A message to members of the collapsed Hartlepool Credit Union

Members of Hartlepool's collapsed credit union have been urged to get in touch if they haven't already had their money back.

Monday, 15th August 2016, 3:07 pm
Updated Monday, 15th August 2016, 4:09 pm
Hartlepool Credit Union Limited Avenue Road . Picture by Frank Reid

The Financial Services Compensation Scheme (FSCS) has already protected thousands of people affected by the failure of the credit union.

But it called on others to come forward such as people who have yet to make contact with the compensation scheme.

Hartlepool Credit Union Ltd stopped trading on August 2, and was unable to pay more than £405,000 to almost 3,000 people.

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FSCS has returned balances to the vast majority of 2,864 members of the credit union, sending them a cheque for amounts over £1,000, or money orders for below that figure, cashable at any post office.

Mark Oakes, head of communications at FSCS, said: “When Hartlepool Credit Union closed, we said FSCS would pay the overwhelming majority of people their balances within seven days, and that is what we have done.

“Our role is to protect people at times like this. Hartlepool Credit Union was unable to pay members their money back, so we stepped in.

“Our free and automatic service means we acted when the credit union closed.”

But anyone who hadn’t kept their address details up to date with the credit union, and hasn’t yet made contact with FSCS, should do so, to get their money back.

To get in touch, call 0800 678 1100 or visit the website at www.fscs.org.uk.

FSCS protects the customers of authorised financial services firms, covering £75,000 in current and savings accounts.

It has helped 4.5m people in the past 15 years, and they have received a combined £26bn.

The FSCS handles insurance, investments and home finance cases, including mortgage advice, as well as deposits.

It may pay compensation if a firm is unable, or likely to be unable, to pay claims against it.

For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, people should visit https://protected.fscs.org.uk.

The credit union provided services including free banking and savings accounts, low-cost loans and Christmas saving clubs and hampers.

Any public queries about Hartlepool Credit Union Ltd can also be directed to the administrators, Jo Milner and Stephen Cork, of Cork Gully LLP, 52 Brook Street, London W1K 5DS.

People can also visit the website at www.corkgully.com or call 020 7268 2150.