Credit union collapse

Thousands of pounds are being paid out to members of the North Yorkshire Credit Union which went into administration last week.

The FSCS has sent out payments to nearly five thousand people.

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Thousands to receive payment after credit union collapse

Almost 5000 people will receive payments after a credit union collapsed.

North Yorkshire Credit Union was placed into liquidation last week. Many people were concerned members' savings, worth £2million, could have been at risk.

But all 4860 savers are protected by a financial compensation scheme. They will be reimbursed from today, November 6.

"For people who have more than £1,000, we have sent them checks instead. That is safer for the lager amounts.

"The message to investors is, don't worry, you are actually covered. We have already paid out for the vast majority of people, you don't need to do anything."

– Kate Bartlett, Financial Services Compensation Scheme

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Councillors to discuss collapsed Credit Union

Councillors are expected to meet today to discuss the collapse of the North Yorkshire Credit Union.

The credit union was put into administration last week.

The FSCS has said that it will repay all of the union's members after the multi-million pound union collapsed, leaving its 4800 members unsure of what would happen to their savings.

FSCS makes good on promise to protect union members

Over 4800 people will be receiving payments from the FSCS (Financial Services Compensation Scheme) today after the North Yorkshire Credit Union went into administration last week.

The Union is thought to have 4860 members, all of whom will be reimbursed by the FSCS after they promised to protect their the members' savings and repay them for the lost money.

For members who do not receive a payment today, the FSCS has said that payments will be sent out in the next few days.

You can find out more about the North Yorkshire Credit Union going into administration below:

http://www.itv.com/news/tyne-tees/2012-11-02/savers-to-be-paid-back-in-full-after-multi-million-pound-credit-union-collapses/

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