Mercat Cross and The Bruce Credit Union Limited
– In Administration (“Mercat”)
Dina Devalia and James Sleight of PKF Geoffrey Martin & Co were appointed as Joint Administrators of Mercat on 4 December 2019.
The Financial Services Compensation Scheme (“FSCS”) has also declared the credit union in default, which means that all savers monies are protected and will receive their funds (up to the limit of £85,000 per individual).
Dina Devalia, of PKF Geoffrey Martin & Co, said: “All of Mercat’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”
Mercat has now ceased trading.
Don’t worry, your money is safe
You do not need to do anything to make a claim for your Mercat savings balance with the FSCS as they will send you payment in respect of your account balances as at 4 December 2019 very soon. Should any monies be paid into Mercat’s bank account on or after 4 December 2019 until the account is closed where you are the intended recipient you will need to complete a return of funds request form which will be issued to you by post shortly by the Joint Administrators.
Your benefits, salary or other regular deposits into your Mercat account
You need to contact DWP or any other government offices that handle your benefits and give them new account details for another account in your name. If you do not have an account with any other bank or credit union, you will need to set one up immediately as Mercat’s bank account will be closed.
Loan(s) with Mercat
You need to continue to make your contractual repayments on your loan(s) until fully paid off.
You should cancel any direct debits or standing orders you currently have in place in relation to your savings and contact the office (numbers published below) to obtain the new Administration bank details to set up a standing order to resume your contractual loan(s) repayments.
For further information
The FSCS has further information available on its website, along with their frequently asked for questions which are published alongside this notice.