North East Warrington Credit Union (NEWCU) Limited declared in default: FSCS to protect its 1,182 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of North East Warrington Credit Union (NEWCU) Ltd, which has stopped trading and is now in default.
FSCS will compensate most of the 1,182 members of the credit union within seven days. Using the credit union’s records FSCS will send payments to members for their balance automatically.
People with up to £1,000 in their account will receive a letter from FSCS 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 expects the total compensation for North East Warrington Credit Union (NEWCU) Ltd to be around £1.3m.
Lila Pleban, Chief Communications Officer at FSCS, said:
'Members of North East Warrington Credit Union (NEWCU) Limited can be assured that their money is safe. FSCS protects people’s savings up to £85,000 and we are ready to help them get back on track as soon as possible.
Members do not have to do anything as most will receive their money directly from us within a week.'
A dedicated page on the FSCS website includes questions and answers which may be useful for members of North East Warrington Credit Union (NEWCU) Ltd.
For more information on how FSCS can protect people with current or savings accounts in credit unions, banks and building societies, please visit the FSCS website and our ‘what we cover’ page.
Any questions about North East Warrington Credit Union (NEWCU) Ltd can be directed to the administrators, Mike Dillon and Andrew Poxon of Leonard Curtis Recovery Limited. They can be contacted by telephone on 0161 532 4621, or alternatively by email at email@example.com. Any post should be addressed to North East Warrington Credit Union (NEWCU) Limited c/o Leonard Curtis Recovery Limited, Riverside House, Irwell Street, Manchester, M3 5EN.
T: 07730 668 558
Notes for editors
North East Warrington Credit Union (NEWCU) Limited was formerly known as North East Warrington Credit Union Limited between September 2000 and September 2013 and as Poulton North Credit Union Limited from April 1998 until September 2000.