Barrow & District Credit Union (BDCU) is into administration and has ceased trading. James Sleight and Peter Hart were appointed administrators of the credit union on 16 September.
The Financial Services Compensation Scheme (FSCS) has declared BDCU in default, meaning that savers with the credit union will have their funds returned up to the limit of £85,000 per individual.
James Sleight, of PKF GM, said: “All of BDCU’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”
BDCU said in a statement to members: “You do not need to do anything to make a claim for your BDCU savings balance with the FSCS as they will send you payment in respect of your account balances as at 15 September 2021 very soon. Should any monies be paid into BDCU’s bank account on or after 16 September 2021 until the account is closed where you are the intended recipient you will need to complete a return of funds request form which will be issued to you by post shortly by the Joint Administrators.
“You need to contact DWP or any other government offices that handle your benefits and give them new account details for another account in your name. If you do not have an account with any other bank or credit union, you will need to set one up immediately as BDCU’s bank account will be closed.
“You need to continue to make your contractual repayments on your loan(s) until fully paid off. You should cancel any direct debits or standing orders you currently have in place in relation to your savings and contact the office (numbers published below) to obtain the new Administration bank details to set up a standing order to resume your contractual loan(s) repayments.”
Further information is available on FSCS’s website and BDCU’s frequently asked questions page.
For any queries the Administration team can be contacted in the first instance on 01229 520130, 01229 870110 or email [email protected], or alternatively call 0113 244 5141.
