Administrators appointed at North Airdrie Credit Union

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Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited were appointed as Joint Administrators of North Airdrie Credit Union Limited (NACU) on 16 December 2019.

The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers will have all of their deposits returned.

Dina Devalia said: “All of NACU’s savers will have their balances returned by the FSCS – they won’t lose a penny as a result of the credit union going into administration. You don’t need to do anything to get your money back; you should look out for a letter in the post from the FSCS in the next few days.”

NACU has now ceased trading.

Don’t worry, your money is safe

You don’t need to do anything to make a claim for your NACU savings balance with the FSCS as it will send you payment in respect of your account balances as at 11 December 2019 very soon. Any further amounts received on 12 and 13 December will be paid to members as soon as possible.  Should any monies be paid into your NACU bank account on or after 16 December 2019, you’ll need to complete a ‘return of funds’ request form, which will be issued to you by post shortly by the Joint Administrators.

Your benefits, salary or other regular deposits into your NACU account

You need to contact DWP (or any other government offices that handle your benefits) and give them new account details for another account in your name. If you don’t have an account with any other bank or credit union, you’ll need to set one up immediately as NACU’s bank account will be closed.

Loans with NACU

You need to continue to make your contractual repayments on your loan(s) until they are 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 new Administration bank details to set up a standing order to resume your contractual loan(s) repayments. 

For further information

The FSCS has further information available on its website, along with their frequently asked for questions, which are published alongside this notice.

For any queries, please contact the Administration team in the first instance on 01236 779 100 or 01236 490 150 or email, alternatively please call 0113 244 5141.