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
Sorting your finances
Has your income recently gone down?
Third party advice and support

Find out more

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