What happen when you lost your job
Losing your job is one of the worst feelings, especially if you didn’t know that it was going to happen. There’s a feeling of being completely lost and unsure what you need to do or what help is available for your family until you get another job. So here are some helpful tips to get yourself organised when you have just lost your job.
Also read: Investment Options To Earn Passive Income
Related Post: How to Earn Money With StudyBay Affiliate Program?
Mortgage or rent issues
One of the first considerations should be your mortgage or rent – the last thing you want is to face an eviction on top of everything else. If you have a mortgage, check out to see if you have any kind of protection in place to help if you have lost your job. Make a claim immediately as there is often a waiting period before payments start so the sooner you get started, the quicker you get the money.
Loans and credit cards can often have a similar cover on them so check this out if you have any of these.
For rent, whether private or local authority, you can often claim benefits to help with this payment. This might also help with rent payments depending on your circumstances. Housing Benefit is the name of the government benefit that can assist with this so check out if you are entitled.
Income support and universal credit
There are a couple of ways that the government can help you during this difficult time financially. There are several benefits that are designed to help with things like housing costs, child care, and other essentials.
Income support is means tested so how much you get depends on household income and other factors. To receive the payment, you need to be:
- Pregnant, a carer or lone parent with a child under 5
- Between 16 and pension qualifying age
- Have no or low income as well as less than £16,000 savings
This means you can still receive the payment if you work less than 16 hours a week and your partner works less than 24 hours a week, depending on your income. There are also some other circumstances where you can receive the payment. To find out if you qualify, you can use the Income Support contact number, via Phone Them.
Universal Credit is a benefit for people with low or no income that is based on your circumstances. It allows you to work and still receive some benefits as the amount is adjusted depending on how much you earn. The benefit is paid on a monthly basis and can help with things like housing costs. To receive it, you must be:
- Aged 18 or over
- Under state pension age
- Have less than £16,000 savings
- Not in full-time education or training
Single persons, couples and families can all apply for this benefit and the application is done on the government website.
Managing your debts
After the mortgage or rent, other types of debts can be the other big stumbling point when you are out of work. The first thing to do when you lose your job is to get in touch with anyone who you owe money to let them know. Many companies will be sympathetic and may even be able to adjust payments for a time to help. If nothing else, it lets them know the situation and this is something many companies prefer.
Set a household budget
Once you know what benefits you are entitled to and what help you can get from creditors, you can start working out a household budget. This lets you get control of your finances and see what you need to live on versus what income you have. Hopefully, by the time this is all sorted, you will have found another job anyway!