You don't need to do anything
Cardenden & Kinglassie Credit Union Ltd has failed.
On 19 July 2021, Cardenden & Kinglassie Credit Union Ltd ceased trading. The Financial Services Compensation Scheme declared Cardenden & Kinglassie Credit Union Ltd in default on 19 July 2021.
As a Cardenden & Kinglassie 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.
There are more details below, and answers to commonly asked questions on the Q&A tab.
Download the determination papers (pdf 0.1MB).
Can FSCS make a payment directly to my account with another bank?
No. FSCS will pay you your compensation by sending you a cheque in an unmarked envelope.
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.
However, 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 also relates to loan repayments, do not cancel it.
I had a loan with Cardenden & Kinglassie Credit Union. Will 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 your repayments as originally contracted.
If you made payments covering both loans and savings, we will advise you of the net payment needed each month in respect of your loan so that you do not fall into arrears.
For further information about your loan, please contact us at cardendencu@fscs.org.uk.
Can I open an alternative credit union account?
Yes. The website www.findyourcreditunion.co.uk will help in choosing from the available options.
A payment was transferred into my credit union account around the time FSCS declared Cardenden & Kinglassie Credit Union Ltd in default. This amount does not appear to have been credited. Will the balance on my account be updated to reflect this payment?
FSCS will receive information from Cardenden & Kinglassie Credit Union Ltd which will detail the individual credit balances of all accounts held by its members at the date of default, 19 July 2021. If you believe you are owed more money, please supply evidence to us to verify this.
Do I need to notify FSCS if have recently changed address?
FSCS will send payment to the address that Cardenden & Kinglassie Credit Union Ltd held on its database.
If you didn't notify Cardenden & Kinglassie Credit Union Ltd of your change of address before it was declared in default, or you notified it but didn't receive confirmation that the records had been updated before it was declared in default, FSCS will need to see evidence of the change of address before any compensation payment can be made.
Please contact the FSCS team at cardendencu@fscs.org.uk or call 0800 678 1100 or 020 7741 4100 and supply the team with evidence of the change of address. Once confirmed, FSCS will make payment to the 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 changed my name?
If you've already banked the cheque payment, you do not 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 the FSCS team at cardendencu@fscs.org.uk or call 0800 678 1100 or 020 7741 4100. You’ll need to provide evidence of the change of name and once confirmed FSCS will make payment to you in your new name.
Once confirmed we'll make payment in the new 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, as long as they're 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 banked the cheque payment, you do not need to take any further action. If the estate has not received the payment, you will 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. These documents are required before FSCS can make a payment.
You can send these documents to us by email at cardendencu@fscs.org.uk.
However, should you wish to contact FSCS regarding any issues that you may have, please call freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday 9am–5pm, excluding public holidays.
How will I be able to find out what is happening?
If you have a query about compensation from FSCS, further information is on our compensation limit pages.
If you need to contact us please email cardendencu@fscs.org.uk or call freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday, 9am–5pm, excluding public holidays.