Waltham Forest Council Employee Credit Union Ltd

On 19 August 2025, Waltham Forest Council Employee Credit Union Ltd (WFCECU), was placed into administration and stopped trading.

As a customer of WFCECU, you don’t need to worry, as your money is safe.

Any eligible deposit you held with WFCECU is protected by FSCS. As WFCECU has now failed FSCS will step in to repay your money.

Dina Devalia and Terri Mulgrew of Quantuma Advisory Ltd (Quantuma) are the appointed joint administrators. They will contact you by post with documents about the administration.

You don't need to do anything.

If you had an account with WFCECU you don’t need to contact FSCS for the money to be returned to you. 

FSCS will send you a cheque to the address WFCECU held for you on its records within seven working days. Your cheque will arrive in an unmarked envelope.

The information FSCS has received from WFCECU confirms your individual balance. The amount you receive will be the balance of your account(s) on Monday 18^th August 2025.

If you disagree with the payment amount you should still continue to bank your cheque so that you can receive your funds.

Then, you should call the joint administrators’ team on 07469 278 739 or 020 3856 6720 or via email at WFCECU@quantuma.com, and they will look into your query. 

Do not return your payment to FSCS unless you are specifically asked to do so.

If you haven’t received payment from FSCS in the post via cheque by Friday 29 August 2025, please contact the joint administrators’ team directly on 07469 278 739 or 020 3856 6720 or via email at WFCECU@quantuma.com.

FSCS will send you your payment via cheque to the address WFCECU held on its records for you. This will be sent to you by post in an unmarked envelope.

If the name or address held by WFCECU are no longer your current details and you (1) didn’t update WFCECU with your new details before Monday 18^th August 2025 or (2) you updated WFCECU with your new details but didn’t receive confirmation that they’d updated their records before Monday 18^th August 2025, FSCS will need to cancel and re-issue your payment using your current details.

Please contact the joint administrators’ team on 07469 278 739 or 020 3856 6720 or via email at WFCECU@quantuma.com, and supply the team with the evidence they require to make the change of name or address.

Once confirmed, they will instruct FSCS to make payment to your current name and address.

You will need to open an account urgently with a UK bank, building society or credit union so that you can make your payment into this account and access your funds.   

If you wish to open an account with a credit union you can get information about credit unions from the Association of British Credit Unions Ltd (ABCUL) or the ACE Credit Union Services.

The joint administrators will regularly update WFCECU’s website with information to assist members, including where they may find support to open an alternative bank account.

If you need help opening a bank account, your local Citizens Advice Bureau should be able to help you. Alternatively, please visit your local high street bank or building society.

The nearest Citizens Advice to WFCECU is Citizens Advice Waltham Forest.

Address: 220 Hoe Street, Walthamstow, London, E17 3AY.
Telephone: 08000 234 974.
Telephone advice times: Monday, Wednesday & Friday 10am – 4pm.
In person: you’ll need to contact Citizens Advice Waltham Forest on the above phone number to find out about options for visiting their office.
Office times: Monday to Friday 10am – 4pm

Further information on basic bank accounts can be found on the  MoneyHelper website.

As WFCECU has failed, all accounts will be closed. If your salary/ benefits/ pension are paid into the account you held with WFCECU, you should follow the steps below:

• Please contact your employer, the Department for Work and Pensions (DWP) or your pension provider to tell them to pay your salary/ benefits/ pension into an alternative account you hold with a bank, building society or credit union.
  If you don’t currently have an alternative bank account, you’ll need to open one as soon as possible as you’ll need to provide these details to your employer, DWP, or your pension provider to enable future payments to be made to you.
• If you were due to receive your payment into your account either on or after Monday 18^th August 2025 please contact the joint administrators’ team directly on 07469 278 739 or 020 3856 6720 or via email at WFCECU@quantuma.com, so that they can investigate.

It is absolutely crucial that you make arrangements with your employer, pension provider or the DWP to tell them to pay your salary or benefits into your alternative account as WFCECU bank accounts will be closed very soon and any monies will be automatically returned to the party trying to make the payment.

If you are receiving any of the benefits listed below you can contact your local JobCentre Plus or call the DWP on the following phone numbers:

• Jobseeker’s Allowance - 0800 169 0310
• Income Support - 0800 169 0310
• Employment and Support Allowance - 0800 169 0310
• Universal Credit - 0800 328 5644 or through your online account. Further information can be found on the .gov website's universal credit pages.
• Personal Independence Payment - 0800 121 4433
• Disability Living Allowance - 0800 121 4600
• Attendance Allowance - 0800 731 0122.
• Carer’s Allowance - 0800 731 0297
• Pension Credit - 0800 99 1234
• State Pension - 0800 731 7898

• Working Tax / Child Tax Credits - Administered by HMRC - 0345 300 3900
• Child Benefit - This is a HM Revenue & Customs (HMRC) administered benefit. You can change your bank account details online using the HMRC webpages at www.gov.uk or telephone 0300 200 3100. Alternatively, you can write to HMRC at: HM Revenue & Customs - Child Benefit Office, PO Box 1, Newcastle Upon Tyne, NE88 1AA, United Kingdom.

If you need help contacting these agencies, your local Citizens Advice Bureau should be able to help you. Contact them using the details provided in the question above.

Please check WFCECU’s website, www.walthamforestsavers.com for further information and support.

You will need to arrange for these payments to be paid into a new or different account and should cancel any existing payments to your WFCECU 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 will need to give your bank or 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.

Do not cancel any repayments as your loan agreement remains in place and you must make your repayments as originally contracted.

Future loan repayments will be managed by the joint administrators Dina Devalia and Terri Mulgrew of Quantuma Advisory Ltd. They will contact you by post about this and provide you with the administration bank account details as soon as they can.

If you made payments covering both loans and savings the joint administrators’ team will be able to advise 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 about your loan, please contact the joint administrators’ team on 07469 278 739 or 020 3856 6720 or by email at WFCECU@quantuma.com and they will look into your query.

If WFCECU wasn’t aware before Monday 18^th August 2025 that the late customer had passed away, then FSCS may have sent payment to the late customer via cheque, to the address held by WFCECU for their account.

Please contact the joint administrators’ team on  07469 278 739 or 020 3856 6720 or by email at WFCECU@quantuma.com. They will then confirm what evidence they require from you, which will include the original death certificate. 

Once they have obtained all the required evidence, they will then instruct FSCS to make payment to those legally entitled to receive the funds.

You can call the joint administrators’ team on 07469 278 739 or 020 3856 6720 or by email at WFCECU@quantuma.com.

If you have a query about compensation, further information is available on our What we cover page.

The Joint Administrators are Data Controllers and have a privacy notice statement as required by the General Data Protection Regulation.

Should you wish to be supplied with a hard copy, free of charge, please contact the Joint Administrators’ team on 07469 278 739 or 020 3856 6720 or by email at WFCECU@quantuma.com.

If you were a member of WFCECU, it is possible that the joint administrators, Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited, or members of their team may contact you.

They will always follow appropriate security protocols to provide assurance that the contact is genuine, and neither they or FSCS will never ask you for money in order for you to receive your payment. If you have any concerns about the contact you’ve received, we’d recommend you end the contact and call the Joint Administrators directly using any of the official numbers quoted above.