East London Credit Union Ltd - trading as Waltham Forest Community Credit Union
Failed 11 Sept 2019
FRN: 224176
You don't need to do anything
East London Credit Union Ltd has failed.
As an East London Credit Union (Waltham Forest Community Credit Union) customer you don't need to worry, as your money is safe. FSCS will automatically pay back your money, according to the account details we receive from the credit union. We'll contact you by post.
Commonly asked questions
Why doesn’t FSCS pay all members of the credit union by cheque?
Some people may need the money and don't have another bank account into which they can pay a cheque. The 'cash over the counter' option is flexible and allows people access to their money much more quickly than a cheque, especially for small balances.
Can FSCS make a payment directly to my account with another bank?
FSCS is not in a position to make electronic money transfers to other banks. We make payments either by cheque or by cash over the counter.
I disagree with the amount I've been paid. What next?
If you disagree with the amount paid by FSCS, please contact the administrator Stephen Cork at Cork Gully LLP on 0333 210 1548 or via email at ELCU@corkgully.com and he'll look into your query. Do not return your payment to FSCS unless you're specifically asked to do so.
I make regular payments to my account each month by standing order. Should I cancel the standing order now?
If this payment relates solely to savings, you should cancel it as no further money will be credited to your account. You can cancel the standing order at any branch of your bank or building society, over the phone or via secure online banking.
Note that you'll need to give your bank/building society a couple of days’ notice before the payment is due to come out of your account. However, if your standing order also relates to loan repayments, do not cancel it.
I had a loan with the credit union. Do I have to repay it and should I cancel the standing order?
Do not cancel any repayments, as your loan agreement remains in place and you must maintain the repayments as originally contracted.
Do not let your loan account fall into arrears.
If you made payments covering both loans and savings, the administrator will be able to advise you of the net payment needed each month so that you do not fall into arrears.
The credit union is no longer accepting loan repayments through the service points. If you've previously paid your loan through a service point, please contact the admnistrator to discuss arrangements for the repayment of your loan by alternative means.
Can I open an alternative credit union account?
Yes you can. The website www.findyourcreditunion.co.uk should help in choosing from the available options.
In addition, the London Community Credit Union shares a common bond area with East London Credit Union Ltd (Waltham Forest Community Credit Union) and has agreed to accept members who qualify and who want to open an account with them. Its details are:
London Community Credit Union
Stratford – 34 Broadway, London, E15 4QS
Hackney – 225 Mare Street, London, E8 3QE
Bethnal Green – 473 Bethnal Green Road, London, E2 9QH
Bow – 570 Roman Road, London, E3 5ES
Poplar – 16 Vesey Path, London, E14 6B
The administrator is unable to transfer existing accounts directly to another credit union. Instead, members and junior depositors will have to make an application themselves to join any other credit union.
If you fall within the common bond area and qualify for the London Community Credit Union, contact them on 020 7729 9218, or alternatively visit a branch for further information about opening a new account and applying for a loan.
A member of staff from London Community Credit Union will be at the East London Credit Union Ltd (Waltham Forest Community Credit Union) office on a weekly basis, and will be taking members’ details and helping with applications to join the London Community Credit Union.
A payment was made to my credit union account around the time FSCS declared it in default and it hasn't been credited. Will the balance on my account be updated to reflect this payment?
FSCS will receive information from the credit union that will detail the individual credit balances of the accounts held by its members at the date of default, 11 September 2019.
Any amounts paid into the account after that date won't be added to your savings balance but will be dealt with seperately.
My child has a savings account with the credit union. What will happen to his/her savings?
For junior members, the FSCS will send a payment in the name of the account holder for the balance of their account at the date of default.
If the account is operated by an adult on behalf of a child, the cheque will be sent to the account operator’s address, if that has been registered with the credit union, but the cheque will be made out in the child’s name.
A new account in that name will need to be opened with an alternative provider. We cannot pay to parents or guardians.
I hold a Child Trust Fund account with the credit union. What do I do?
If you're the holder of a Child Trust Fund account, the process for FSCS to reimburse you is different to that for other account holders.
Payment can only be made to an alternative Junior ISA provider, rather than returned directly to the account holder. Contact FSCS for more details.
Do I need to notify FSCS if I have recently changed address?
FSCS will send payment to the address that the credit union held on its database.
If you didn't notify the credit union of your change of address before the credit union failed, or if you notified it but didn't receive any confirmation, FSCS will need to see evidence of your new address before any payment can be made.
Please contact FSCS with evidence of your new address.
Documents that can be used as evidence include a council tax bill, a utility bill (not a mobile phone bill) or a benefits entitlement letter, as long as they are less than three months old.
Do I need to notify FSCS if I have recently changed my name?
If you've already received your cash over the counter, or banked the cheque payment, you don't need to take any further action.
If you have not received your payment or are unable to bank the cheque in the name it was sent in, we'll need to see evidence of your name change before any payment can be made.
You'll need to provide the original documentation or a certified copy of an official document showing your change of name – for example, a marriage certificate or deed poll – and this will allow us to update our records and process the claim.
Please contact FSCS with evidence of your change of name.
Documents that can be used as evidence include a marriage certificate or a deed poll. Additionally, you'll need to provide a council tax bill, or a utility bill (not a mobile phone bill) or benefits entitlement letter with your new name, and it must be less than three months old.
I am 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 cheque payment, you don't need to take any further action. If the estate hasn't received the payment, you'll need to send FSCS the original death certificate, grant of probate and a copy of the will or letter of administration.
These should be original documents and are required before FSCS can make a payment. However, should you wish to contact FSCS regarding any issues, please call freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday from 08.30 to 18.00.