Financial Planning: Severance Pay Walthamstow

If you get some warning about redundancy and know you will be soon out of work, planning your finances with severance pay in mind is a good step to take to ensure future financial stability for yourself and your family. Below you’ll find related articles as well as local companies and providers that will help you in your search.

Abbot's Financial Services
+44 (0) 20 8527 7466
38A The Avenue
London
Finance & Leasing
40 High Road
London
First Collect International
+44 (0) 20 8532 9637
34-36 High Road
London
Financial Health Centre
+44 (0) 20 8551 7660
11 Woodford Avenue
Ilford
Unitec
+44 (0) 20 8472 0757
526 Romford Road
London
Gl
+44 (0) 845 257 6530
40 Hoe Street
London
One Stop Shop
+44 (0) 20 8558 5500
841 High Road Leytonstone
London
Tomfy Business Services
+44 (0) 20 3417 5737
540 High Road Leytonstone
London
Gate Finance
+44 (0) 20 8809 4141
610 Seven Sisters Road
London
Prime Choice Financial Services
+44 (0) 20 8519 1965
320A Romford Road
London
Data Provided by:
 

Severance Pay, Redundancy Pay and Entitlement

Ways to Save Money

Losing your job has an immediate impact on your financial situation. If you have some warning about redundancy or dismissal you can put some financial plans in place to cope.

If you are already out of work you may feel the need for a more radical approach. So what are the practical ways you can save money?

  • If you have a policy which protects your mortgage and pays it when you are made redundant, check the terms and make sure the conditions of your dismissal allow you to make a claim.
  • If you don't have a mortgage protection policy, talk to your existing lender about re-negotiating your mortgage on easier to manage terms. The more information they have, the better a position they are in to help you.
  • Use existing savings and/or redundancy payments to pay off any high interest debts such as credit and/or store cards. It may not seem like the most attractive option, but the interest accruing on credit cards will outweigh any interest you would receive on saving it. It also instantly reduces your monthly outgoings.
  • You can consider equity release if you have sufficient equity in your property and you can get Equity Release advice from Age Partnership
  • If you do not have sufficient funds to clear all your credit card debts then consider consolidating your debts and transferring them to a card with a low interest rate. Many credit card providers are offering 0% interest for six months on balance transfers.
  • Have a thorough and honest examination of all household expenditure - identify where you can save money, for example some utility providers provide discounts if you take all supplies from them. Look at sites such as uSwitch.com for the cheapest provider. Suggested areas for potential savings include food, drink, telephone, gas, electricity, vehicles/transport and leisure.

  • You don't have to cut things out, just look for alternatives, for example, walking the dog instead of an expensive gym membership. If you haven't got a dog, offer a dog walking service and earn some money at the same time.
  • Have a budget each week, make it realistic and stick to it. You may find that our budget planner is helpful. If you have to, take an amount out of the bank at the beginning of the week and just use that. This allows you to keep a grasp of what you are spending and know exactly where you are financially. Leave your debit and credit cards at home when you go out shopping.

It is vital that you talk to your family and keep them informed about the financial situation. It may also help to talk to an independent financial advisor who can help you with suggestions for remortgaging, debt consolidation and budget planning.

If you need a cash loan of up to 750 then try PaydayUK

You can find lots of additional money saving advice at the following sites:

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