Credit Union enters administration

Waltham Forest Council Employee Credit Union (WFCECU), trading as Forest Savers, has entered administration and has now stopped trading.

The credit union was founded in the 1990s and is based in Walthamstow, London and acts as a financial cooperative, offering its members financial security through saving and borrowing.

Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited have been appointed as joint administrators.  

WFCECU is a financial co-operative owned by its members. 

The Financial Services Compensation Scheme (FSCS) is stepping in to protect members. All members funds, below the £85k limit, will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.

Dina Devalia and Terri Mulgrew of Quantuma Advisory have been appointed as joint administrators

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.”