Castle & Crystal Credit Union Limited – In Administration (“CCCU”)
James Sleight and Peter Hart of PKF Littlejohn Advisory Limited (“PKF Littlejohn Advisory”) were appointed as Joint Administrators of CCCU on 21 May 2024.
Regulatory bodies have also declared the Credit Union in default, which means that savers are entitled to receive their deposits back which means that all savers’ monies are protected and will receive their funds (up to the limit of £85,000 per individual). The refund of monies will be conducted by the Financial Services Compensation Scheme Limited (“FSCS”).
James Sleight, of PKF Littlejohn Advisory, said: “All of CCCU’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.”
The majority of customers will receive a cheque.
Where it has been agreed suitable, a small number of customers will instead receive a letter to get cash over the counter at the Post Office. To receive payment, take this letter to any Post Office counter, with personal identification, as outlined in the letter.
In both events, we will contact you by post in an unmarked envelope.
CCCU has now ceased trading.
Don’t worry, your money is safe
You do not need to do anything to make a claim for your CCCU savings balance with the FSCS as they will send you payment in respect of your account balances as at 20 May 2024 very soon. Should any monies be paid into CCCU’s bank accounts on or after 21 May 2024 until the accounts are closed, likely within 4 weeks, where you are the intended recipient will be forwarded subject to any instruction/mandate you have previously issued to CCCU. In relation to all other sums received, a “Return of funds request form” must be completed and returned to the Joint Administrators to enable the funds to be forwarded to you by CCCU in Administration.
Members should be aware that where contact details are missing for members who still have money in their CCCU accounts the FSCS will not be able to issue cheques to these members immediately. If members have not updated any recent change of address with CCCU they are advised to make contact as soon as possible.
If you have an account with Castle & Crystal Credit Union Limited but have not received either a payment from the FSCS or a letter from the Joint Administrators within 7 days of appointment being 21 May 2024, please contact the Administrators’ team directly on: 01384 815771 or 01384 660120, or alternatively call 0113 244 5141 or e-mail cccu@pkf-l.com.
Your benefits, salary or other regular deposits into your CCCU’s account
Please note that all of CCCU’s bank accounts will be closed by the banks around four weeks from the date of the Joint Administrators’ appointment. Therefore, it is important that you need to contact, as soon as possible, the DWP (or any other government offices that handle your benefits) and any other party who regularly pays money into your account, such as your employer, and provide them with new account details for another bank account in your name. If you do not have an account with any other bank, building society or credit union, you will need to set one up as a matter of urgency.
You will also need to cancel any Standing Orders (including government benefit payments, regular savings transfers or contact your employer for your wages or deductions) depositing monies into your CCCU savings account as soon as possible.
Loan(s) with CCCU
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 loan repayments and contact CCCU’s or the Joint Administrators’ office on the numbers published below to obtain the new Administration bank account details to set up a standing order to resume your contractual loan repayments.
CCCU office address and opening times
CCCU’s office in Dudley is now permanently closed (from noon Thursday 20 June 2024)
For any queries you may have or for assistance you may require in relation to CCCU please do not hesitate to contact the Administration team on 01384 815771 or 01384 660120 or alternatively by email to cccu@pkf-l.com.
For further information
The FSCS has further information available on its website at:-
https://www.fscs.org.uk/castle-crystal/ along with their frequently asked for questions which are published alongside this notice.
For any queries please contact the Administration team in the first instance on 01384 815771 or 01384 660120 or email cccu@pkf-l.com alternatively please call 0113 244 5141.
Warning about scams
There are a number of parties, some who may claim to be acting on my behalf, who may seek to extract money from you, for example to facilitate payment of your savings pay-out by the FSCS, Return of Funds monies due to you, a dividend or enable the return of goods. This will be a scam. I would never ask for payment for such purposes. I am a qualified Insolvency Practitioner licensed to act by a recognised professional body in relation to this matter. I would ask that, if you become aware of (or suspect) such a scam, you contact my office in order that I might consider what, if any, action might be appropriate.
Please note however, that the Joint Administrators’ team and CCCU’s staff, may contact you by telephone, email, post or text to assist you with the return of your savings or in relation to any outstanding loan you may have with CCCU. At all times such communications will be authenticated by member account references and you will be asked to verify yourself in accordance with CCCU’s security protocols i.e. provision of date of birth etc.
Download FAQ’s, local Citizens Advice Bureaus, Job Centres and other useful information
Link to https://www.dudley.gov.uk/council-community/cost-of-living/
Link to https://www.dudley.gov.uk/residents/benefits/welfare-rights-service/