Tag Archives: redundancy

“If I didn’t pay then the bailiffs would be sent”: Faye and Nick’s story

posted by in Bailiffs, Client stories, Council tax, Income shocks Leave a comment

Contrary to popular belief, most people don’t get into debt because they overspend or live beyond their means.

According to our recently released Statistics Yearbook 2014, the biggest cause of problem debt among our clients is unemployment. Just under a quarter of clients tell us it as the main reason for their debt, with a further 12.8% saying they got into debt after experiencing a drop in income.

These income shocks could happen to anyone. In May 2014, it happened to Nick and Faye* from Birmingham.

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How I supported my partner through redundancy

posted by in Income shocks, Redundancy Leave a comment

You can get through this by working together

You can get through this by working together

Redundancy is far from a pleasant thing to deal with. That’s why it’s important that a person going through redundancy gets the support they need from their partner – emotionally as well as financially. How do I know this? Because in 2012, out of the blue, it happened to us.

I remember my husband telling me he’d been made redundant like it was yesterday. He looked so worried, so uncertain of what lay ahead. We hadn’t had any major money worries since we were students, and now it would be up to me to keep us trucking along until he found work again. I had this dull, heavy feeling in the pit of my stomach thinking about how we would cope.

Thankfully my hubby was able to find work within a few months, but not before we learned some very valuable lessons about our finances during his time out of work.

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Redundancy and your IVA

posted by in IVA, Redundancy 1 Comment

This page contains information about debt solutions available in England, Wales and Northern Ireland. Debt advice in Scotland involves similar but different solutions. Before considering an IVA as a debt solution, please make sure you fully understand the risks involved when entering an IVA.

Redundancy and IVAs

Redundancy is tough, but we can help you

The economy hasn’t been in great shape since 2007 and unfortunately redundancy continues to be common in some industries.

If you’re on an IVA and have been made redundant we still want to make sure your IVA is successful and you become debt free.

If you’ve received a redundancy payment then there could be some other options to consider, we’ll help you work out your options. Continue reading »

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10 amazing ways people have lost their job

posted by in Redundancy 1 Comment

A worker is made redundant

Box companies are probably doing a roaring trade

Redundancy is an awful way to lose your job; the “it’s not you it’s me” way of breaking up a work relationship.

For most people redundancy means a talk with Human Resources, four weeks’ notice and a leaving do. Other, more unfortunate employees are told to leave immediately (with Security present, just to ensure sir or madam doesn’t make a scene).

And then there are some that learn they’re no longer needed in a slightly more peculiar way. From the nurse who found out mid-operation to the 2,500 people sacked by text message, here are 10 weird and wonderful ways some employees have found out that they’re surplus to requirements.

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25 euphemisms for “You’ve been made redundant”

posted by in Redundancy Leave a comment

A worker is made redundant

“We’re gonna need to go ahead and move you downstairs. We have some new people coming in, and we need all the space we can get…”

Recently UK unemployment reached its highest level for 17 years. The figures – 2.57m jobless – made for grim reading.

And this week we registered our alarm at redundancy figures released by the Office of National Statistics (see yesterday’s post on the subject).

In light of current events we’ve been following answers submitted by the public to “What are the most creative euphemisms for layoffs?” on the social network Quora. It’s made for blackly comic reading.

Given that one of the MoneyAware team was once made redundant due to “headcount realignment” (no joke) we thought we’d list 25 other euphemisms used to try to soften the blow of redundancy (a euphemism in itself when you think about it).

“Stating the bleeding obvious” would be more appropriate…

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Don’t lose your head when you lose your job

posted by in Debt, Redundancy, Welfare Benefits 1 Comment

losing your job

The Invisible Man was sacked for not showing up to work

You’ve been made redundant. You walk out of HR back towards your desk, grabbing a box so you can slowly and sadly empty your drawers and tidy your desk of your mementos and photos. Maybe, as a small act of revenge, you’ll nick some pens or a box of paperclips.

It’s desperately sad to be made redundant. Some react by bursting into tears, some by shouting and swearing, and some by quiet resignation. Others are upbeat, thinking that perhaps this is the break they needed, and they’ll find another job soon. But how are your finances going to cope?

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#debtday: A client’s story

posted by in Debtday, Inside StepChange 1 Comment

Redundancy booklet

Sorted out redundancy (thanks to nogoodreason)

[March 2015 update: We no longer have a specialist Welfare Benefits team, but instead all of our debt advisors can help with information about benefits]

Towards the end of last year my wife’s place of work began a round of redundancies, at this time my wife also became ill with a condition that still hasn’t been completely resolved to this day.

When my wife was offered voluntary redundancy we decided it was better for her health that she take the opportunity to leave with a little bit of money to tide us over until she found another position. For the sake of her health the specialist at the hospital recommended that she only work part time if at all.

We immediately began to worry about money.

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