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Made redundant, worried ..what next ?

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Hi all ,
well unfortunately last Friday I was made redundant I’m an engineer.
ive been told I will get my redundancy on 28th and they will pay notice period, I’ve been there 2 years so get over a £1000 and some holiday owed. 
I’ve never lost my job before... so I’m asking what should I do as I’m worried. Financially it works out I will get about 2 months to find a job before I hit the minus and in the red.
I have applied for universal credit and of course I’m looking for jobs. Not sure what I’ll get but should be paid by October 24th. 
Any idea what to do for the best ?
I can scrape paying the bills below for next 2 months but what if I haven’t found a job then ? I’d also like to keep my credit rating decent.
whats your thoughts ? Thanks so much I’m worried in these difficult times. 
monthly bills are :
Ive a mortgage of £560 HSBC 
a car on finance £133 black horse
car insurance £40 
A son to support pay child maintenance £240 
council tax £120 
credit card £80 virgin 
credit card £80 Halifax
paypal credit £60
energy bills £35
home Insurance £20
life insurance £20 
mobile £27 EE 








Comments

  • DickyRobbo44
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    Not an expert. First thing I would suggest is investigate taking a mortgage payment holiday. Its something I will be looking at, Im a fellow engineer and received notice of potential redundancy. Saving £560 for 3 months can make your pay off go further.
  • Penguin_
    Penguin_ Posts: 1,256 Forumite
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    Also if you're on good terms, or even amicable, with your ex could you ask if you can reduce (or not pay) your maintenance for the period? Someone else will be here to tell you for certain but I'm sure it gets reduced if you are out of work.
  • elsien
    elsien Posts: 33,246 Forumite
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    What about new style JSA- it will impact on your UC but isn't means tested for the first 6 months so if you have savings it would still be payable? Again if you have limited savings you could look at council tax reduction - try one of the benefits calculators such as entitledto or turn2us. 
    Can you look at a payment holiday for any of your debts? 

    All shall be well, and all shall be well, and all manner of things shall be well.

    Pedant alert - it's could have, not could of.
  • gwynlas
    gwynlas Posts: 1,779 Forumite
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    Whilst obviously looking for a position in your field could you take on any available job in order to cober your outgoings?
    You should also be eligible for a tax rebate once income drops.
  • poppy12345
    poppy12345 Posts: 18,193 Forumite
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    I note that you've already applied for UC. Do be aware that redundancy pay affects the amount of UC you're entitled to in the month it's received and will reduce your UC by 63% if you don't have the work allowance, which will very likely reduce your UC to zero in the first month. It would have been better to have started your claim after you received your final pay but that's too late now, if you've already applied.
  • eamon
    eamon Posts: 2,319 Forumite
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    edited 24 September 2020 at 7:13PM
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    What do you Engineer? There are many specialisms. Are you sure that you have applied for UC and not New Style JSA? Usually any savings (except Pensions) are excluded for the 1st 6 months, poppy1234 is incorrect.
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