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Dealing with losing a job

A shock like losing a job can cause severe personal distress, anxiety, and worry. After a person loses their job, they are usually faced with uncertainty about the future, particularly about their income.

It is important to remember to seek help. Talking with friends and family about how you feel is a positive move, and in some cases it may be necessary to seek professional assistance.

As regards your finances, it is good to sit down, review the situation, and make a plan.

  • What income will you have?
  • If you have savings set aside, it is a good idea to plan how you will use those funds so that they last as long as possible.
  • How much money do you need in order to support yourself and pay other fixed household expenses?
  • Can you reduce your household expenses temporarily?
  • What obligations do you have? What loans do you need to pay? And so forth.

You can use the Kladdinn expense diary to help you get an overview, or you can set up simple household accounts.
If you do not envision being able to pay your creditors, it is important to contact them immediately, tell them about your situation, and determine what measures may be available to you, such as a temporary reduction in payments or a moratorium on payments.

It should be noted that it is possible to apply to the Icelandic Student Loan Fund for an exemption from student loan payments. There are also various measures available from the Child Support Collection Centre for payers experiencing financial difficulties, including a moratorium on payments while you are unemployed.

A large amount of useful and reliable information can be found on the Directorate of Labour website.

If you are unsure what steps you should take next, you can contact us at +354 512-6600, a counselor is available by phone from 09:00-15:00 hrs. on weekdays.

You can also make an appointment for a telephone consultation and obtain further information on the services we offer.

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