Faifley Credit Union Ltd
Failed 23 November 2020
You don't need to do anything
Faifley Credit Union Ltd Ltd has failed.
On 23 November, Faifley Credit Union Ltd was placed into liquidation and ceased trading. Financial Services Compensation Scheme declared Faifley Credit Union Ltd failed on 23 November.
The administration of Faifley Credit Union Ltd has ended and the Administrators have ceased to act.
Download the determination papers.
As a Faifley 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 we receive from Faifley Credit Union. We'll contact you by post.
In most cases, FSCS aims to make payment within seven days from the date it failed, on 23 November 2020. For more complex cases, which may require further investigation, we'll aim to settle claims within 15 working days of being notified of the issue.
All members will receive a cheque sent by post in an unmarked envelope.
FSCS will receive information from Faifley 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 Faifley Credit Union Ltd failed, on 23 November 2020.
If you disagree with the amount paid by FSCS, please contact us.
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 Faifley Credit Union, you'll need to open a new account elsewhere – and tell your employer or the Department for Work and Pensions.
If you need help opening a basic bank account, your local Citizens Advice Bureau should be able to assist. Alternatively, please contact your local high street bank. Please see below for details of two Citizens Advice Bureaus local to your area.
Clydebank Office Citizens Advice Bureau
Social Economy Centre
63 Kilbowie Road
Clydebank G81 1BL
Freephone 0800 484 0136 (Mon -Thu 8:30am – 4:30pm, Fri 8:30am – 3pm) or Telephone: 0141 435 7590
Dumbarton Office Citizens Advice Bureau
179 High Street
Dumbarton G82 1NW
Freephone 0800 484 0136 (Mon -Thu 8:30am – 4:30pm, Fri 8:30am – 3pm) or Telephone: 01389 744690
Due to Covid19 both the Clydebank and Dumbarton Offices are not currently operating a drop-in service and entry is by appointment only.
But they are still contactable. You can call to speak with an adviser using the above phone numbers, send them a message using their online contact form, use their Facebook page or you can use their LiveChat service.
Further information on basic bank accounts can be found on the MoneyHelper website
For junior members, FSCS will send a payment in the name of the account holder for the balance of their account at the date the credit union failed.
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 issued 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 the standing order 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.
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 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 your repayments as originally contracted.
Future loan repayments will be managed by the administrator who will contact you. If you previously paid your loan in person, that option will no longer be available as the credit union is closed. You'll have to make arrangements to make your loan repayments by bank transfer or by calling into your nearest bank branch. If this is going to be difficult, please contact the administrator. 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 to stop you from falling into arrears.
Faifley Credit Union Ltd is no longer accepting loan repayments through the service points. If you have previously paid your loan through a service point, please contact the administrators’ team on the numbers above.
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 31 October 2020.
Any amounts paid into the account after 31 October 2020 will not be added to your savings balance.
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 it failed, or you notified it but didn't receive confirmation that the records had been updated before it failed, we will need to see evidence of the change of address before any compensation payment can be made.
Please contact FSCS with evidence of the change of address. Once confirmed we'll make a 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 are less than three months old.
If you've already 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 name change – for example, a marriage certificate or deed poll – and this will allow us to update our records and process the claim.
Please contact FSCS with evidence of the change of name. Once confirmed we'll 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, as long as they're 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 09:00 to 17.00.