What the London Community Credit Union collapse means for you

The London Community Credit Union (LCCU) has sadly gone into administration, leaving around 17,000 customers in a bit of a pickle.

If you're one of those affected, don’t panic.

Let’s break down what this means for you.

Your savings are safe

The good news is that LCCU was covered by the Financial Services Compensation Scheme (FSCS).

This means:

• Your savings up to £85,000 are fully protected.
• The FSCS typically pays out within seven working days.

So, if you’ve got money saved with LCCU, you’ll soon get an email detailing how to access your funds either by cheque or bank transfer.

A cheque will be posted to you if you don’t have an email address.

What to do next

If regular payments – such as income or benefits – were made into your LCCU account, you’ll need to:

• Give your new bank details to whoever sends the payments.
• Do this before 19 February as LCCU accounts will be closed then.
• Cancel any standing orders going into your LCCU savings account as soon as you can.

If you have a loan

If you have a loan with LCCU, continue making your repayments as usual.

The terms of your loan remain unchanged, including the interest rate.

Need more help?

If you’re looking for more information, you can visit the LCCU website or contact the administrators:

• Email: [email protected]
• Phone: 020 7729 9218 or 020 7189 1379 or 0113 541 7890