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Streetcred Credit Union Ltd

Streetcred, a credit union based in Rochdale, has closed for business and can no longer trade. This means it cannot accept any more deposits, cannot make any new loans and cannot repay deposits to its members.

All it can do is continue to accept repayments of, and interest on, loans it has already made.

The credit union is trying to contact all its members and will deal with queries. The Financial Services Compensation Scheme (FSCS) is working with the Board of the credit union to speed up the necessary work that must happen before any compensation payments are made to depositors.

Who does this affect?

This affects all members of Streetcred Credit Union Ltd: those who save or borrow and those who have their benefits paid by the Department for Work and Pensions (DWP) into accounts with the credit union. The DWP will no longer be making payments in this way.

What should you do?

  • Savers – The FSCS is working with the Board of the credit union to arrange for compensation payments to be made. The credit union is trying to contact all its members, but you can contact the credit union yourself, to clarify the position. For details of the way in which the FSCS may be able to help you, contact the FSCS helpline on 020 7892 7300 or see their website – see Get more help.

    You can also contact the FSCS helpline if you do not hear from the credit union over the next 2 or 3 weeks. You should also cancel any standing orders that you use to make regular savings into the credit union.
  • Borrowers – you should continue to pay repayments of, and interest on, outstanding loans. You should adjust any standing orders so that they only cover repayments and interest on your loans, and do not include payments into your savings account with the credit union.
  • Benefit payments – if your benefits are paid directly into your account by the DWP you will need to contact them as soon as possible to sort out an alternative method of receipt. Contact your local Benefit Processing Office. For benefit payments already in your savings account, see Savers above.

If you need to open a bank account for your savings or benefit payments and you can't, or don't want a regular current account, you may consider a basic bank account. For more information see Types of bank account or get a free copy of our Basic bank accounts printed guide. You can download or order it online at Publications

Further information

Types of bank account

Disclaimer

News articles on this website are accurate, to the best of our knowledge, only at the date of publication. If the information they contain changes, follow-up articles may be published.