Various situations arise that cause a major change in personal circumstances. These changes can have serious and dramatic effect on personal finances and are not always planned for.

 

Illness (short term)

Even short term illness such a broken leg can lead to long term problems because of the amount of sick pay your are entitled too.

If you were struggling to meet repayments before your illness, it is important to know what you can and can't claim.

• Have you insurance policies for income protection ?
• Can you claim additional benefits in addition to statutory sick pay ?

 

Short term illnesses may mean you get into debt and need to make changes to your lifestyle to get back on track when you are better. If you are not well enough to handle these things, ask friends or family to help.

 

Illness (long term/critical)

There are more serious health problems that can mean it is a long time before you can return to work, if at all. If the problem is life threatening you'll want to make sure your family is as well looked after as possible. If you are in debt, the problem may not disappear if you die so you'll need to make sure you have made arrangements.

 

At this point is is essential to contact a professional money counsellor who will know all the options available to you and which ones will be best for your circumstances

 

Contact us to help you find a specialist professional advisor.

 

Redundancy

It's everyone's nightmare. You are settled in a career and planning for the future when all of a sudden your world turns upside down.

 

Redundancy can mean huge problems mount up in a very short period of time. Planned redundancies can sometimes mean a payoff, a notice period of months and be easier to cope with. However, if the business has gone bust and you lose your job immediately, you might not even have been paid for recent work meaning your immediate plans are in turmoil.

 

Although you may get a new job very soon, it can still lead to debts mounting up, or you might have to take a huge drop in salary just to get some money which doesn't cover your bills.

 

The sooner you contact a money counsellor for advice, the quicker the problem is nipped in the bud before it becomes a major problem and starts affecting you and your family's health.

 

Contact us to help you find a specialist professional advisor.

 

 

Additional Reading:

How to avoid debt