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Credit Union gone bust ..how do i pay?


AndrewKate
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I had a loan from a credit union and was 3 quarters of the way to paying it off.

 

Today i had a phone call from my payroll department to advise me that the Credit Union had gone into administration and that they were refunding my last two payments as they where taken direct from my pay.

 

I wondered if anyone could advise me as to what would happen with the remainder of this loan as i cant seen to get an answer from the credit union.

 

Thanks

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which one?

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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The loan will still need to be repaid. You have a choice of putting the repayments to one side and waiting for the administrators to contact you, or making contact yourself.

 

Looking at the FSCS web site, I see four credit unions have failed so far this year.

 

Yoker Credit Union

Administrators: Andrew Poxon and Stuart Robb of Leonard Curtis, Third Floor, 2 West Regent Street, Glasgow G2 1RW

 

Plough & Share Credit Union

Administrators: Jo Milner and Stephen Cork of Cork Gully LLP, 52 Brook Street, London W1K 5DS

 

West Wales Credit Union

Administrators: Dina Devalia and Peter Hart of PKF Geoffrey Martin & Co Limited, 1 Westferry Circus, Canary Wharf, E14 4HD

 

Staffordshire Credit Union

Administrators: Jo Milner and Stephen Cork of Cork Gully LLP, 52 Brook Street, London W1K 5DS

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