Redundancy

Our advice and resources are designed to help you manage your money and get the support you need when dealing with redundancy.

Redundancy can be a life changing and stressful time. But it can also bring you new opportunities.

Whether you’re looking for advice to stay in control of your money, or for support in taking that next step – we’re by your side.

Get help to manage your money

If you need help with reorganising your finances, you can arrange a personal review with one of our Banking Consultants.

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 tips and tools to help you get a clear picture of your finances. This may help you to prioritise your bills and work out what you can afford to spend, or how much you could save. 

Managing your money

Get support with money worries

If you’ve been made redundant, it’s a good idea to get in touch with your creditors, even if you’re up to date with your payments. Let them know you’ve been made redundant. They may be able to help.

It is also worth you checking to see whether you have any Payment Protect Insurance (PPI). It's insurance that pays out a sum of money to help you cover repayments on your loan, credit card, or mortgage (product) in certain life events. If you have cover, it may help you if you’ve been made redundant. 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're struggling to manage your payments or are worried about covering the essentials, you are not alone. We’re here to support you.

Money worries

Know your redundancy rights

If you are facing redundancy, your employer must treat you fairly. There is a legal redundancy process that they must follow. MoneyHelper is an independent organisation that can guide you through the process.

Understanding your rights

Look after your mental health

At times of change, it is important to look after yourself. If you are struggling with your mental health, it may make it harder to face managing your money. We can help you and are by your side.

Mental health support

Additional support if you are made redundant

Independent help and advice

There are independent organisations that can help you with your money worries. These are free services. You’ll also find advice from your national government on a range of benefits and housing options that you may be entitled to.

Digital skills

If you need guidance on finding your next career path, the learning academy can help. There are some free, online courses to support you with your new job.

Help from Jobcentre Plus

You may be able to claim benefits from the government, while you’re looking for work. They also have a job search tool available. Take a look and see if there’s anything in your area that would suit you.

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.