The members of Basildon Credit Union Ltd will be compensated, says FSCS

Almost 500 members of a credit cooperative will be compensated after the company stopped operating and was put in non -compliance.

The financial services compensation scheme (FSCS) said the total package for Basildon Credit Union LTD (BCU) was estimated at approximately 344,000.

Most of the 498 members of the firm based in Essex would be paid by check within seven days, said the FSCS.

Emma Barrow, from FSCS, said customers could “make sure their money is safe.”

She added: “Members with live accounts do not need to do anything, they will receive their money automatically with a check in a few days.”

A statement on the BCU website The joint administrators confirmed that they had been appointed on Monday.

He added: “We are working with the FSC to ensure that eligible members receive their money as soon as possible.

“We will also be available by email or by phone to help members with any questions that may have on issues such as loan payments or the transfer of benefits to alternative financial institutions.”