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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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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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