Latest news with #redundancy
The Sun
6 days ago
- Business
- The Sun
I was 68 and thought I'd never retire due to £13k debt but one quick phone call changed my life
LYING in bed at night 68-year-old Melanie O'Reilly lay awake worrying about how she couldn't afford to quit her £23,500 a year, 37.5-hour a week job working in a call centre. She was £13,000 in debt and knew she couldn't afford to pay the £500 a month repayments to the bank - but she was desperately unhappy in her job. 1 Her days were spent fielding angry calls from Hounslow residents complaining about council tax and housing benefit. She had moved from South Africa to England in September 2019 with no savings but found a job quickly due to her past career in office furniture sales. However, the pandemic hit and in October 2020 she was made redundant before struggling to find a job at a call centre in the local council in Hounslow, West London in February 2022. 'I couldn't stand it anymore. I was sitting there most days in full-blown migraine feeling like I had sandpaper in my eyes, until I couldn't see the screen anymore,' Melanie, now 69, said. "I had been very good at my job in South Africa, and I was excellent at sales." 'Suddenly I was being micromanaged by a 26-year-old, who would count how many times I went to the toilet in a day, and tell me off if I took 31 seconds on a call instead of 30 seconds. 'The staff turnover was ridiculously high and it started to affect my physical and mental health." Melanie, who had previously worked as an insurance PA in London before the move to South Africa, was utterly fed up, and knew she had to retire - but had no idea how she could do so with her mounting debt. She had lent her son and daughter-in-law, who had also moved to the UK, money for a deposit on a home in Colne, Lancashire - but then disaster struck. Suddenly her daughter-in-law was made redundant shortly after they had their first child, meaning they couldn't pay Melanie back as quickly as they'd planned. Melanie was also dealing with the financial fall out of splitting from her partner and she took out a £15,000 personal loan and she had mounting credit card debt of £3,000. Worryingly one in three people approaching retirement now have debt, with the average over-65 borrower owing £17,000, according to Money Wellness. Financial anxiety among the 65 to 74 age group has more than doubled since 2021. 'I had the personal loan, but I was not behind in my payments and I just knew, 'I've got to leave. I have to retire. "If I don't, I am going to have a breakdown',' Melanie said. 'I decided to retire and I did, in April 2024. I called up Lloyds Bank and I said, 'I've got this personal loan with you and I know that a few months from now I'm going to end up not being able to pay you.' 'I knew I had to take preventative measures before I got behind in any of my payments. 'I was hugely concerned about how to get Lloyds Bank to agree to a reduced monthly payment. 'I knew I couldn't pay them back £500 a month, and I knew they wouldn't negotiate a new loan with me because I was unemployed, as I was now retired with no real income.' Lloyds put Melanie in touch with Money Wellness, one of the largest providers of debt advice and debt solutions in the UK. Money Wellness provides free, confidential support to anyone struggling with money or debt, with support available online 24/7 or over the phone, so people can get help in the way that suits them best. Melanie still owed £13,000 of the £15,000 personal loan. She called Money Wellness, and they asked her to draw up an income and expense statement. Advisors went through her statement in detail, making allowances for everything from clothing to haircuts, and calculating how much she could afford to pay back each month to help Melanie put a debt management plan in place. 'They were so empathetic and professional,' Melanie explains. 'We revised the budget down to a manageable figure that I could pay Lloyds Bank back and by the end of it, it felt like this was too good to be true. 'They took the burden of negotiations off my shoulders and it was all done seamlessly for me without me having to worry about anything.' The adviser told Melanie that they would negotiate the figure she had to pay back directly with Lloyds Bank, to the extent of setting up a debit order. 'After the call, I sat back and wept,' Melanie remembers. 'I was hugely concerned because when I was working at the council, I had people calling me up saying, 'I've got the bailiffs at my door. They're bashing my door down. What do I do?' 'I did not want to be in that position, and I knew that that is a reality that can and does happen. "I did not want to go anywhere near being that person who's got the bailiff bashing at your door. That is why I nipped it in the bud before it became a problem.' From paying £500 a month back, Melanie now pays back £134 a month, with no added interest. She lives in a HMO in Burnley so she doesn't pay utility bills or council tax and receives housing benefits and pension credit. Her repayments come from a small state pension, pension credit and housing benefits. She receives £456.64 state pension, £451.56 pension credit and £368.20 housing benefit every four weeks. She'd had to spend her small private pension on replacing her car after a car accident, and buying essentials like furniture. Money Wellness reviews her plan annually, adjusting the amount if her income changes. Melanie feels positive about the future and says the debt advice she received from Money Wellness is 'the best decision I ever took'. 'For so long, I'd sat with this worrisome burden, thinking 'I need to retire but I've got this debt. What do I do?' Then these angels from heaven stepped up and helped me,' she adds. 'I feel as though a mountain had been lifted off my shoulders.' How to cut the cost of your debt IF you're in large amounts of debt it can be really worrying. Here are some tips from Citizens Advice on how you can take action. Check your bank balance on a regular basis - knowing your spending patterns is the first step to managing your money Work out your budget - by writing down your income and taking away your essential bills such as food and transport If you have money left over, plan in advance what else you'll spend or save. If you don't, look at ways to cut your costs Pay off more than the minimum - If you've got credit card debts aim to pay off more than the minimum amount on your credit card each month to bring down your bill quicker Pay your most expensive credit card sooner - If you have more than one credit card and can't pay them off in full each month, prioritise the most expensive card (the one with the highest interest rate) Prioritise your debts - If you've got several debts and you can't afford to pay them all it's important to prioritise them Your rent, mortgage, council tax and energy bills should be paid first because the consequences can be more serious if you don't pay Get advice - If you're struggling to pay your debts month after month it's important you get advice as soon as possible, before they build up even further Groups like Citizens Advice and National Debtline can help you prioritise and negotiate with your creditors to offer you more affordable repayment plans.
Yahoo
08-08-2025
- Business
- Yahoo
Monthly Update July - Summer Calm, Stress Test and Continued Momentum
STOCKHOLM, SE / / August 8, 2025 / iZafe Group (STO:IZAFE-B) - July is traditionally a quieter month, something we accounted for in our planning and budget. But that doesn't mean we've been idle. On the contrary - the month brought both challenges and achievements, showing that we are building an increasingly strong company, with a team and partner network that can deliver even under pressure. A Stress Test in the NetherlandsIn July, our network provider experienced two major service outages, which temporarily impacted our operations - particularly in the Netherlands. It was a testing situation for both us and our partners. However, thanks to fast and clear communication, effective crisis management, and close collaboration, we were able to minimize the impact for our users. As our partner in the Netherlands put it: it was a tough day, but also a clear proof that we have the right product, the right people, and the right mindset to get through even major challenges. It further strengthens our confidence in the future. We are now working intensively to build increased redundancy to reduce the risk of future network disruptions. It's also worth highlighting that users connected via WiFi were not affected at all - demonstrating the value of having multiple connectivity options. Stable Usage and ARR GrowthAs expected, we didn't see a significant increase in the number of units during July. The vacation period affects many operations, especially in Sweden. But we are pleased to report that: The Netherlands saw a 5.5% increase in the number of units - even during the holiday period. ARR increased during July, thanks to sales of additional services and upgrades. This confirms that Dosell is not just being installed - it is continuously used and creating value. Progress in SwedenDespite the summer slowdown in many municipalities, our momentum remains strong: We won a direct procurement where a municipality, after a successful pilot, is switching from their previous supplier to Dosell and placing an order for 30 units. 3 new municipalities will launch in August - continuing our geographic expansion. Interest remains high - 15 digital demonstrations are already booked for August with Swedish municipalities. Comments like "I hear nothing but that it works great" are strong indicators of the stability and value Dosell provides. Spain - Next Step Toward Wider RolloutIn Spain, our partnership with Ti Medi continues to gain attention. In July, La Vanguardia published an article highlighting how Ti Medi is now taking the next step by working directly with pharmacy chains to scale the use of Dosell. That said, it's important to recognize that the concept of medication dispensers is still new to the Spanish market, and it will take some time for both users and healthcare providers to fully appreciate its benefits. In countries like the Netherlands and across the Nordics, the solution has gained broader adoption and is already seen as a natural part of future medication management. We're confident that Spain will get there too - and once it does, we expect a classic "ketchup effect." Ti Medi has a strong presence, a clear plan, and is working methodically to build understanding and demand. This makes them the ideal partner to drive development forward in this important market. Read the article: La Vanguardia - Ti Medi Finland - New Market with a Strong PartnerIn July, we signed an agreement with AddSecure Smart Care Oy, who will now launch Dosell in the Finnish market. They have already placed their first order and have an ambitious plan for the autumn. This is an important piece in our Nordic expansion, and we look forward to a strong collaboration. Strong Engagement from Our ShareholdersWe are very pleased that so many shareholders have taken advantage of our exclusive offer - where shareholders can receive a Dosell device with a free subscription for a limited time. The offer has already generated many registrations, which shows strong interest and engagement. We hope even more shareholders will take the opportunity to try Dosell and experience the value it creates - both for individuals and society. Read more and register here: Charging Up for a Strong AutumnOur team has had a well-deserved break during the summer - something that was much needed after an intense start to the year. Although many had to step in briefly during their holidays due to our small and committed team, the recovery time has been important. Now, we are fully recharged and ready for an eventful autumn. We have a clear plan, strong partners, and a goal that feels more within reach than ever: to reach SEK 10 million in ARR before the end of the year. Thank you for following our journey - and thank you to all shareholders, customers, and partners who make it possible. Contacts Anders Segerström, Chief Executive Officer E-mail: number: +46 70-875 14 12iZafe Group AB (publ.) David Bagares gata 3111 38 Stockholm E-mail: ir@ About iZafe Group AB (publ.) iZafe Group is a Life Science company that conducts research, development and marketing of digital medical solutions and services for safer medication management at home. The company leads the development of digital drug dispensing through the drug robot Dosell as well as the SaaS solution Pilloxa with the smart pillbox. The company's solutions reduce the risk of incorrect medication in the home, increase compliance, relieve public health care, increase the quality of life for patients and create a safer environment for relatives. The customers consist of private individuals, pharmaceutical companies and public and private healthcare providers in Sweden, the Nordics and globally. iZafe Group primarily sells through well-established partners who already have long and deep customer relationships with the prioritized customer groups. The head office is in Stockholm. iZafe Group AB has been listed on the Nasdaq First North Growth Market since 2018. The company's Certified Adviser is DNB Carnegie Investment Bank AB. Further information is available at Image Attachments Spain Timedi Attachments Monthly Update July - Summer Calm, Stress Test and Continued Momentum SOURCE: iZafe Group View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
RNZ News
06-08-2025
- Business
- RNZ News
Skilled workers still battling for jobs after hundreds of applications
The unemployment rate has risen to a near-five year high of 5.2 percent as businesses either sack staff or stop hiring. Photo: RNZ A Christchurch man who has applied for hundreds of jobs without success says there are just no roles for people, even if they have skills and qualifications. The unemployment rate has risen to a near-five year high of 5.2 percent as businesses either sack staff or stop hiring], with 156,000 people out of work. Insurance adjustor James Brown moved to Brisbane after he was made redundant just over a year ago. He was still working there, but wanted to return home to his partner and children. Brown said it was incredibly stressful and depressing not even being able to get a call centre job in New Zealand. He said he knew of other white collar workers who were also struggling to find work and felt like there were no prospects and no way forward. Employers and Manufacturers Association head of advocacy Alan McDonald says there's been a spike in calls to its advice line about redundancies and restructures since March. Photo: RNZ / Dan Cook Auckland's grim unemployment figures are no surpise to one of the city's business leaders. The latest figures show Auckland's 6.1 percent unemployment rate for the June 2025 quarter is the worst of all regions. About 15,000 more Aucklanders are without a job than this time last year. Employers and Manufacturers Association (EMA) head of advocacy Alan McDonald said while the agriculture industry was bolstering employment elsewhere, Auckland had different economic drivers. "Numbers from the Auckland Council Economic Unit indicated unemployment would be quite high [in the June quarter] and it has been for some time. "There are some signs of recovery but they're being led by the regional economy and primary sector and Auckland is more about manufacturing and services. "Hospitality, tourism, education sectors have all been down as well." McDonald said EMA had received a spike in calls to its advice line about redundancies and restructures since March. "We had hoped 5.1 [in December 2024] might be the bottom of Auckland's unemployment numbers, but we've been hearing from March until now that things are still very tight and very tough." He expected it would take some time for primary sector growth to benefit Auckland's economy. "It flows through quicker into Christchurch because it's the service sector for the [agriculture] industry ... Tauranga is picking up a bit on the back of exports. It takes a bit longer to reach its way into Auckland. "We're all getting a bit sick of waiting. But things are starting to turn ." Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
BBC News
06-08-2025
- Business
- BBC News
Wiltshire Council paid £1.2m in redundancies, figures show
New data released by the government has shown a council paid out more than £1.2m in redundancy payments in the 24/25 financial Council's pay-outs are amongst the highest of any local authority in England and are far higher than the redundancy payments made in any of the previous three Townsend, chief executive of Wiltshire Council said that the council was forced to make "structural changes" due to "ongoing financial pressures.""As an organisation that employs around 5,300 staff, redundancy costs can fluctuate significantly from year to year depending on the scale and nature of organisational change," she said. The figures came from the Ministry of Housing, Communities, and Local this year Wiltshire Council reported a "balanced" budget and raised its share of council tax by less than most other authorities. In recent months the council has reported a £4.85m overspend - due to unforeseen demands around adult social Council paid £278,000 in redundancies in 2023-24, £556,000 in 2022-23 and £698,000 in the year before that - which was during the Covid-19 pandemic."While the figure for 2024–25 is higher than in previous years, it reflects a number of necessary structural changes made to ensure the council continues to deliver services as efficiently and effectively as possible in the face of ongoing financial pressures," said Ms Townsend. "Redundancies are always a last resort, and we have robust policies and procedures in place to support affected staff."We take every possible step to redeploy individuals into other roles within the organisation to protect employment wherever we can."As we continue to navigate a challenging financial landscape, we must regularly review how we deliver services to ensure they remain sustainable," she added.
BBC News
01-08-2025
- Business
- BBC News
Oxfordshire County Council spends record £4.2m on redundancy payments
A council spent a record £4.2m on redundancy payments last year, new government figures have shown. Oxfordshire County Council paid an average of £65,000 to 70 staff members in 2024-25. It is the largest sum of money the authority has spent on redundancies in the past 10 years, with the figure around the £1m mark for each of the previous two council said it had been undergoing a "comprehensive restructure" since March 2024 and that redundancy payments increased in line with pay rises. Almost £2.5m of the total sum spent by the council went towards pensions for staff who took early £711,000 came from ex gratia payments - which are made to staff out of generosity from the employer rather than as a legal Liam Walker, leader of the Oxfordshire Alliance council opposition group, said the "eye-watering figure" raised "serious questions" about how the council "manages its finances and whether this is truly the best use of taxpayers' money"."Residents expect their money to go towards delivering services, not handing out massive golden goodbyes," he Liz Brighouse, who leads the opposition Labour group, said "every time" a council restructures, "people lose their jobs"."Restructures are dreadful for the people who go through them, and very often for people at the end of their working lives," she added.A spokesperson for the county council said: "Our overall aim is that we are run as efficiently and cost effectively as possible, so that we can pay for the crucial services we need to deliver for the Oxfordshire public, and for the benefit of future generations."Redundancy costs are one-off. Staffing savings accrued are savings for each year setting a firm foundation for the future," the spokesperson said."We continue to aim to be a leaner and fitter organisation for the future. These statistics are a snapshot of a moving picture." You can follow BBC Oxfordshire on Facebook, X (Twitter), or Instagram.
