Redundancy and CCJ's

The news highlights about the increased levels of Redundancy and ccj's are growing with the passing time. Apart from divorce, job laid offs also results in the major personal debts. Mental and emotional cost of losing a job is high but the financial cost of it is even more severe and worse. The impact of the redundancy often varies on the terms of the company. Many times there are misunderstandings about the minimum entitlement. One is entitled to the half pay for a week for one whole year of service when the age of the person is less than 22 years in the year he becomes redundant. And the person is entitled to the pay for the whole week for service of the year if he less than 41 years but more than 22 years. After the age of 41 the week pays is increased to the 1.5 week’s pay for one year of complete service.

These are the minimum terms for a company. If the company goes in the receivership, the person will generally get the minimum entitlement and there should be enough assets to pay them. The person should know the exact amount he/she is entitled to. Errors in calculation of the severance pay are common and redundancy is not the end. One may also be entitled to the other payments like legitimate expenses. If a person is already made redundant and has received the warning, he must tell his creditors about the changed situation. Trade unions can also prove to be helpful for you.

CCJ or the County Court Judgement is issued by the court in case the person is not able to make the payments which are included in the credit agreement of credit card, personal loan or the utility bill. CCJ can be issued by the court in case it believes that the person owes money to creditors. The amount to be paid back to them decided by the court in this situation may be lesser than original debt as the person has to pay back on the basis of the affordability. One can dispute the County Court actions in case the person believes that no more money is owed to the creditors. CCJ can be kept off the record if the person is able to pay the money back within one month. The person can also consult the professional advice in this matter for trying other ways against the court order. A lot of experts also provide with free Redundancy and ccj's advice online.