Dial-A-Cab Credit Union Ltd

Failed 04 October 2018

FRN: 213263

The Financial Services Compensation Scheme (FSCS) has announced the failure of Dial-A-Cab Credit Union Ltd, based in London, which was declared in default on 4 September 2018.

Dial-A-Cab Credit Union Ltd has been placed into Administration with Jo Milner and Stephen Cork of Cork Gully LLP appointed as Administrators.

This means the credit union can’t repay money to its 1,250 members. FSCS is stepping in to protect customers and return money to most members within our seven-day target, covering up to £85,000 for individuals and up to £170,000 for joint accounts. We expect to pay over £21,000,000 to nearly all 1,250 customers within seven days of the failure being declared.

Customers don’t need to do anything. FSCS is a free service and we’ll automatically return customers’ savings according to the information we receive from Dial-A-Cab Credit Union Ltd. The information will detail customers’ individual balances at the date of Dial-A-Cab’s failure: 4 September, 2018.

We’ll contact you by post in an unmarked envelope. Customers with up to £1,000 in their account will receive a letter to get cash-over-the-counter from their Post Office. For balances over £1,000 you’ll receive a cheque. Customers who don’t have another bank account should open one as soon as possible to bank their cheque.

If you have a child with a Dial-A-Cab savings account we’ll send payment in their name. If an adult operates the account on a child’s behalf, we’ll make the cheque out in the child’s name and send it to the adult’s address (if the address was registered with Dial-A-Cab).

We aim to return customers’ money within seven days from 4 September, when we declared Dial-A-Cab in default. If a case is more complex we’ll settle claims within 20 working days.

If for whatever reason, you disagree with the amount we have paid, please contact the Administrators on 020 7268 2150 or email DACCU@corkgully.com and they’ll look at your query. Don’t return the payment to us unless you’re specifically asked to do so.

 


Commonly asked questions

Cork Gully LLP

Please direct any further questions about Dial-A-Cab Credit Union Ltd to Jo Milner and Stephen Cork of Cork Gully LLP who are the joint administrators. Email: DACCU@corkgully.com.