We are saddened that the East London Credit Union’s (ELCU) proposed merger with the London Community Credit Union (LCCU) will not be able to proceed and that the ELCU has therefore ceased operations as of Wednesday 11 September. We would like to reassure members of the ELCU that all savers, account holders, and loanees are protected by the Financial Services Compensation Scheme (FSCS).
The council is working with other providers to ensure a provision is in place for the residents of Waltham Forest. We know how important this is. We are currently in discussions with the LCCU about how we may be able to support them in establishing a branch in the borough. Information about the LCCU and the services it offers is being provided to all ELCU customers so that they are kept informed about developments and reassured about their finances.
As a council we support credit unions; they operate on a not-for-profit basis and deliver flexible, easy to understand financial services and provide an invaluable service to the community. The council has previously given financial support to the ELCU over several years. Sadly, the cost of funding this merger would have been too high to make it viable and the money would not have gone to the people who needed help the most.
Residents experiencing financial hardship can get help and advice from the Advice Waltham Forest Partnership and may be able to apply for assistance from the council’s Discretionary Council Tax Hardship Scheme in exceptional circumstances.
Credit unions provide vital services to members of the community who may be financially excluded, deprived, or isolated from the commercial banking system. We as a council continue to support credit unions and are working hard to ensure a facility is in place for Waltham Forest residents.
More info on the closure of the ELCU via the Financial Services Compensation Scheme here.