Hi

All members who invested with South Warwickshire Credit Union should have been paid back by now.  But as the money to repay them comes from the government and not me, I cannot be sure all members who have had cheques have cashed them in.

If you’ve not yet had your money back – say if you’ve moved home and the cheque went to your old address, or if you had a cheque and simply lost it – then please let me know asap and I’ll ask for a replacement cheque from the government.

Thanks

Paul Brindley

Liquidator of South Warwickshire Credit Union Limited

Tel: 01902 672323

Emai: paul@midlandsbusinessrecovery.co.uk

 

 

 

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Over £200,000 has already been paid back to members by the Financial Services Compensation Scheme.

However, it is clear that there are still some members who have not had their money back.

Typically this is because we don’t have the member’s current address because they’ve moved home without telling the union or it wasn’t shown in the union’s records.

If you have not yet received your money back, please get in touch with us – T 01902 672323, freephone 0800 2315788; e-mail angela@in-solve-ncy.co.uk – between 9 am  and 3 pm, Tuesday to Thursday.

Thanks

Paul Brindley

Liquidator

On 29 April 2013 the Union was placed into compulsory liquidation and my appointment as liquidator was confirmed.

Yesterday I sent a file to the Financial Services Compensation Scheme (‘FSCS’) which should see most savers repaid (in full) by 17 May.

Today we sent out statements and the letters we’ve set out below to about 1,000 savers.  However I am missing addresses for quite a few savers.  

If you are a saver and haven’t received the statement and my letters by, say, 9 May, please call or e-mail us.  T 01902 672323, freephone 0800 2315788; angela@in-solve-ncy.co.uk 

And if you haven’t received your money back from the FSCS by, say, 17th May, please call us and we’ll chase the FSCS.

 

Paul Brindley

Liquidator

Licensed as an insolvency practitioner by the Institute of Chartered Accountants in England & Wales

—————————————————

South Warwickshire Credit Union Limited (‘SWCU’ or ‘the Union’)

(In liquidation)

 

Hello, I’m Paul Brindley of Midlands Business Recovery, the liquidator appointed after the court ordered the Union into liquidation on 29 April 2013.

 

If you have a savings account, don’t worry, you’ll be getting all of your money back soon

 

Since sending you the help sheet a few weeks ago, we’ve been working hard with the UK government’s Financial Services Compensation Scheme (‘FSCS’) to make sure that you get all of your money back and quickly.  The FSCS will be given what we believe are the final details of your claim – your name, address and the balance shown on the statement overleaf – in the next few days, they will then pay you this amount.

 

All you now need to do is…

 

1. 1.     Check the balances on the statement overleaf with what you believe you owe or are owed.  If there’s a difference, call or e-mail me straight way.

 

My freephone helpline is 0800 231 5788 – this is manned between 9am and 3pm (Tuesday to Thursday).  Alternatively email angela@in-solve-ncy.co.uk.  If the figure on the statement agrees with what you think you are owed, you need do nothing.

 

1. Please keep an eye on the post for a plain envelope addressed to you.

 

This will be from the FSCS, it will contain your payment.  If the balance on your savings account is less than £1,000, simply take the letter to the Post Office with proof of your identity and they will let you have the cash. If the balance on your savings account is more than £1,000, the FSCS will send you a cheque which you should pay in to a bank or similar account.  One option could be the New Central Credit Union (telephone 02476 633456, their website is: http://www.newcentralcu.co.uk).  Please ‘cash’ in the letter or cheque as soon as you can.

 

If you haven’t received your money by, say, 17 May, then please call or e-mail me.

 

1. 3.     If you have a loan from the Union, please continue to make your loan repayments as normal

 

There’s nothing to worry about, I will be writing to you separately in a week or so…

 

1. 4.     Please think of this – I’m asking a favour of you…

 

Because you couldn’t get your savings out of the Union before it went into liquidation, the law says that I have to supply you with reports for as long as the Union is in liquidation.  This is despite the fact that you will be paid out in full by the FSCS within days.  This means you will be getting lengthy hard copy reports that I’m sure many of you will think is just junk mail.  The favour that I’m asking is this … it would be great if you would agree that I can send you these reports by e-mail as this will keep my costs and time down.  Would you be willing to send Angela a brief e-mail at angela@in-solve-ncy.co.uk quoting your membership number and telling me to send you your reports electronically?

 

 

 

Paul Brindley

Licensed as an insolvency practitioner by the Institute of Chartered Accountants in England & Wales

 

 

South Warwickshire Credit Union Limited – in liquidation

 

Invitation to lodge a claim.  Time limits to be observed.

& other matters

 

Please note that this is a formal notice that I am required to serve on you under ‘the Credit Institutions (Reorganisation and winding up) Regulations 2004 (‘the Regulations’) and other insolvency law.

 

If you have received a statement from me setting out how much you are owed or owe to the Union, on the reverse of which I’ve said that your savings are going to be paid in full by the FSCS, you need do nothing more than just check the amount on the statement with what you believe the figure should be – there is no obligation on you to do anything with this particular document-there is no need for you to submit the claim form overleaf. 

 

The things that I’m obliged by the Regulations and under insolvency law to tell you about are:

 

• On 29 April 2013, the Warwick County Court ordered that South Warwickshire Credit Union Limited (‘the Union’) be placed into compulsory liquidation, the order having an immediate effect;
• The Union’s company number is IP00629C.  Its formal and trading name was South Warwickshire Credit Union Limited;
• The Union’s Registered Office and principal trading address was 6 Windsor Court, Greenhill Street, Stratford Upon Avon, Warwickshire, CV37 6GG;
• Paul Ronald Brindley of Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, West Midlands, DY3 1HE was appointed liquidator of the Union on 29 April 2013. His insolvency practitioner number is 8337.  The best contact details to get in touch with the liquidator are by telephone 0800 2315788 (freephone) or 01902 672323; or by email to angela@in-solve-ncy.co.uk – Angela Horne;
• Overleaf is a proof of debt.  You should complete and return this to me if you have not had a separate letter from me confirming that your savings will be paid in full by the Financial Services Compensation Scheme (‘the FSCS’) or if you are not a saver but have supplied goods or services to the Union which remain unpaid.  If you are a saver who has received a letter from me saying you will be paid in full, there is no need for you to complete or return it.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rule 4.73

Form 4.25

 

Proof of Debt – General Form

 

SOUTH WARWICKSHIRE CREDIT UNION LIMITED – IN LIQUIDATION
Date of Winding-Up Order:  29 April 2013
1.	Name of creditor
2.	Address of creditor for correspondence.
3.	Total amount of claim, including any Value Added Tax and outstanding uncapitalised interest as at the date the company went into liquidation.
4.	Details of any documents by reference to which the debt can be substantiated. (Note: There is no need to attach them now but the liquidator may call for any document or evidence to substantiate the claim at his discretion as may the chairman or convenor of any meeting).
5.	If amount in 3 above includes outstanding uncapitalised interest please state amount.	£
6.	Particulars of how and when debt incurred (If you need more space append a continuation sheet to this form).
7.	Particulars of any security held, the value of the security, and the date it was given.
8.	Particulars of any reservation of title claimed in respect of goods supplied to which the claim relates.
9.	Signature of creditor or person authorised to act on his behalf __________________________________________________
	Name in BLOCK LETTERS __________________________________________________
	Position with or in relation to creditor __________________________________________________ Address of person signing (if different from 2 above)
Admitted to vote for			Admitted for dividend for
£			£
Date			Date
Liquidator			Liquidator

 

Two important updates this morning please:

1. We’re now aware of the date for the court hearing to wind the Union up – 29th of April.  This means that savers should have their money back sometime in the week ended 10 May, allowing for the Bank Holiday.
2. The circular to members has been sent.  It was sent second class.  If you haven’t received it by Tuesday 23rd April, then please let Angela know by e-mailing her at angela@in-solve-ncy.co.uk.  This e-mail address is also to be used if you’ve changed address – send Angela proof of your new address, and include details of your former address and your date of birth.   

South Warwickshire Credit Union Limited

 

 

IS NOW CLOSED FOR BUSINESS

 

(But there really isn’t anything to worry about)

Help Sheet

May I thank you for saving with or borrowing from the South Warwickshire Credit Union (‘SWCU’ or ‘the Union’).  Regretfully the Union has stopped trading and a petition has been presented in the Warwick County Court for it to be placed into liquidation. I am Paul Brindley of Midlands Business Recovery, I am the insolvency practitioner who is expecting to be appointed as liquidator as soon as the court makes the winding up order – this should be in about a week or two’s time.   In the meantime please…

If you have a savings account, don’t worry, your money is protected

 

You won’t be able to access funds held within your account with SWCU right now because of the forthcoming liquidation, but let me assure you that your money is safe.  You will get all of your money back.

There will be a delay in you getting it back because of the process the court and various other organisations, me included, must go through.  Your see, your money is protected by the UK government through its Financial Services Compensation Scheme (‘FSCS’).  The FSCS is planning to pay you back within seven days of the court making the winding up order and a great deal of effort is being made right now to make that happen. The good news is that you do not need to do anything: I am sending the FSCS what they need to pay you, and the FSCS will send a payment directly to you.

If you are owed less than £1,000 you will receive a letter from the FSCS that you can cash at your local Post Office. If you are owed more than £1,000 you will receive a cheque from them.  When you receive the letter or the cheque please pay it in as soon as you can.

Further information on how this works can be found on the FSCS website at www.fscs.org.uk.

I will write to you again with a copy of a statement showing the funds held in your account – please check this with what you believe you are owed and against the money that you later receive from the FSCS, and let me know if there’s a difference.

If you are having financial difficulties

 

You need to be aware that the benefits system has changed in recent days.  If you need advice on benefits or debt, you could contact the local Citizen’s Advice Bureau on 0844 8552322.  Alternatively you could use their drop in service – the main office is at 25 Meer Street, Stratford- upon-Avon, Warwickshire, CV37 6QB (Monday to Friday 10am to 4pm).  Your other local offices are listed at http://stratforduponavoncab.org.uk/get-advice/.  The national CAB website is at http://www.citizensadvice.org.uk/

Turntous is a charity that will help you with claiming benefits. You can contact them on 0808 802 2000 or on line http://www.turn2us.org.uk/

Another option is National Debtline, a charity that helps people with their debts.  Their telephone number is 0808 808 4000 (open Monday to Friday 9am to 9pm, and Saturday 9.30am to 1pm).  Their website, which can be found at http://www.nationaldebtline.co.uk/ provides some great help and support.

In the longer term you could seek some support from the Money Advice Service, their telephone number is 0300 500 5000, their website is at www.moneyadviceservice.org.uk.

We have also listed at the end of this sheet some other contacts which may be of help you.

Steps for you to take now

The process for paying you has already started.  But as you won’t be able to use the Credit Union’s account again, what you need to do is:

1. 1.    Think about opening up a new bank, Post Office, building society or Credit Union account, unless you already have one. 

If your wages or benefits were paid into your account with SWCU, please give your employer or the DWP your new or alternative account number as soon as you can.
A list of useful numbers and some information on how to open a new bank account is contained at the end of this sheet. Your local Jobcentre Plus (which is part of the DWP) will be able to help you open a Post Office Card Account. They will also arrange for the transfer of benefit payments to your new Post Office or bank account.
One option could be for you to open an account with a neighbouring credit union – The New Central Credit Union cover Warwickshire and Coventry.  To do so, call them on 02476 633456. Their website is: http://www.newcentralcu.co.uk/

1. You must make alternative payment arrangements with everyone whom you would normally pay out on direct debit or standing order from your SWCU account.

 
Do this as soon as you can so you can avoid any late payment charges.

1. 3.    You should immediately cancel any standing orders or other payments you have set up to pay monies you’re saving into your credit union account. 

You can do this telephoning your bank or visiting them in branch. Please be aware that neither I nor the Union can cancel standing orders: this is something that only you can do.  If for any reason some ‘late’ savings are paid into the Union’s account after liquidation, which you aren’t repaid by the FSCS, I will pay them back to you but there will be a delay and you will need to write to me to claim the money back. It’s really best if you do stop saving with the Union right now.

Repaying your Loan

 

If you have taken out a loan from the Union, you are still under a legal obligation to repay it on the terms and conditions you originally agreed.  As liquidator I am obliged by law to collect in your loan payments. Please continue to make your loan repayments in the normal way. If your standing order was previously set up for both loan repayments and savings, please adjust this with your bank – please just repay the loan. If you are unsure of the exact amount of your loan repayment, please contact my colleague Angela for details.

Helpful contacts

 

The Liquidator’s freephone helpline:  0800 231 5788 – between 9am and 3pm (Tuesday to Thursday).  Alternatively email: angela@in-solve-ncy.co.uk.  My address is Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, DY3 1HE.

Job Centre Plus National Helpline Monday to Friday, 8am to 6pm Telephone 0800 055 6688 Textphone: 0800 023 4888

Jobcentre Plus Benefit Helpline for Jobseeker’s Allowance, Income Support, Employment and Support Allowance, Incapacity Benefit, Bereavement benefits – 0845 608 8597, Monday to Friday 8 am to 6 pm.  For Maternity Allowance – 0845 608 8610.  For industrial Injuries Benefit – 0845 758 5433.  For pensions – 08456 060265.  Loans from the Social Fund – 0800 032 7952.

Local Jobcentre Plus Office: Martin Raff House, Alcester Road, Stratford-upon-Avon – 0845 604 3719

 

Opening a New Bank Account

 

Most people use a current account with a bank or building society to manage their day-to-day money. It allows you to pay bills, receive payments such as salary, wages or benefits, and/or save money. Fees, charges and interest vary a lot between bank accounts so it is important to choose an account that suits the way you manage your money. All banks will ask for proof of your identity and address. However do not be put off if you do not have a passport or driving licence. There are lots of other identification banks can accept.

Once you’ve decided on the account you want to open, the bank or building society will ask you to fill in a simple application form. Someone at the bank should be able to help you with this if you need them to. It will be up to you to tell anyone who makes regular payments to you about your new account details. Some banks will help you with this, it is worth asking.

www.moneyadviceservice.org.uk has lots of useful information and advice on selecting the right bank account for you, dealing with debt, etc.

Post Office Card Accounts

A post office card account is useful for people who do not have a bank account. It is specifically for receiving pension and benefits. It cannot be used for direct debits, standing orders or third party payments. Once opened, payments from the government can be credited to the account and you can take your cash out at any post office. To open a Post Office card account, speak to Jobcentre Plus.

16 May 2013