Rainbow Saver Anglia Credit Union Ltd

Failed 18 May 2022

FRN: 213617

You don't need to do anything

Rainbow Saver Anglia Credit Union Ltd has failed.

On 18 May 2022, Rainbow Saver Anglia Credit Union Ltd was placed into administration and ceased trading. The Financial Services Compensation Scheme declared Rainbow Saver Anglia Credit Union Ltd as failed (in default) on 18 May 2022.

As a Rainbow Saver Anglia Credit Union Ltd 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 1MB))

Information
Q&A

In most cases, FSCS aims to make payment within seven days from the date we declared it failed, on 18 May 2022. For more complex cases, which may require further investigation, we'll aim to settle claims within 10 working days of being notified of the issue.

FSCS will send the credit union members a cheque by post in an unmarked envelope.

FSCS will receive information from Rainbow Saver Anglia Credit Union Ltd that will detail your individual credit balance. The payment you receive will be the balance on your account on the date FSCS declared Rainbow Saver Anglia Credit Union Ltd as failed, on 18 May 2022.

If you disagree with the amount paid by FSCS, please call FSCS on 0800 678 1100. Do not return your payment to FSCS unless you are specifically asked to do so.

You'll need to open a bank account with another deposit taker (e.g. a bank, building society or the Post Office). You should bank the cheque as soon as possible.

If you need help in opening a Basic Bank Account, your local Citizens Advice Bureau should be able to help (details below) or visit your local high street bank. Further information on Basic Bank Accounts can also be found on the Moneyhelper website.

Citizens Advice Bureau East Suffolk (Lowestoft)

Citizens Advice North East Suffolk
St Margaret’s House,
Gordon Road,
Lowestoft, NR32 1JQ

The Citizens Advice Bureau has said on its website that face-to-face advice services are closed until further notice. Use its website to contact them.

There is a limited phone answering service Monday to Friday between 9.30 am and 2.30pm. Telephone 01502 518510 or 01502 717715.

FSCS

My salary and benefits are paid into my credit union savings account. What should I do?

Rainbow Saver Anglia Credit Union Ltd savings accounts will be closed. If your salary or benefits are paid into your savings account, you'll need to open a new bank account as soon as possible. You should contact your employer, pension provider or the Department for Work and Pensions (DWP) to tell them to pay your salary or benefits into your new account.

If you are in receipt of any of the following benefits you'll need to provide details of an alternative bank or building society to enable future payments to be made.

Jobseeker’s Allowance
Income Support
Employment and Support Allowance
Universal Credit
Personal Independence Payment
Disability Living Allowance

Some useful contact details:

You can contact your local Jobcentre or telephone the DWP on the following Freephone numbers: Employment Support Allowance (ESA) – 0800 169 0310
Income Support (IS) – 0800 169 0310
Jobseekers Allowance (JSA) – 0800 169 0310
Universal Credit – you can contact Universal Credit by calling the Universal Credit Helpline on 0800 328 5644 or through your online account. Find more information on the .gov website.
Personal Independence Payment (PIP) – 0800 121 4433
Disability Living Allowance (DLA) – 0800 121 4600

To have your benefit payments paid into an alternative bank, building society or local credit union account you will need to contact the following agencies with your new bank details:

Housing Benefit – Details for East Suffolk District Council
Website: www.eastsuffolk.gov.uk
Contact details for East Suffolk District Council Customer Services:
Website: www.eastsuffolk.gov.uk/contact-us/customer-services/
Telephone: 0333 016 2000

Location & Opening times:
Marina Centre,
Marina,
Lowestoft, NR32 1HH,

Opening times Tuesdays and Thursdays 10:00am - 4:00pm
Email: customerservices@eastsuffolk.gov.uk
Telephone for Housing needs: 0333 016 2000
Website for Housing Benefits: www.eastsuffolk.gov.uk/contact-us/ (from here you can select the Benefits services)
Working Tax/Child Tax Credits - This is HM Revenue & Customs (HMRC) administered. To change your bank account details, contact HMRC on 0345 300 3900
Child Benefit - This is also HMRC administered. You can change your bank account details online using the HMRC webpages at gov.uk or tel: 0300 200 3100. Alternatively, you can write to HMRC: HM Revenue & Customs, Child Benefit Office, PO Box 1, Newcastle Upon Tyne NE88 1AA.

If you need help in contacting these agencies, your local Citizens Advice Bureau should be able to help you.

Citizens Advice Bureau East Suffolk (Lowestoft)

Citizens Advice North East Suffolk
St Margaret’s House,
Gordon Road,
Lowestoft, NR32 1JQ

The Citizens Advice Bureau says that face-to-face advice services are closed until further notice. Use its website to contact them.

There is a limited phone answering service Monday to Friday between 9.30 am and 2.30 pm. Telephone 01502 518510 or 01502 717715.

Can FSCS make a payment directly to my account with another bank?

No. FSCS will pay your compensation by sending you a cheque in an unmarked envelope.

I make regular payments to my account each month by direct debit or standing order. Should I cancel the direct debit or standing order now?

If this payment is just for savings, you should cancel it as no further money will be added to your savings account. You'll need to arrange for these payments to be paid into a new or different account and should cancel any existing arrangements that direct these payments to your Rainbow Saver Anglia Credit Union Ltd savings 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 is also for loan repayments, do not cancel it and please see the question below.

I had a loan with the 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 make your repayments as originally contracted.

For further information about your loan, please call FSCS on the number below.

Rainbow Saver Anglia Credit Union Ltd is no longer accepting loan repayments through a service point (a service point is another point, or location, from where a Credit Union may have offered its services). Please contact FSCS to discuss arrangements for the repayment of your loan another way.

A payment was transferred into my credit union account around the time FSCS declared the credit union 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 Rainbow Saver Anglia Credit Union Ltd that will show the individual balances of all accounts held by its members at the date of default, 18 May 2022.

If you've any concerns or queries, contact FSCS.

My child has a savings account with the credit union. What will happen to their savings?

For junior members, FSCS will send a payment in the name of the account holder for the money in their account at the date of default.

If the account is operated by an adult on behalf of the child, the cheque will be sent to the account operator’s address, if that has been registered with the credit union, but the payment will be in the child’s name.

A new account in that name will need to be opened with an alternative provider. We cannot pay parents or guardians.

Can I open up an alternative credit union account?

Yes. The website www.findyourcreditunion.co.uk may help.

Do I need to notify FSCS if I have recently changed address?

FSCS will send payment to the address that Rainbow Saver Anglia Credit Union Ltd held on its database.

If you didn't let the credit union know of your change of address before it was declared in default, or you notified it of the change but didn't receive confirmation that its records had been updated before it was declared in default, FSCS will need to see evidence of your change of address before we can make any compensation payment.

Please contact FSCS us for more information.

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, so long as they are less than three months old.

Do I need to notify FSCS if I have recently changed my name?

If you have already banked the cheque, you don't need to take any further action. If you have not received your payment or can’t bank the cheque, we will need to see evidence of your name change before we can return your money.

Please contact FSCS if you've any queries.

Documents that can be used as evidence include an original or certified copy of 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 a benefits entitlement letter with your new name, dated less than three months old.

I am the executor for someone who has recently died. Do I need to contact FSCS?

If the estate has already banked the cheque, 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 documents 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 9am to 5pm excluding public holidays.