Redundancy- do I need to inform bank etc?

Sportbilly_2

I'm being made redundant at the end of July and just wondered if I need to inform my bank, mortgage company, credit card companies etc? Fingers crossed I shouldn't be in any financial difficulty as long as I can get a new position within the next 12 months, but is it advisable to tell them anyway?

aj2703

If you can keep up with any payments you might have then i don't see any need to tell them. If you have insurances on any cards, loans etc then yes of course tell them as you'll want to be claiming on the insurance.

Call_Centre_Guru

I totally agree with aj don't tell them unless you have to, it may effect your credit rating without you doing anything wrong. I've been through this and provided you are not going to default on any payments keep it to yourself.

anniecave

check that your current account doesn't have a minimum funding requirement... some have a requirement that say you must pay in at least £1000 per month otherwise they will charge you or you must downgrade to a different type of account.

LittleVoice

anniecave wrote: »

check that your current account doesn't have a minimum funding requirement... some have a requirement that say you must pay in at least £1000 per month otherwise they will charge you or you must downgrade to a different type of account.

And if there is such a requirement (paying in £1K or whatever), it is unlikely to be a requirement that the money has to be salary and so simply recycling funds is enough.

juliecallum

Do not tell them, My partner ,made that mistake and had his overdraught recalled, Even though he still had minimum amount specified going into account, This led to problems with mortgage and caused no end of stress....