entitled to a redundancy payment. In addition, your employer could be a valuable source of information about such things as health care, the company car, company loans, time off for interviews, pensions etc. Make sure you have all the relevant facts to hand to start planning your future and your return to work.

Make sure you know:

  • Your date of redundancy
  • The date you'll receive any redundancy package
  • What the package offers and how it's been calculated
  • What will happen to your pension
  • If you can take time off for interviewers for new jobs while you are still employed by your current employer
  • If you'll get any help with finding and applying for jobs, for example, use of telephone, computers, photocopying, etc
  • If your employer will help with any form of re-training
  • If your employer will supply you with a reference
  • How long you will have use of any other benefits, such as a company car

Check whether you can get any benefits of tax credits that could help increase your income.


GOV.UK benefits calculators and GOV.UK tax credit calculator

Do you have an insurance policy, such as income protection insurance or mortgage payment protection insurance? It’s worth checking if they can help with your payments. 
Get in touch with your creditors.  Getting in touch with the companies you owe money to early means they are aware of your situation and could support you though this difficult time. 

Don't worry if you haven't got all this information to hand. The most important step is making that first call.

Information to have to hand

  • Your sort code and account number
  • Some details about your account, such as monthly instalment amounts or dates of your direct debits
  • Your completed income and expenditure form, or bank statements so we can complete one on the call with you
  • Time. Set aside some time for this call. We want to ensure we discuss all the possible solutions with you

Who to call?

If you’re struggling but are currently managing to maintain your payments please give our customer support unit a call on;

Current account, personal loans or credit cards - 0345 609 9283

Or if you have a mortgage with us - 0345 835 5404

If you’ve already missed a payment, don’t worry, our payment assistance team will be able to support you on the numbers below.

Mortgages - 0345 835 5404
Personal loans - 0345 600 8973
Credit cards - 0345 600 8972
Current accounts - 0345 600 8973

Stepchange Debt Charity
Tel - 0800 131 1111

Money Helper
Tel - 0800 138 7777

Citizens Advice Bureau (CAB)

Are you self-employed?

Business Debtline