Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Quantuma has been appointed administrator of Waltham Forest Council Employees Credit Union, which ceased trading and entered administration on 19 August.
The credit union, also known as Forest Savers, operated as a financial co-operative offering savings and loans to members in Walthamstow, east London. It was founded in the 1990s.
Business advisory firm Quantuma confirmed that Dina Devalia and Terri Mulgrew have been appointed joint administrators. The credit union’s office will close immediately.
Member deposits of up to £85,000 are protected and will be repaid in full by the Financial Services Compensation Scheme (FSCS). Borrowers will be required to continue repaying outstanding loans in accordance with their existing agreements.
Dina Devalia, managing director at Quantuma, said: “Members of the Waltham Forest Council Employees Credit Union do not need to worry. Their money is safe and the FSCS will return 100% of members’ deposits, subject to the FSCS limit.
“We are working closely with the FSCS to ensure that all members will receive their money back as soon as possible.”
