Mercat Cross and The Bruce Credit Union Ltd
Failed 4 December 2019
You don't need to do anything
On 4 December 2019, Mercat Cross and The Bruce Credit Union Ltd was placed into liquidation and ceased trading. Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd have been appointed Joint Administrators.
FSCS declared Mercat Cross and The Bruce Credit Union Ltd in default on 4 December 2019.
If you're a Mercat Cross and The Bruce Credit Union Ltd customer, you don't need to worry as your money is safe. FSCS will automatically pay back your money, according to the account information it receives from Mercat Cross and The Bruce Credit Union Ltd. We'll contact you by post.
On the 'Information' tab you'll find details of how we'll return your money. On the 'Q&A' tab, you'll find answers to commonly asked questions regarding the failure. You can read more about our compensation limits for credit unions on our dedicated page.
Download the determination papers (pdf 0.9MB).
In most cases, FSCS aims to make payment within seven days from the date of default, which took place on 4 December 2019. For more complex cases, which may need further investigation, we'll aim to settle claims within 15 working days, once we know there's an issue.
All customers will receive a cheque, sent by post in an unmarked envelope.
FSCS will receive information from Mercat Cross and The Bruce Credit Union Ltd that will detail your individual credit balance. The amount of payment you receive will be the balance on your account, as at the date FSCS declared Mercat Cross and The Bruce Credit Union Ltd in default, on 4 December 2019.
If you disagree with the amount paid by FSCS, please contact the Joint Administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd at 01786 450928 or 0113 244 5141, e-mail email@example.com and they'll look into your query. Do not return your payment to FSCS unless you're specifically requested to do so.
You'll need to open a bank account with another deposit taker (e.g. a bank, building society or the Post Office). You should bank the cheque as soon as possible.
If your salary or benefits are paid into your account at Mercat Cross and The Bruce Credit Union Ltd you'll need to open a new account elsewhere – and tell your employer or the Department for Work and Pensions.
Commonly asked questions
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. In this case, all customers are being paid by cheque.
If this payment relates only 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.
But 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. If your standing order also relates to loan repayments, do not cancel it.
For junior members, 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 the child, the cheque will be sent to the account operator’s address, if that has been registered with the credit union.
Note that the payment will be issued in the child’s name and a new account in that name will need to be opened with an alternative provider.
We cannot pay to parents or guardians, only the name of the account holder.
Do not cancel any repayments, as your loan agreement remains in place and you must maintain your repayments as originally contracted.
Future loan repayments will be managed by the Joint Administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd, who will contact you.
The credit union is also no longer accepting loan repayments through the service points. If you have previously paid your loan through a service point, please contact the Joint Administrators’ on 01786 450928, 0113 244 5141 or e-mail firstname.lastname@example.org to discuss arrangements for the repayment of your loan by other methods.
If this is going to create problems, please contact the liquidator. Do not let your loan account fall into arrears.
If you made payments covering both loans and savings, the liquidator will be able to advise you of the net payment needed each month in respect of your loan so that you don't fall into arrears.
For further information about your loan, please contact the Joint Administrators.
Yes. The website www.findyourcreditunion.co.uk will help in choosing from the available options.
FSCS will receive information from the credit union that will detail the individual credit balances of all accounts held by its members at the date of default, 4 December 2019.
Any amounts paid into the account after that date won't be added to your savings balance and will be dealt with by the Joint Administrators.
FSCS will send payment to the address that the credit union held on its database.
If you didn't notify Mercat Cross and The Bruce Credit Union of your change of address before it failed, or you notified it but didn't receive confirmation that the records had been updated before it was declared in default, FSCS will need to see evidence of your change of address before any compensation payment can be made.
Please contact the Joint Administrators with evidence of your change of address, and once confirmed they'll instruct FSCS to make payment to the new address.
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're less than three months old.
If you've already received banked the cheque payment, you do not need to take any further action.
If you have not received your payment or are unable to bank the cheque in the name it was sent in, we'll need to see evidence of your name change before any payment can be made.
You'll need to provide the original documentation or a certified copy of an official document showing your change of name – for example, a marriage certificate or deed poll – and this will allow us to update our records and process the claim.
Please contact the Joint Administraors with evidence of your change of name. Once confirmed they'll instruct FSCS to make payment in the new name.
Documents that can be used as evidence include a marriage certificate or a deed poll. Additionally, you'll need to provide a council tax bill, or a utility bill (not a mobile phone bill) or benefits entitlement letter with your new name, and they must be less than three months old.
If the estate has already banked the cheque payment, you don't need to take any further action. If the estate hasn't received the payment, you'll need to send FSCS the original death certificate, grant of probate and a copy of the will or letter of administration.
These should be original documents and are required before FSCS can make a payment. However, should you wish to contact FSCS regarding any issues, please call freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday from 08.30 to 17.30.
Alternatively, you can send these documents to the Joint Administrators by email to email@example.com or by post to Mercat Cross and The Bruce Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN.
The Joint Administrators will then contact FSCS to enable the compensation payment to be made.