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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