Because Havant Area Savers Credit Union was authorised by the UK regulator before it was declared in default, any savings you have with this credit union are protected by the Financial Services Compensation Scheme (FSCS). This means you are eligible for compensation by the FSCS.
Any dividends earned on your savings account up to the date Havant Area Savers Credit Union was declared in default will be included as part of the compensation amount paid to you.
You must stop making loan repayments temporarily. The FSCS will contact all members of the credit union who owe money shortly about the repayment of their loan.
You do not need to do anything. The FSCS does not require you to complete and return an application form. The FSCS will pay you compensation based on the account information it receives from Havant Area Savers Credit Union.
For the vast majority of claims we will aim to pay compensation within seven days from the date the credit union was declared in default (6 January 2011). We will aim to settle any complex claims that may require further investigation within twenty working days.
The FSCS will keep members of the credit union informed, providing regular updates on its website at www.fscs.org.uk.
The FSCS will receive information from Havant Area Savers Credit Union, which will detail your individual credit balance. The amount of compensation you receive will be the balance on your account as at the date the FSCS declared Havant Area Savers Credit Union in default (6 January 2011).
You can arrange to open an account with another deposit taker (e.g. a bank, building society or the Post Office) and deposit the cheque. Alternatively, if the amount is under £1,000 you can return the cheque to the FSCS and ask for your payment to be made by cash over the counter from your local Post Office. We will then send you a letter that will allow you to do this.
The FSCS is not in a position to make electronic money transfers to other banks. We can make payments either by cheque or by cash over the counter.
The FSCS will receive information from Havant Area Savers Credit Union, which will detail the individual credit balances of all accounts held by its members, and it will notify the FSCS of any subsequent deposits, loan repayments or withdrawals that need to be applied to a member’s account. This will result in the FSCS correcting the amount of compensation payable by making a further payment, or requesting a return of part of the compensation already paid. However, it is expected that the FSCS will send the correct amounts when payments are made and that later adjustments will not be necessary.
No. The FSCS will not offset any of the money you owe Havant Area Savers Credit Union against your savings. The FSCS will pay compensation to all members of the credit union for the savings they have. If you owe money to the credit union you will still have to repay it but you must stop all payments into the credit union’s bank account for now (such as standing orders or Paypoint payments). We will contact all members of the credit union who owe money shortly about where to make future repayments.
We will send a payment in the name of the account holder for the balance of their account at the date of default. All payments will be subject to the compensation limit of £85,000 per person.
We will be using the address that Havant Area Savers Credit Union had for you on their system. If you did not notify Havant Area Savers Credit Union of your change of address before it was declared in default, or you notified the credit union of this change but did not receive confirmation from them that their records had been updated before it was declared in default, we need to see evidence of your change of address before any payment can be made. This could be in the form of a copy of an official document. For example, a council tax bill, a utility bill (we will not accept a mobile phone bill) or a bank statement.
If you have already received your cash over the counter, or banked your compensation cheque, you do not need to take any further action. If you have not received your compensation we will need to see evidence of your name change before any payment can be made. Please provide us with your original documentation showing your change of name (for example, a marriage certificate or deed poll). This will enable us to update our records and process your claim.
If the Estate has already received cash over the counter, or banked our compensation cheque, you do not need to take any further action. If the Estate has not received our compensation you will need to send us the original or certified copies of the Death Certificate and Grant of Probate before any payment can be made.
If you disagree with the amount of compensation paid, you should not bank the cheque. Please return the cheque to us and provide evidence in support of your position. We will then review your case.