Help with money worries caused by losing your income

Losing your income, being made redundant, or earning less because of changes at work can be difficult and an uncertain time. You may be worried about how to manage your finances and keep up with your payments while looking for a new role or adjusting to a change in your income.

If changes to your income are causing you financial worries, you’re not alone. Support is available when you need it.

How losing your income can affect your finances

A change in income can have a significant impact on your finances. You may benefit from additional support if you’re:

• managing household bills on a reduced or irregular income
• relying on savings, redundancy pay or temporary income while you look for a new role
• finding it difficult to keep up with your usual payments
• feeling anxious, overwhelmed, or worried about your finances

If any of these situations apply to you, we’re here to help.

How Tesco Bank can support you

We understand that money worries linked to losing your income can feel difficult to talk about. Our colleagues are trained to support customers through sensitive situations and will listen with empathy and understanding.

Many customers contact us as soon as they know their finances are changing, rather than waiting until they've missed a payment.

Speaking to us early can help us understand your circumstances and explore the support options that may be available.

Depending on your situation, we may be able to support you by:

• helping you understand the money going in and out of your account
• talking through your options if you’re finding it difficult to keep up with payments
• offering more time to make payments or temporary breathing space, where appropriate
• helping you understand how support agreements might affect your credit file

If we agree a support arrangement, we'll review your circumstances at an appropriate time.

If your financial situation improves, we'll discuss returning to your usual payments.

If you're still adjusting to changes in your circumstances, we'll continue to work with you and discuss any further support that may be available.

Find out more about the support available if you’re experiencing money worries

Managing money day-to-day

If you’re finding it harder to manage finances after losing your income, it may help to:

• review your monthly budget and essential spending
• check whether you are entitled to a redundancy payment
• consider how long any savings may last
• prioritise essential household bills and living costs
• contact lenders and creditors early if you're worried about making payments
• check whether you may be entitled to benefits or financial support

Acting early can help you stay in control of your finances and reduce stress during a period of change.

Need support?

If changes to your income are causing money worries or making it difficult to keep up with your payments, please get in touch. We’ll listen without judgement and take the time to understand your situation whilst working with you to find the right support.

Call our Financial Assist team on 0345 301 4971*.

*This number may be included as part of any inclusive call minutes provided by your phone operator.