**IMPORTANT INFORMATION**

Stephen Cork and Jo Milner of Cork Gully LLP, 52 Brook Street, London, W1K 5DS were appointed Joint Administrators of Hartlepool CU on 1 August 2016. 

The credit union offices are now permanetely closed. If any amounts are depoisted into your credit union account they can be returned by bank transfer or cheque. Please contact the Joint Administrators on 0333 210 0024 to make arrangements in this regard. 

The Joint Administrators are working closely with Hartlepool CU’s Regulators to ensure that the Credit Union’s affairs are wound up as efficiently and quickly as possible.

Hartlepool CU is no longer able to offer any accounts to members and the Financial Services Compensation Scheme (“FSCS”) declared Hartlepool CU in default on 1 August 2016. 

Savings Accounts

You do not need to do anything to make a claim for your Hartlepool CU savings balance with the FSCS. You should immediately cancel any standing orders (including government benefit payments) depositing monies into your Hartlepool CU savings account, however if you also have a loan with Hartlepool CU please see below before taking any action.

The FSCS has been provided with the balance of your Hartlepool CU account and your address as per Hartlepool CU’s records.  The FSCS aims to pay compensation (up to a compensation limit of £75,000) to the vast majority of eligible account holders within 7 days of default (1 August 2016).  If you hold more than £75,000 with Hartlepool CU, the balance of your account will represent an unsecured claim in the administration.  Please see attached for further guidance in this regard.

The FSCS pays compensation by letter to cash at the Post Office for balances less than £1,000.  Cheques will be issued for balances of more than £1,000.

If your account is overdrawn, you will need to make arrangements to repay your overdrawn balance.  You will receive a further letter if this is the case.

Loans with Hartlepool CU

You are required to maintain your agreed payments on your loan(s).  You should not cancel any standing orders.

If you have previously paid your loan by standing order and some of your standing order went to your savings account, the full amount of your direct debit going forward will be considered a loan repayment.

Please note that if your loan account was in arrears as at 1 August 2016, overdue payments have been deducted from your savings balance in accordance with Hartlepool CU’s terms and conditions.

If you have any questions in relation to your loan, please contact HartlepoolCU@corkgully.com.

For Further Information

FSCS has further information available on its website at http://www.fscs.org.uk/. 

If you have any questions about a loan with Hartlepool CU or the administration in general please email HartlepoolCU@corkgully.com or telephone 0333 210 0024.

If you have a query specifically about compensation from FSCS, further information can be obtained from the FSCS website at www.fscs.org.uk; or by calling freephone 0800 678 1100 or 020 7741 4100. Telephone lines are open Monday to Friday 08.30 to 17.30.

 

Frequently Asked Questions

Hartlepool, East Durham, Tees Valley & North Yorkshire Credit Union Limited (“Hartlepool CU”)
Frequently Asked Questions


1. Hartlepool CU - what has happened to it and is my money safe?

You do not need to worry as your money is safe. 

 On 1 August 2016, Hartlepool Credit Union was placed into administration, and has now ceased trading.  Joanne Milner and Stephen Cork, of Cork Gully LLP, have been appointed as       administrators. FSCS declared Hartlepool CU in default on 1 August 2016. 

2. What is the Financial Services Compensation Scheme (FSCS)?

FSCS protects the customers of authorised financial services firms, such as Hartlepool CU. This means FSCS protects any savings you have with this credit union up to £75,000, and does not charge savers for using its service.

3. What do I need to do to get my money back?

You do not need to do anything.  FSCS will automatically pay you back your savings, according to the account information it receives from Hartlepool CU.  FSCS will contact you by post.

4. How soon will I get my money back?

For the vast majority of claims, FSCS aims to pay compensation within seven days from the date Hartlepool CU was declared in default, 1 August 2016. For complex claims, which may require further investigation, FSCS will aim to settle claims within 20 working days of default.

5. How will FSCS pay me back my money?

If you have a balance below £1,000, we will send you a letter to get cash over the counter at the Post Office. To receive payment, take this letter to any Post Office counter, with personal identification as outlined in that letter. 

If you have a balance over £1,000, you will receive a cheque. In both events, we will contact you by post in an unmarked envelope.

6. How will FSCS calculate how much compensation I am entitled to?

FSCS will receive information from Hartlepool CU which will detail your individual credit balance.  The amount of compensation you receive will be the balance on your account as at the date FSCS declared Hartlepool CU in default, 1 August 2016.

7. What should I do if I disagree with the amount of compensation FSCS have paid me and I have not banked the cheque or cash over the counter at the Post Office?

If you disagree with the amount of compensation paid, please contact the administrators at Cork Gully LLP, 52 Brook Street, London W1K 5DS; by telephone on 0333 210 0024; or by email, to HartlepoolCU@corkgully.com, who will look into your query. Do not return your payment to FSCS unless you are specifically requested to do so.

8. I do not have another bank account. What should I do with my compensation cheque?

You need to arrange to open a bank account with another deposit taker (e.g. a bank, a credit union, building society or the Post Office) and bank the cheque. 

9. Why doesn’t FSCS pay all members of Hartlepool CU by cheque?

The “cash over the counter” option is very flexible and allows people to have access to their money much more quickly than a cheque for a small balance. Some people may need the money and do not have another bank account that they can pay a cheque into. Cash over the counter provides a simple, flexible answer for people with lower account balances.

10. Can FSCS make a compensation payment directly to my account with another bank?

FSCS is not in a position to make electronic money transfers to other banks. FSCS can make payments either by cheque or by cash over the counter.

11. I have heard that my Hartlepool CU savings account will no longer operate. What should I do?

Hartlepool CU saving accounts will no longer operate. If your salary or benefits are paid into your savings account, you will need to open a new bank account as soon as possible. You should contact your employer, pension provider or the Department for Work and Pensions (DWP) to tell them to pay your salary or benefits into your new account. If you had part of your savings or benefits transferred to your ABCUL debit card, that card will continue to operate in order for you to utilise the balance of funds on that card. The administrators will continue to transfer funds to existing cards for a short period, but you will need to make new arrangements to receive your funds into an alternate account as soon as possible.

12. My child has a savings account with Hartlepool CU. What will happen to his/her savings?

For junior members, FSCS will send payment in the name of the account holder for the balance of their account at the date of default. If the account is operated by an adult on behalf of the child, the payment will be sent to the account operator’s address, if that has been registered with the Credit Union, but the payment will be made out in the child’s name. A new account in that name will need to be opened with an alternative provider.

13. I pay regular savings into my account each month by standing order. Should I cancel the standing order now?

Yes, you should, as no further money will be credited to your savings account. You can cancel the standing order at any branch of your bank or building society, over the phone or via secure online banking. However, you will need to give you bank/building society a couple of days’ notice before the payment is due to come out of your account.

14. I had a loan with Hartlepool CU. Will I have to repay it and should I cancel the Standing Order?

Do not cancel any repayments as your loan agreement remains in place and you must maintain your repayments. Loan repayments will be managed by the administrators, Jo Milner and Stephen Cork, of Cork Gully LLP, 52 Brook Street, London W1K 5DS, who will contact you in this regard.   

15. Can I open up an alternative Credit Union Account?

Members, including junior depositors, who wish to open a new credit union account, may have the opportunity to do so with alternative credit unions, whose common bond extends to cover the area served by Hartlepool CU. The administrators are unable to transfer accounts directly to another credit union. Instead, members will have to apply themselves.

16. A payment was transferred into my credit union account around the time FSCS declared Hartlepool CU in default. This amount does not appear to have been applied to my Credit Union account. Will the balance on my account be updated to reflect this payment?

FSCS will receive information from Hartlepool CU which will detail the individual credit balances of all accounts held by its members at the date of default. Hartlepool CU’s administrators will notify FSCS of any subsequent deposits or withdrawals that need to be applied to a member’s account.  Any amounts paid into the account after the administration date will not be added to your savings balance and will be dealt with by the administrators, who you can contact on 0333 210 0024 or via email at HartlepoolCU@corkgully.com 

17. Do I need to notify FSCS if I have recently changed address?

FSCS will send payment to the address that Hartlepool CU hold on their database. If you did not notify Hartlepool CU of your change of address before it was declared in default, or you notified Hartlepool CU of this change but did not receive confirmation from them that their records had been updated before it was declared in default, FSCS will need to see evidence of the change of address before any compensation payment can be made. You will therefore need to provide an original recent official document that confirms this. Documents FSCS can accept include a council tax bill, a utility bill (not a mobile phone bill) or benefits entitlement letter, so long as they are less than 3 months old. 

This information should be provided to the administrators. If you email HartlepoolCU@corkgully.com you will receive an automatic reply attaching the required form. Alternatively please contact the administrators on 0333 210 0024 to arrange for a copy of the form to be mailed to you. 

18. Do I need to notify FSCS if I have recently changed my name?

If you have already received your cash over the counter, or banked the compensation cheque, you do not need to take any further action. If you have not received your compensation payment we will need to see evidence of your name change before any payment can be made. You will therefore need to provide original documentation or certified copy of an official document showing your change of name, for example a marriage certificate or deed poll, and this will allow us to update our records and process the claim.

This documentation should be provided to the administrators with a covering letter and sent by either email to HartlepoolCU@corkgully.com or mail to /-Cork Gully LLP, 52 Brook Street, London W1K 5DS.

19. I am the executor of a depositor who has recently died. Do I need to contact FSCS?

If the estate has already received cash over the counter, or banked the compensation cheque, you do not need to take any further action.  If the estate has not received the compensation payment, you will need to provide the Death Certificate, Grant of Probate and a copy of the Will (or Letter of administration).  These should be either certified copies or original documents.  These documents are required before FSCS can make a compensation payment.

This documentation should be provided to the administrators with a covering letter and sent by either email to HartlepoolCU@corkgully.com or mail to /-Cork Gully LLP, 52 Brook Street, London W1K 5DS.

Should you wish to speak to the FSCS regarding any issues that you may have you can contact them on Freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday 08.30 to 17.30.  

20. How will I be able to find out what is happening?

In the first instance, you should contact the administrators on 0333 210 0024 or via email at HartlepoolCU@corkgully.com.  If you have a query about compensation from FSCS, further information can be obtained from the FSCS website at www.fscs.org.uk; or by calling on freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday 08.30 to 17.30.

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