East London Credit Union Ltd - trading as Waltham Forest Community Credit Union
Failed 11 Sept 2019
You don't need to do anything
East London Credit Union Ltd has failed.
As an East London Credit Union (Waltham Forest Community Credit Union) customer you don't need to worry, as your money is safe. FSCS will automatically pay back your money, according to the account details we receive from the credit union. We'll contact you by post.
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In most cases, FSCS aims to make payment within seven days from the date of default, on 11 September 2019. For more complex cases, which may need further investigation, we'll aim to settle claims within 15 working days of being notified.
If you have a balance below £1,000, you'll receive a letter enabling you to get cash over the counter at the Post Office. To receive payment, take the letter to any Post Office counter, with personal identification as outlined in the letter.
If you've a balance over £1,000, you'll receive a cheque. Whichever method applies to you, we'll contact you by post in an unmarked envelope.
FSCS will receive information from East London Credit Union Ltd that will detail your individual credit balance. The amount of payment you receive will be the balance on your account at the date FSCS declared the credit union in default, on 11 September 2019.
If you disagree with the amount paid by FSCS, please contact the administrator Stephen Cork at Cork Gully LLP on 0333 210 1548 or email ELCU@corkgully.com and he'll look into your query. Do not return your payment to FSCS unless you're specifically asked to do so.
To bank the cheque you'll need to open an account with another bank, building society or the Post Office, and you should bank the cheque as soon as possible.
If your salary or benefits are paid into your account at the credit union you'll need to open a new account elsewhere – and tell your employer or the Department for Work and Pensions.
You can download the determination papers here (pdf 1.1MB).
Commonly asked questions
Some people may need the money and don't have another bank account into which they can pay a cheque. The 'cash over the counter' option is flexible and allows people access to their money much more quickly than a cheque, especially for small balances.
FSCS is not in a position to make electronic money transfers to other banks. We make payments either by cheque or by cash over the counter.
If you disagree with the amount paid by FSCS, please contact the administrator Stephen Cork at Cork Gully LLP on 0333 210 1548 or via email at ELCU@corkgully.com and he'll look into your query. Do not return your payment to FSCS unless you're specifically asked to do so.
If this payment relates solely to savings, you should cancel it as no further money will be credited to your account. You can cancel the standing order at any branch of your bank or building society, over the phone or via secure online banking.
Note that you'll need to give your bank/building society a couple of days’ notice before the payment is due to come out of your account. However, if your standing order also relates to loan repayments, do not cancel it.
Do not cancel any repayments, as your loan agreement remains in place and you must maintain the repayments as originally contracted.
Future loan repayments will be managed by the administrator, Stephen Cork of Cork Gully LLP, who will be in contact with bank details as soon as he is abe. If this is going to create problems for you, please contact the administrator and his staff. Do not let your loan account fall into arrears.
If you made payments covering both loans and savings, the administrator will be able to advise you of the net payment needed each month so that you do not fall into arrears.
For further information about your loan, please contact the administrator on 01904 676 633 or email ELCU@corkgully.com.
The credit union is no longer accepting loan repayments through the service points. If you've previously paid your loan through a service point, please contact the admnistrator to discuss arrangements for the repayment of your loan by alternative means.
Yes you can. The website www.findyourcreditunion.co.uk should help in choosing from the available options.
In addition, the London Community Credit Union shares a common bond area with East London Credit Union Ltd (Waltham Forest Community Credit Union) and has agreed to accept members who qualify and who want to open an account with them. Its details are:
London Community Credit Union
Stratford – 34 Broadway, London, E15 4QS
Hackney – 225 Mare Street, London, E8 3QE
Bethnal Green – 473 Bethnal Green Road, London, E2 9QH
Bow – 570 Roman Road, London, E3 5ES
Poplar – 16 Vesey Path, London, E14 6B
The administrator is unable to transfer existing accounts directly to another credit union. Instead, members and junior depositors will have to make an application themselves to join any other credit union.
If you fall within the common bond area and qualify for the London Community Credit Union, contact them on 020 7729 9218, or alternatively visit a branch for further information about opening a new account and applying for a loan.
A member of staff from London Community Credit Union will be at the East London Credit Union Ltd (Waltham Forest Community Credit Union) office on a weekly basis, and will be taking members’ details and helping with applications to join the London Community Credit Union.
FSCS will receive information from the credit union that will detail the individual credit balances of the accounts held by its members at the date of default, 11 September 2019.
Any amounts paid into the account after that date won't be added to your savings balance but will be dealt with by the administrator.
For junior members, the FSCS will send a payment in the name of the account holder for the balance of their account at the date of default.
If the account is operated by an adult on behalf of a child, the cheque will be sent to the account operator’s address, if that has been registered with the credit union, but the cheque will be made out in the child’s name.
A new account in that name will need to be opened with an alternative provider. We cannot pay to parents or guardians.
If you're the holder of a Child Trust Fund account, the process for FSCS to reimburse you is different to that for other account holders.
Payment can only be made to an alternative Junior ISA provider, rather than returned directly to the account holder. The administrator will shortly be writing to the registered holders of Child Trust Fund accounts with further information.
FSCS will send payment to the address that the credit union held on its database.
If you didn't notify the credit union of your change of address before the credit union failed, or if you notified it but didn't receive any confirmation, FSCS will need to see evidence of your new address before any payment can be made.
Please contact the administrator (details on the Information tab) with evidence of your new address, and once confirmed they'll instruct FSCS to make a payment.
Documents that can be used as evidence include a council tax bill, a utility bill (not a mobile phone bill) or a benefits entitlement letter, as long as they are less than three months old.