What to do when you lose your job

Claim UIF immediately. There is a time limit on claiming after employment ends, and you need your UI-19 form from your employer plus your ID and banking details. Missing the window forfeits the benefit entirely.

Check the credit life insurance on every loan you hold. Many policies include retrenchment cover that pays instalments for a defined period — this is among the most under-claimed benefits in South African consumer credit, and the cover is already paid for.

Contact every creditor before the first payment is missed, not after. An arrangement made in advance is straightforward; one made after three missed debits is a collections negotiation.

Then cut fixed costs, starting with anything contractual you can exit and any duplicate insurance. This is the point at which a permanent monthly saving is worth far more than a one-off.

Do not take new credit to cover instalments on existing credit. Where the total is genuinely beyond your income, a registered debt counsellor is the right call — and it costs less the earlier you go.