Keeping Your Head Above Water When YouLose Your Job

Beingmade redundant is never easy and it comes with a whole host of dilemmas fromwhether you'll be able to find another job to how you're going to copefinancially. A recent survey by Yorkshire Building Society found that over athird of adults in the UK could only survive financially for 11 days if theylost their job or were too ill to work and the average person could last around52 days before reaching a financial crisis point.( (What are the mainwarning signs that redundancy could be taking you down the road to debt and despair?

Lack of savings - Redundancies often comeout of the blue and as such are very difficult to plan for. If your employerhas just been taken over by another company or lost a major contract then nothaving a nest egg or big redundancy payout could make the financial impact oflosing your job even more severe.

Trouble finding a new job - If you've beenmade redundant and have built up skills and experience in a certain line ofwork then it may be difficult to find a similar job in your area or to find themoney to re-train and learn something new.

Borrowing just to get by - Being out ofwork for a while after redundancy will undoubtedly impact on your day to daylife and your ability to pay the bills on time. The worst thing you can do inthis situation is to borrow from Peter to pay Paul as this will quickly lead tothe interest and repayments becoming unmanageable.

Hoping that something will turn up -Realising that you're beginning to fall behind on repayments and get into debt is one thing but it's another to beable to admit it. Too many people bury their heads in the sand when it comes todealing with debt and before they knowit their level of debt has spiralledout of control. Taking decisive action at the first sign of debt problems could saveyou a lot of stress and misery in the long run.

No motivation - There's no doubt that debt can be depressing. A recent survey bythe mental health charity MIND showed that 91% of those surveyed thought debt had contributed to their mentalhealth problems. Feeling lethargic, helpless and depressed is another warningsign that debt may be starting totake control of your life.

If you've been made redundant and arefinding that your financial difficulties are beginning to mount up, then now isthe time to take action before they get even worse.

Call us free todayon 0800 043 4747 for professional debt adviceand an individual solution to tackle your debt problems. Don't letredundancy drag you down because you could be debt free before you know it with ourhelp.

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