“Once the furlough scheme comes to an end, the worst-case scenario for many is that they will be working fewer hours than before Covid-19 or will have been made redundant.
“If you are anticipating being on a lower income after furlough, then go through your budget line by line to see where potential savings could be made. Take note of any specific dates that are relevant to you, such as payment holidays coming to an end or bill payments, and speak to your providers about this, as well as new plans or discounts available.”
Fortunately, as the September deadline approaches, a number of experts have released guidance on what should be done by those who face redundancy.
Review your finances and ground yourself in the moment
Nicola Schutrups, the Managing Director of The Mortgage Hut, urged those unlucky enough to be made redundant to review their finances asap, especially ones mortgage commitments.
Ms Schutrups explained: “Generally lenders want to support their borrowers, the last thing they ever want to do is to evict or repossess a property; it’s extremely rare for this to happen in…
