Staffordshire Credit Union has gone into administration.

The Union has more than a thousand members across the country declared it was now in default and cannot repay deposits to its members.

A statement on the company website said: “Unfortunately the Staffordshire Credit Union went into administration on September 18 and has now permanently closed.

“The Joint Administrators are working closely with Staffordshire Credit Union Limited’s regulator (the Prudential Regulation Authority) to ensure that the credit union’s affairs are wound up as efficiently and as quickly as possible.

The FSCS said a majority of members would be compensated within the next seven days – with the total payout for the union’s 1,027 members expected to be more than £450,000

Mark Oakes, a spokesman for the FSCS said: “We are here to protect members of Staffordshire Credit Union Limited, and we’re ready to help.”Your savings are protected up to £85,000, and joint accounts are covered for £170,000.”