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.
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
If you've already received your cash over the counter, or banked the cheque payment, you don't 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 administrator (details below) with evidence of your change of name. Once confirmed, the administrator will 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 it must be less than three months old.
If the estate has already received cash over the counter, or 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 18.00.
Alternatively, send the documents to the administrator by email at ELCU@corkgully.com or by post to Cork Gully LLP, 6 Snow Hill, London, EC1A 2AY.
The administrator will then contact FSCS to enable payment.