You don't need to do anything
City of Plymouth Credit Union Ltd has failed.
On 27 April 2022, City of Plymouth Credit Union Ltd was placed into administration and ceased trading. The Financial Services Compensation Scheme declared City of Plymouth Credit Union Ltd as failed (in default) on 27 April 2022.
As a City of Plymouth 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 details we receive from the credit union. We'll contact you by post.
There are more details below, and answers to commonly asked questions on the Q&A tab.
Download the determination papers (pdf 0.1MB)
I hold a prepaid money card with Vox or PFS, are the funds I have loaded onto this safe?
Yes, your funds are safe and are not affected by the closure of the credit union.
If you hold a prepaid money card with Vox or PFS, any funds loaded onto it can continue to be used as normal.
For any questions about your prepaid Vox card or PFS card, please contact them directly. Their contact details can be found on their websites:
Vox Card,
PFS Card.
My salary and benefits are paid into my credit union savings account. What should I do?
City of Plymouth Credit Union Ltd savings accounts will be closed. If your salary or benefits are paid into your savings account, you'll need to open a new bank account as soon as possible. You should contact your employer, pension provider or the Department for Work and Pensions (DWP) to tell them to pay your salary or benefits into your new account.
If you are in receipt of any of the following benefits you'll need to provide details of an alternative bank or building society to enable future payments to be made.
- Jobseeker’s Allowance
- Income Support
- Employment and Support Allowance
- Universal Credit
- Personal Independence Payment
- Disability Living Allowance
Some useful contact details:
- You can contact your local Jobcentre or telephone the DWP on the following Freephone numbers: Employment Support Allowance (ESA) – 0800 169 0310
- Income Support (IS) – 0800 169 0310
- Jobseekers Allowance (JSA) – 0800 169 0310
- Universal Credit – you can contact Universal Credit by calling the Universal Credit Helpline on 0800 328 5644 or through your online account. Find more information on the .gov website.
- Personal Independence Payment (PIP) – 0800 121 4433
- Disability Living Allowance (DLA) – 0800 121 4600
To have your benefit payments paid into an alternative bank, building society or local credit union account you will need to contact the following agencies with your new bank details:
- Housing Benefit – Details of the local council in Plymouth, contact details, address: Plymouth City Council, Plymouth, PL1 3BJ. Tel: 01752 668000 (Plymouth Council’s website says lines are open from Monday to Friday 9am to 5pm and Housing Benefit is only open from 10am to 4pm).
- Working Tax/Child Tax Credits - This is HM Revenue & Customs (HMRC) administered. To change your bank account details, contact HMRC on 0345 300 3900
- Child Benefit - This is also HMRC administered. You can change your bank account details online using the HMRC webpages at gov.uk or tel: 0300 200 3100. Alternatively, you can write to HMRC: HM Revenue & Customs, Child Benefit Office, PO Box 1, Newcastle Upon Tyne NE88 1AA.
If you need help in contacting these agencies, your local Citizens Advice Bureau should be able to help you.
Plymouth Citizens Advice Bureau
3rd Floor, Cobourg House 32 Mayflower Street, Plymouth, Devon, PL1 1QX
Freephone Advice Line telephone service: 08082 787 910
Can FSCS make a payment directly to my account with another bank?
No. FSCS will pay you your compensation by sending you a cheque in an unmarked envelope.
I make regular payments to my account each month by direct debit or standing order. Should I cancel the direct debit or standing order now?
If this payment is just for savings, you should cancel it as no further money will be added to your savings account. You'll need to arrange for these payments to be paid into a new or different account and should cancel any existing arrangements that direct these payments to your City of Plymouth Credit Union savings account.
You can cancel the standing order at any branch of your bank or building society, over the phone or via secure online banking. However, 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 is also for loan repayments, do not cancel it and please see the question below.
I had a loan with City of Plymouth Credit Union. Will I have to repay it, and should I cancel the standing order?
Do not cancel any repayments as your loan agreement remains in place and you must make your repayments as originally contracted.
If you made payments covering both loans and savings, the Administrator should have advised you of the new amount you need to pay each month for your loan so that you do not fall into arrears.
For further information contact FSCS on 0800 678 1100 or via any of the methods on our Contact us page.
City of Plymouth Credit Union is no longer accepting loan repayments through a service point (another point, or location where the Credit Union may have offered its services). Please contact FSCS to discuss arrangements for the repayment of your loan another way.
A payment was transferred into my credit union account around the time FSCS declared City of Plymouth Credit Union in default. This amount does not appear to have been credited. Will the balance on my account be updated to reflect this payment?
FSCS will receive information from the City of Plymouth Credit Union that will show the individual balances of all accounts held by its members at the date of default, 27 April 2022.
Any amounts paid into your account on or after the Administration date will not be added to your savings balance and will be dealt with by the Joint Administrators - contact FSCS if you've a query.
My child has a savings account with City of Plymouth Credit Union. What will happen to their savings?
For junior members, FSCS will send a payment in the name of the account holder for the money in 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, but the payment will be in the child’s name.
A new account in that name will need to be opened with an alternative provider. We cannot pay parents or guardians.
Can I open up an alternative credit union account?
Yes. The website www.findyourcreditunion.co.uk may help.
Do I need to notify FSCS if I have recently changed address?
FSCS will send payment to the address that City of Plymouth Credit Union holds on its database.
If you did not let the credit union know of your change of address before it was declared in default, or you did notify it but did not receive confirmation that its 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 FSCS and supply us with evidence of the change of address. Once confirmed, we will 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, so long as they are less than three months old.
Do I need to notify FSCS if I have recently changed my name?
If you have already banked the cheque, you don't need to take any further action. If you have not received your payment or can’t bank the cheque, we will need to see evidence of your name change before we can return your money.
Please contact FSCS with evidence of the change of name. Once confirmed we will make payment in the new name.
Documents that can be used as evidence include an original or certified copy of a marriage certificate or a deed poll. Additionally, you'll need to provide a council tax bill, a utility bill (not a mobile phone bill) or a benefits entitlement letter with your new name, dated less than three months old.
I am the executor for someone who has recently died. Do I need to contact FSCS?
If the estate has already banked the cheque, you do not need to take any further action.
If the estate has not received the payment, you will need to send FSCS the original Death Certificate, Grant of Probate and a copy of the will or letter of administration. These documents are required before FSCS can make a payment.
However, should you wish to contact FSCS regarding any issues that you may have, please call 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday 9am to 5pm excluding public holidays.