Financial Planning: Severance Pay Worcester

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.

English Mutual
+44 (0) 1905 613613
35 The Tything
Swift Management
+44 (0) 1905 723788
43 Lowesmoor
C V Firminger & Co
+44 (0) 1527 576667
6A Church Street
Mccarthy Taylor
+44 (0) 1386 422611
100 High Street
Clarke Roxburgh
+44 (0) 1527 67778
8 Church Green East
Lee Newton Financial Services
+44 (0) 1905 731192
62 Barbourne Road
+44 (0) 1905 731315
60 Barbourne Road
Worcester Black Pear
+44 (0) 1905 612197
15 Lowesmoor
Midas Financial Planning
+44 (0) 1562 822224
10 Oxford Street
Michael Williams Financial Services
+44 (0) 1386 422461
15C Vine Street
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 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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