For the first time since 1991, Britain has officially entered a recession. A 2016 forecast by the Ernst & Young ITEM Club predicts that the next 12 months will see the largest contraction in GDP since 1946. The number of people that were made redundant reached an 11 year high in November 2015 and this is set to worsen considerably during 2016. The CBI believes that unemployment could exceed 3 million.
When someone has been made redundant, finding a way to make money fast becomes a priority. However, get rich quick schemes don’t work, but a good business idea and hard work can turn being made redundant into a positive. Those that have been made redundant would be well-served by managing their outgoings and identifying a suitable debt solution.
Overcome Money Problems or Write-Off Debt with a Debt Solution
If struggling with money problems following being made redundant, seek to write-off debt with a debt solution. Although it will result in bad credit, a debt solution can help free-up cash to cover essential household bills. Debt solutions worthy of consideration include: debt management plans, Individual Voluntary Arrangements, going bankrupt and Debt Relief Orders. Always talk to a debt counsellor before proceeding.
Switch from a Repayment to Interest-Only Mortgage to Assist with Money Problems
After being made redundant, it is important to identify ways to reduce outgoings and make money available to cover household bills. A short-term solution is to switch from a repayment mortgage to an interest-only mortgage. In the current climate of low interest rates, this could reduce a £100,000 mortgage to a monthly repayment of just a few hundred pounds. Talk to lenders to see if this is possible.
Make Extra Cash Writing Articles with Google AdSense
People that have been made redundant and are prepared to do some research can make extra cash writing for web sites or blogging. Most writers and bloggers make money from business advertising. Google AdSense is utilised to select the most relevant adverts for the article content. Readers are always searching for consumer bargains, solutions to money problems and ways to write-off debt.
Make Money Fast Displaying Car Adverts with Get Paid to Drive
Individuals that have been made redundant can make money fast by displaying car advertisements. Make extra money, in the region of £200 to £800 each month, for driving. There are certain companies that offer get paid to drive clients a free car. This would help reduce outgoings significantly for people that have been made redundant. The only real negative are that the adverts are rather colourful.
Individuals that have been made redundant are likely to encounter a number of challenges, but it is largely a question of prioritisation. Check to see what benefits are available and talk to a qualified debt counsellor to identify a suitable debt solution for any money problems. Those that choose to write-off debt will find that money problems diminish and household bills become more manageable.