Being made redundant can be life changing. Although it can be a stressful time, it can bring new beginnings. Try to stay positive – with the right guidance you can soon understand your options and look at your next steps.

From your entitlements to tips on getting you back in to work, we’ve got lots of helpful information for you.

5 steps to dealing with redundancy

1. Find out your entitlements

The first step is to speak to your employer about the redundancy process and what you're entitled to. There's more on this and calculating your redundancy pay in our knowing your rights article.

2. Budget

Next, draw up a budget so you get absolute clarity about what you have coming in and what commitments you have going out. This will help you take stock of your finances. Take a look at our managing your finances article for helpful tips.

3. Speak to your mortgage provider or other lenders

Often lenders are the last to be contacted when circumstances change, but they can be a good source for help and guidance. The sooner you get in touch, the more options you may have.

4. Assess your skills or learn new ones

Looking for a new job can feel daunting. Take time to understand what skills you've gained and what areas you want to develop. This can help secure your next job or branch into something you've always wanted to do. You can find lessons on improving skills and securing that perfect job in our Academy.

5. Where to start looking for a new job

There are a number of websites that can help you search for jobs by specific skills or sector. Speak to some recruitment agencies. They can help in a whole host of ways, including reviewing your CV. Don't forget to look in trade magazines and local press.

Important legal information

Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065. Lloyds Bank plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278.

Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS).

Calls may be monitored or recorded to help us improve our quality of service.