FAQs*

What happens if I get made redundant?

Losing your job is something that can be very stressful and almost always takes people by surprise and can have a big effect on your life, both emotionally as well as financially. Knowing that it happens to most people at one point in their career and is part of the modern job landscape is not much consolation at the time.

If this is potentially a concern for you, the wisest course is to look at a payment protection plan that offers you insurance against such eventualities. These are explained elsewhere in these FAQs. However you should be aware that like all insurance, it's not a question of signing up when you're already experiencing difficulties, you should consider it before you take the loan out and include any costs in your repayment calculations.

However be warned - if you knew in advance you were likely to be made redundant, you won't be entitled to any payment from the insurer.

When people are made redundant there is usually a notice period and/or a redundancy payment related to the period of time they have been in that job. If you feel concerned about your future, seek legal advice on your personal entitlements if the worse were to happen.

*Nothing in these FAQs constitutes advice and is intended for general information purposes only. For qualified advice, please speak with UK Personal Loans Limited 08000 196 777.