Harp Credit Union Limited declared in default
04 September 2018
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Harp, which has stopped trading and is now in default. This means the Credit Union cannot repay deposits to its 166 members.
FSCS will compensate the vast majority of members within seven days. Using the Credit Union’s records, FSCS will send payments out automatically.
People with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from FSCS.
FSCS protects up to £85,000 of savings – double that for joint accounts and has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation. FSCS expects the total pay-out for Harp Credit Union Limited members to be £64,600.
Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said:
“FSCS is here to protect members of Harp. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within seven days. The process is automatic too, so you won’t have to apply for compensation.”
For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, please visit our deposit limits page.
Any queries about Harp can be directed to Jo Milner and Ryan Taylor of Cork Gully LLP who have been appointed as administrators.
You can contact the joint administrators by telephone on 020 7268 2150 or email: Harp@corkgully.com
T: 020 7375 8631
T: 020 7375 8638
- For more information on deposits protection please visit our questions and answers page.
- Harp Credit Union Limited was declared in default on 04 September 2018 with 166 members.