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Thousands of pounds returned to failed credit union members
Hartlepool Credit Union Ltd stopped trading on 2nd August 2016 and was unable to pay more than £405,000 to its 2,864 members.
The FSCS returned balances to the vast majority of the union’s members within days, sending cheques for amounts over £1,000 or money orders for smaller sums.
Mark Oates, head of communications at the FSCS, said: “When Hartlepool Credit Union closed, we said FSCS would pay the overwhelming majority of people their balances within seven days, and that is what we have done.
“Our role is to protect people at times like this.
“Hartlepool Credit Union was unable to pay members their money back, so we stepped in.”
Earlier this month, the FSCS protected approximately 5,200 members of Costal Credit Union after it stopped trading and went into default.
The FSCS is a free and automatic service for the customers of authorised financial services firms, protecting up to £75,000 in current and savings accounts.
Approximately 4.5 million people have been helped by the FSCS over the past 15 years, receiving a combined £26bn.
The service handles insurance, investments and home finance cases when a firm is either unable or likely to be unable to pay claims against it.
Any members of Hartlepool Credit Union who think they may still be entitled to compensation should call 0800 678 1100 or visit www.fscs.org.uk.
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