PEACE OF MIND
Dina Devalia and Stephen Goderski of PKF Geoffrey Martin & Co have been appointed as Joint Administrators of North East Scotland Credit Union.
The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers monies are protected and will receive their funds.
Dina Devalia, of Geoffrey Martin & Co, said: “All of North East Scotland Credit Union’s savers will have their balances 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.”
North East Scotland Credit Union has now ceased trading and is not expected to re-open.
Money in your Credit Union Account
Don’t worry, your money is safe.
You do not need to do anything to make a claim for your NESCU savings balance with the FSCS as they will sent you payment in respect of your account balances as at 27 February 2018 very soon.
Your benefits, salary or other regular deposits into your NESCU account
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 of credit union, you will need to set one up immediately.
Loans with NESCU
You need to continue to make your payments on your loan(s) until it is paid off. You should not cancel any standing orders in relation to your loans.
For Further Information
FSCS has further information available on the following link, including frequently asked questions: https://www.fscs.org.uk/news/2018/february/north-east-scotland-credit-union-goes-out-of-business-fscs-to-protect-over-2700-members/
If you have any questions about a loan with NESCU or the administration in general please email NESCU@geoffreymartin.co.uk or call 0207 516 2420.
A Credit Union is simply a community-based financial cooperative, owned and operated by its members, providing an alternative to commercial banking, pay day loans and doorstep agents for all members of the local community – regardless of situation, credit record and financial history.
PEACE OF MIND:
Credit Unions are held to the same stringent regulations as the banking industry, providing many of the same services– but without the hidden charges, fees and penalties. Best of all, credit union members money remains in their local community, benefiting other members, friends and relatives - every penny saved with us is one more penny in the pot to help the other members of the community.
• Borrowing is based on YOUR savings and YOUR ability to repay.
• No hidden charges, fees and no penalties for early settlement.
• Fully inclusive to all members of the community: Business, Families, Employed or Unemployed, Young People or Retired.
• You decide how much you wish to save on a weekly, fortnightly or monthly basis.
All funds are protected through the FCA/PRA compensation scheme up to the value of £75,000 per member. However, our Maximum savings allowance is £15,000 - so your savings are always 100% protected.
We also offer a death benefit scheme that will pay off your loan and increase your savings by at least 25%, providing peace of mind for your loved ones.
NESCU is regulated by the Financial Conduct Authority and the Prudential Regulation Authority; Number 225531.