Barrow and District Credit Union (BDCU) Limited has announced that it has entered into administration.
The Financial Services Compensation Scheme 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).
Sleight said: “Barrow and District Credit Union members do not need to worry as all of their money is safe – all of their deposits will be returned to them by the FSCS.
“If you have savings at the Credit Union, you don’t need to do anything to get your money back. Anyone with a deposit with Barrow and District Credit Union should look out for a cheque in the post from the FSCS in the next few days.”
He added: “We’ll also be in touch with anyone who has a loan from Barrow and District Credit Union to explain what happens next. We’ll be available by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”