K&C Credit Union Ltd

The Financial Services Compensation Scheme (FSCS) has announced the failure of K&C Credit Union Ltd(which traded as ‘Your Credit Union Ltd’) which was declared in default on 9 October 2018.

K&C Credit Union Ltd was placed into Administration and has now ceased trading. Kevin Murphy, Jason Maloney and Bai Cham of CVR Global LLP (New Fetter Place West, 55 Fetter Lane, London EC4A 1AA) have been appointed as Administrators.

I was a customer of K&C Credit Union – what do I need to do?

You don’t need to do anything. FSCS is a free service and protects any savings you have with this credit union up to £85,000. We’ll automatically return customers’ individual balances on the date of 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 7 days from 9 October 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 have paid, please contact the Administrators’ team at CVR Global LLP on 020 3151 3966 or email yourcreditunion@cvr.global and they’ll look at your query. Don’t return the payment to us unless you’re specifically asked to do so.

What if I was expecting a payment to my account?

Any payments transferred to your account after 9 October, won’t be added to your balance – the Administrators will deal with them. You can call them 020 3151 3966 or email yourcreditunion@cvr.global

What happens to my account or any loans I had with K&C Credit Union?

Any account you held with K&C Credit Union will no longer operate. So 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 have the opportunity to do so with alternative credit unions.  The website https://www.findyourcreditunion.co.uk/ may be of help in seeing available options.

If you have any payments coming into your account by standing order you should also cancel them as no further money will be credited to your savings 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. The Administrators will manage future loan repayments and they will contact you about this.

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, please call 020 3151 3966 or email yourcreditunion@cvr.global

Do I need to tell FSCS if I recently changed my name or address?

We’ll send any payment to the name and address that K&C Credit Union held on their 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 that they updated their records, 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 on 020 3151 3966 or email yourcreditunion@cvr.global 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 as appropriate.

I’m the executor of a depositor who has recently died. Do I need to contact FSCS?

If the estate has already received cash over the counter, or banked the compensation cheque, you do not 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.  These documents are required before we can make any compensation payment.

You can present these documents to the Administrators, Kevin Murphy, Jason Maloney and Bai Cham, CVR Global LLP, New Fetter Place West, 55 Fetter Lane, London EC4A 1AA; telephone 020 3151 3966 or email yourcreditunion@cvr.global. The Administrators will then contact us to enable us to make the compensation payment.

Alternatively, if you want to contact FSCS regarding any issues that you may have please call us on 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday 08.30 to 17.30.   

Who can I contact if I need more help?

You can direct any further questions about K&C Credit Union to the Administrators CVR Global LLP on 020 3151 3966 or email yourcreditunion@cvr.global

For further information on what FSCS protects click here.