Hastings & Rother Credit Union Limited – In Administration (“HRCU”)
Please be advised that Dina Devalia and James Varney of Quantuma Advisory Limited (“Quantuma”) were appointed as Joint Administrators of HRCU on 8 August 2023.
The Financial Services Compensation Scheme (“FSCS”) has also declared HRCU in default, which means that, despite the Administration, all savers’ monies are protected and they will receive payment of their balance (up to the limit of £85,000 per individual) from the FSCS.
Dina Devalia of Quantuma Advisory Limited has said: “All of HRCU’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”
HRCU has now ceased trading.
Don’t worry, your money is safe
You do not need to do anything to make a claim for your HRCU savings balance with the FSCS as they will send you payment in respect of your account balances as at 4 August 2023 very soon. Should any monies be paid into HRCU’s bank account on or after 4 August 2023 until the account is closed where you are the intended recipient you will need to complete a return of funds request form. The Joint Administrators will issue the form via post shortly.
Your benefits, salary or other regular deposits into your HRCU account
You need to contact your employer, pension provider or the Department for Work and Pensions or any other office that handles your benefits and give them new account details for another account in your name. If you do not have an account with any other bank or credit union, you will need to set one up immediately as HRCU’s bank account will be closed.
Loan(s) with HRCU
You need to continue to make your contractual repayments on your loan(s) until fully paid off.
You should cancel any direct debits or standing orders you currently have in place in relation to your savings and contact the office (numbers published below) to obtain the bank details for the Administration account so that you can set up a standing order to resume your contractual loan(s) repayments.