Redundancy

Facing redundancy can be a stressful time. We have some useful advice to help you work through the process. Whether you need help with managing your bills or to work out your budget, we can help.

Get help with managing your money

If you need assistance with reorganising your finances, you can book a personal review with one of our advisors.

They can help you identify ways to make the most of your money, reduce your discretionary spend and create lifelong financial habits to support you now and in the future. We’ll review your account together; it’s a free 1-hour session that you can arrange at a branch near you.

We also have some useful tools to help you to get a clear picture of your finances. This can help you prioritise and manage your bills. ​By seeing where your money is going, you can budget better and maybe make some savings.

Managing your money

Support with money worries

If you are made redundant and are up to date with your payments, it’s still a good idea to let your creditors know. They may be able to offer you some support.

​It’s also worth looking to see whether you have any Payment Protection Insurance (PPI). It’s an insurance that pays out a sum of money. It may help cover your repayments on your loan, credit card or mortgage (product) in certain life events. Please bare in mind that this information is only a guide to what benefit you may be able to claim. All claims are assessed, based on your current policy terms and conditions.

If you are worried about money, the sooner you ask for help, the better. We have information for you, whether you are worried about your mortgage, loans or other debts.

Money worries

Free independent help and advice​

There are several debt advice organisations if you are still worried about your money. This is free, impartial help and support. They’ll work through your finances with you and help you manage your budget.

You can also get advice from your national government. They have information available for you on housing options and a range of benefits that you may be able to claim.

 

Get help now​

More support if you are made redundant

Mental health support

It is important when facing life events, that you look after your mental health. We have support to help you while you navigate through these changes.

Mental health

Redundancy rights

Your employer must treat you fairly and follow the legal redundancy process. It may help if you understand how this works. MoneyHelper has some information that will take you through the process.

The redundancy process

Digital skills

If you need guidance landing your next job, the Bank of Scotland Academy can help. There are some free, online courses to support you with your next career move.

The Academy

Jobcentre Plus

While you look for your new job, you may be able to claim benefits from the government. Have a look and see if you can claim. There’s also a job search option. You may see something that would suit your skills.

Jobcentre Plus