The Financial Services Compensation Scheme has announced the failure of Glasgow-based Greater Milton and Possilpark Credit Union Ltd, which was declared in default on 12 March 2019.
The administration of this failure has now been completed - if you have any questions or queries about your account, please contact FSCS via the details below.
You can see the determination papers on this link.
Commonly asked questions
What if I was expecting a payment to my account?
Any payments transferred to your account after 12 March 2019 won’t be added to your balance – the Administrators will deal with them.
What happens to my account or any loans I had with Greater Milton and Possilpark Credit Union?
Any account you held with Greater Milton and Possilpark Credit Union will no longer work. If your salary and benefits are paid into your account, open one elsewhere as soon as possible, and tell your employer or the Department for Work and Pensions.
Members who want to open a new credit union account can do so with alternative credit unions. The website www.findyourcreditunion.co.uk/ may be of help in seeing what’s available.
If you have any payments coming into your account by standing order, you should cancel them. 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. But 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.
If your standing order is for a loan repayment, don’t cancel it. Any loan agreement you had with Greater Milton and Possilpark Credit Union remains in place and you must maintain your repayments as originally contracted. The Administrators will manage future loan repayments and they'll contact you about this.
If you made loan repayments via a service point, contact the Administrators to discuss repayment by other means.
If you made payments covering both loans and savings, then the Administrator can advise you of the net payment you'll need to make each month for your loan, so you don’t fall into arrears.
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 Greater Milton and Possilpark 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 Greater Milton and Possilpark Credit Union of the change or told them but received no confirmation that they had updated their records, we’ll need to see evidence of the address change. You can use a document such as a council tax bill, utility bill (but not a mobile phone bill), or benefits entitlement letter, but the letter must be less than three months old.
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 cheque payment, you don’t need to do anything. If the estate hasn’t received the payment, you’ll need to provide at least one proof of identity in the form of the Grant of Probate or Letters of Administration. If neither are available you'll need to provide a will and death certificate.