K&C Credit Union Ltd
Failed 09 October 2018
The Financial Services Compensation Scheme has announced the failure of K&C Credit Union Ltd (which traded as ‘Your Credit Union Ltd’) and declared it in default on 9 October 2018.
The administration of K&C Credit Union Ltd (which traded as ‘Your Credit Union Ltd’) has ended and the Administrators have ceased to act.
As a customer of K&C Credit Union Ltd you don’t need to do anything. FSCS is a free service and protects savings up to £85,000. We’ll automatically return customers’ individual balances as they were on 9 October, based on the information we’ve received from K&C Credit Union.
We’ll contact customers by post in an unmarked envelope. Customers with up to £1,000 in their account will receive a letter to get cash-over-the-counter from their Post Office. For balances over £1,000 you’ll receive a cheque. Customers who don’t have another bank account should open one as soon as possible to bank their cheque.
If your child has a K&C Credit Union account we’ll send payment in their name. If an adult operates the account on a child’s behalf, we’ll make the cheque out in the child’s name and send it to the adult’s address (if the address was registered with K&C Credit Union).
We aim to return customers’ money within seven days from 9 October, which is when we declared K&C Credit Union in default. If a case is more complex, we’ll settle claims within 20 working days.
If for whatever reason, you disagree with the amount we've paid, please contact us. Contact details are at the bottom of the page. Don’t return the payment to us unless you’re specifically asked to do so.
Commonly asked questions
Any payments transferred to your account after 9 October won’t be added to your balance.
Any account you held with K&C Credit Union will no longer operate. If your salary and benefits are paid into your account, you’ll need to open one elsewhere as soon as possible – and tell your employer, pension provider or the Department for Work and Pensions
Members who wish to open a new credit union account can do so with alternative credit unions. The website findyourcreditunion.co.uk may be of help in finding available options.
If you've any payments coming into your account by standing order you should also cancel them, as no further money will be credited to your account. You can cancel standing orders at any branch of your bank or building society, over the phone or by secure online banking. However, you will 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 for a loan repayment though, don’t cancel it. Any loan agreement you had with K&C Credit Union will remain in place and you must maintain your repayments as originally contracted.
If you made payments covering both loans and savings then the administrator can advise you of the net payment you need to make each month for your loan so you don’t fall into arrears. For further information about your loan, contact us.
We’ll send any payment to the name and address that K&C Credit Union held on its database.
For any name change, you’ll need to provide an original document or certified copy of an official document showing your change of name, for example a marriage certificate or deed poll.
For any change of address, if you didn’t tell K&C Credit Union of your address change or told them but received no confirmation, we’ll need to see evidence of the address change. This can be through a document such as a council tax bill, utility bill (but not mobile phone bill), or benefits entitlement letter – the letter must be less than 3 months old.
Please contact the administrators with evidence of your change of name or address. Once confirmed they’ll instruct us to make payment in your new name or to your new address.
If the estate has already received cash over the counter, or banked the compensation cheque, you don't need to take any further action. If the estate hasn’t received the payment, you’ll need to provide the Grant of Probate or Letters of Administration showing your appointment. We can then pay the compensation to the estate of the deceased. These should be either certified copies or original documents and they're required before we can make any compensation payment.
Present these documents to us to enable us to make the compensation payment.