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Credit union goes out of business

Credit union

Plough & Share Credit Union Limited has stopped trading after it was revealed it was in default and could not repay deposits to its 2,550 members.

The Financial Services Compensation Scheme (FSCS) revealed the news as it stepped in to protect the members of the Okehampton-based company. 

The FSCS will now compensate the vast majority of members within seven days and use Plough & Share’s records to automatically send payments out to them. 

Those members with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office, while anyone with more than this amount will receive a cheque for their balance direct from FSCS.

The FSCS protects up to £85,000 of savings – double that for joint accounts – and has helped over 4.5 million people since 2001.

Any queries about Plough & Share Credit Union can be directed to its administrators Jo Milner and Stephen Cork of Cork Gully LLP.

They can be contacted by post at 52 Brook Street, London, W1K 5DS, telephone: 0333 210 0027 or email: 

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