Update 26 August 2015


8 members physically attended the adjourned meeting on 18 June 2015 and in addition, the FSCS attended ‘by proxy’.  The meeting voted for the acceptance of my proposals, without modification or amendment, enabling me to take steps to close the administration and put the Credit Union into liquidation.  Therefore the outcome of the two creditors’ and members’ meetings was that:

  1. The Credit Union should, as soon as possible, exit administration and go into creditors’ voluntary liquidation;

  2. Approval was given for me to be appointed as liquidator;

  3. My remuneration as administrator and then as liquidator be set by reference to my firm’s time costs from time to time;

  4. My expenses as administrator and then as liquidator be set by reference to my firm’s statement of policy;

  5. No creditors’ or members’ committees were created, either for the administration or the liquidation. 

On 23 June I lodged the appropriate form with the Mutuals Registrar (the equivalent of Companies House) to transfer the Credit Union into liquidation.  On 17 July 2015, the Mutuals Registrar formally accepted the document, thereby putting the Credit Union into liquidation as from that date.  Therefore the Credit Union was in administration for 4 months and it is now in liquidation with me as Liquidator.

Paul Brindley

Update 3 June 2015

At the meetings of creditors and members held on 20 May, the creditors approved my Proposals for the administration. If you were a member or creditor of the Credit Union at the time of my appointment as Administreator, you can get a opy of those Proposals can be obtained by either emailing my colleague - angela@in-solve-ncy.co.uk - or calling us on the freephone number 0800 2315788.However, the members' meeting was 'inquorate' - not enough members attended - so could not consider my Proposals. As a consequence, the members' meeting was adjourned and will be re-opened on 18 June 2015, at 11.30am, again at Pater Hall, Pembroke Dock. In the event that that meeting is not quorate (the number of members required for it to be quorate at the adjourned meeting is far lower than the initial meeting), I shall apply to the court for directions.

I'd like to raise with you another matter. Having spoken to the FSCS, it is clear that a number of members have 'gone away', while others have not recognised the importance of the letter sent from the FSCS which is essentially a cheque that they have to take to a Post Office to cash in in order to get their savings repaid. If you have moved home and have not yet received your savings back, please contact Angela either using the email or freephone above. If you have not received your savings back and are owed under �1,000, please read the letter you received from the FSCS about 2 months ago - this is esseentially a cheque, it is a very important letter. Please take it to your Post Office together with the documentation it says you need to take with you - the Post Office will then hand you the cash you are owed. If you have lost the letter - please search thoroughly for it before you take this option - contact Angela and she will get in contact with the FSCS to ensure the letter is re-issued.


Paul Brindley





23 April 2015 Update

Creditors and members have been invited to a combined meeting of members and creditors on the 20th of May at Pater Hall, Pembroke Dock to receive a copy of the Administrator's Proposals.

Invitations have gone out to all members and creditors - If you've not received your invitation, please call or email us.

Also, if you are a member and for some reason you've not received your money from the FSCS, please contact us.

Paul Brindley




Update 1 April 2015


All members, with the exception of Child Trust Funds savers, should have had their cheques/letter from the FSCS repaying their savings by now. If you have not received your letter/cheque, please contact the administrator - by phone 0800 231 5788 or email angela@in-solve-ncy.co.uk.

Child Trust Funds savers - you will receive letters in the next few days explaining the process for you getting your savings back.


Paul Brindley - Administrator, Haven Credit Union Limited






Welcome to Haven Credit Union

your local community bank

Haven Credit Union Limited

Answers to members' questions- 13 March 2015

(these questions and anwers are provided by the FSCS and can also be found on their website)

  1. 1. Haven Credit Union Limited - what has happened to it and is my money safe?

You do not need to worry as your money is safe.

On 13 March 2015, Haven Credit Union Limited was placed into Administration and has now ceased trading. Paul Brindley of Midlands Business Recovery has been appointed as Administrator. FSCS declared Haven Credit Union Limited in default today 13 March 2015.

  1. Who are the Financial Services Compensation Scheme (FSCS)?

FSCS is a compensation fund of last resort for authorised financial services firms, such as Haven Credit Union Limited. This means FSCS protects any savings you have with this credit union up to �85,000, and does not charge savers.

  1. What do I need to do to get my money back?

You do not need to do anything. FSCS will automatically pay you back your savings according to the account information it receives from Haven Credit Union Limited. You will receive payment by post.

  1. How soon will I get my money back?

For the vast majority of claims, FSCS aims to pay compensation within seven days from the date Haven Credit Union Limited was declared in default, 13 March 2015. For complex claims, which may require further investigation, FSCS will aim to settle within 20 working days of default.

  1. How will FSCS pay me back my money?

If you have a balance below a thousand pounds you will receive a letter to get cash over the counter at the Post Office. To receive payment, take this letter to any Post Office counter, with personal identification as outlined in that letter. If you have a balance over a thousand pounds you will receive a cheque. In both events, you will receive payment through the post in an unmarked envelope.

  1. How will FSCS calculate how much compensation I am entitled to?

FSCS will receive information from Haven Credit Union Limited which will detail your individual credit balance. The amount of compensation you receive will be the balance on your account as at the date FSCS declared Haven Credit Union Limited in default, 13 March 2015.

  1. What should I do if I disagree with the amount of compensation FSCS have paid me and I have not banked the cheque or cash over the counter at the Post Office?

If you disagree with the amount of compensation paid, please contact the Administrator at Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, West Midlands, DY3 1HE on 0800 231 5788 or email angela@in-solve-ncy.co.uk who will look into your query. Do not return your payment to FSCS unless you are specifically requested to do so.

  1. I do not have another bank account. What should I do with my compensation cheque?

You can arrange to open a bank account with another deposit taker (e.g. a bank, building society or the Post Office) and bank the cheque.

  1. Why doesn�t FSCS pay all members of Haven Credit Union Limited by cheque?

The �cash over the counter� option is very flexible and allows people to have access to their money much more quickly than a cheque for a small balance. Some people may need the money and do not have another bank account that they can pay a cheque into. Cash over the counter provides a simple, flexible answer for people with lower account balances.

  1. Can FSCS make a compensation payment directly to my account with another bank?

FSCS is not in a position to make electronic money transfers to other banks. FSCS can make payments either by cheque or by cash over the counter.

  1. I have heard that my Haven Credit Union Limited savings account will no longer operate. What should I do?

Haven Credit Union Limited saving accounts will no longer operate. If your salary or benefits are paid into your savings account you will need to open a new bank account as soon as possible. You should contact your employer, pension provider or the Department for Work and Pensions (DWP) to tell them to pay your salary or benefits into your new account.

  1. My child has a savings account with Haven Credit Union. What will happen to his/her savings?

For junior members, FSCS will send a payment in the name of the account holder for the balance of their account at the date of default.

  1. I make regular savings to my account each month by Standing Order. Should I cancel the Standing Order now?

Yes, you should as no further money will be credited to your savings account. You can cancel the Standing Order at any branch of your bank or building society, over the phone or via secure online banking. However, you will need to give you bank/building society a couple of days� notice before the payment is due to come out of your account.


  1. I had a loan with Haven Credit Union Limited. Will I have to repay it and should I cancel the Standing Order?

Yes, your loan agreement remains in place and you must maintain your repayments.

Loan repayments will be managed by the Administrator, Paul Brindley of Midlands Business Recovery, who will contact you in this regard.

  1. Can I open up an alternative Credit Union Account?

Members, including junior depositors, who wish to open a new credit union account may have the opportunity to do so with alternative credit unions, whose common bond extends to cover the area served by Haven Credit Union Limited.

The Administrator is unable to transfer accounts directly to another credit union. Instead, members will have to apply themselves.

  1. A Payment was transferred into my Credit Union account around the time FSCS declared Haven Credit Union Limited in default. This amount does not appear to have been applied to my Credit Union account. Will the balance on my account be updated to reflect this payment?

FSCS will receive information from Haven Credit Union Limited which will detail the individual credit balances of all accounts held by its members at the date of default. Haven Credit Union Limited�s Administrator will notify FSCS of any subsequent deposits or withdrawals that need to be applied to a member�s account. Any amounts paid into the account after the administration date will not be added to your savings balance and will be dealt with by the Administrator, who you can contact on 0800 231 5788 or email angela@in-solve-ncy.co.uk

  1. Do I need to notify FSCS if I have recently changed address?

FSCS will send payment to the address that Haven Credit Union Limited hold on their database. If you did not notify Haven Credit Union Limited of your change of address before it was declared in default, or you notified Haven Credit Union Limited of this change but did not receive confirmation from them that their records had been updated before it was declared in default, FSCS will need to see evidence of the change of address before any compensation payment can be made. You will therefore need to provide an original recent official document that confirms this. Documents FSCS can accept include a council tax bill, a utility bill (not a mobile phone bill) or Benefits entitlement letter, so long as they are less than 3 months old.

  1. Do I need to notify FSCS if I have recently changed my name?

If you have already received your cash over the counter, or banked the compensation cheque, you do not need to take any further action. If you have not received your compensation payment we will need to see evidence of your name change before any payment can be made. You will therefore need to provide original documentation or certified copy of an official document showing your change of name, for example a marriage certificate or deed poll, and this will allow us to update our records and process the claim.


  1. I am the executor of a depositor who has recently died. Do I need to contact FSCS?

If the Estate has already received cash over the counter, or banked the compensation cheque, you do not need to take any further action. If the Estate has not received the compensation payment, you will need to send FSCS the Death Certificate, Grant of Probate and a copy of the Will (or Letter of Administration). These should be either certified copies or original documents. These documents are required before FSCS can make a compensation payment. However, should you wish to speak to FSCS regarding any issues that you may have you can contact us on Freephone 0800 678 1100 or 020 7741 4100. Our lines are open Monday to Friday 08.30 to 17.30.

  1. I hold a Child Trust Fund account with Haven Credit Union Limited. What do I do?

If you are the holder of a Child Trust Fund account, the process for FSCS to reimburse your savings is different to that for other account holders. Payment can only be made to an alternative Child Trust Fund provider rather than returned directly to the account holder. FSCS will shortly be writing to the registered holders of Child Trust Fund accounts with Haven Credit Union with further information about this.

  1. How will I be able to find out what is happening?

In the first instance, you should contact the Administrator on 0800 231 5788; or email him at angela@in-solve-ncy.co.uk If you have a query about compensation from FSCS, further information can be obtained from the FSCS website at www.fscs.org.uk; or by calling us on freephone 0800 678 1100 or 020 7741 4100. Our lines are open Monday to Friday 08.30 to 17.30.



13 March 2015 - Administrator appointed

Paul Brindley or Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, DY3 1HE, was, today, appointed as administrator of the Credit Union. He will be writing to all members of the Credit Union in the next few days. Also on this day the Financial services Compensation Scheme declared the Credit UNion to be in default, triggering the process to enable members' savings to be paid out. A copy of the FSCS's questions and answers is copied above this notice.

Please note that members' savings, with the exception of Child Trust Funds, should be repaid to them within a week. The money will be coming direct to your home in a white envelope - if your savings are above �1,000 you will receive a cheque, if your savings are less than �1,000, you will need to take the letter, along with some other documents stated in the letter, to a Post Office of your choice. If you have a Childs Trust Funds account I will write to you again next week, setting out your options.

If you have borrowed money off the credit union, we will be in touch with you soon - if you pay by standing order, please keep peying as normal; if you pay in cash, we will write to you within the next 2 weeks and tell you how you can continue paying.

If mambers have any questions, please call our freephone 0800 2315788 and ask for Angela.




Notification to Members � 5th March 2015


Haven Credit Union Limited IS NOW CLOSED FOR BUSINESS


Your money is protected by the Financial Services Compensation Scheme




The board of the Haven Credit Union have notified the Prudential Regulation Authority (who regulates credit unions) of their decision to close and to appoint Paul Brindley of Midlands Business Recovery to administer the closure.


Whilst approval of this appointment is awaited from the PRA before the formal administration can commence, the normal activity of the Haven Credit Union has ceased. We are no longer permitted to carry on accepting deposits and are subject to other restrictions placed upon us by the PRA. Therefore the office is closed with immediate effect.


However there are procedures in place which will ensure that members will get back all their savings very quickly and that the service to those who have taken out and are repaying loans will continue with minimal disruption. The Help Sheet given below sets out the detail of what will happen from now on and the means to obtain further information.


The board recognised some time ago that it would be increasingly difficult to meet the financial requirements of the PRA without an expansion of the business. For well over a year we have explored possible mergers with other credit unions to obtain both economies of scale and an increase in the number of full time professional staff to build up the activity levels in attracting more members and making more loans.


Following the failure of those possible mergers and a review of our own capabilities in running what is in fact a fairly small credit union of just over 1,000 members we have concluded that it is unlikely that we will be able to improve our financial performance to meet regulatory requirements in the near future. Thus our decision is to undertake an orderly closure now rather than one be forced on us in the future.


This was very difficult decision as all those involved are committed to the principles of a credit union and believe that the Haven Credit Union in particular has served a very real need in Pembrokeshire over the past 22 years.


Thus the board thanks members for their commitment to the Haven Credit Union over the years and in particular the staff and the large number of volunteers who have so enthusiastically and dedicatedly worked for and supported us over that time.


We will work with the administrator and the PRA to ensure an orderly closure with the minimum of disruption as outlined in Paul Brindley�s Help Sheet given below.


Ted Sangster



Help Sheet


May I thank you for supporting Haven Credit Union (�HCU� or �the Credit Union�). Regretfully the Credit Union has stopped trading and it is going into administration. I am Paul Brindley of Midlands Business Recovery and will be appointed as administrator in the next few days.


If you have a savings account, don�t worry, your money is protected by the Financial Services Compensation Scheme


You won�t be able to access funds held within your savings account with the Credit Union right now because of the forthcoming administration, but let me assure you that your money is safe. You will get all of your money back.


Your eligible deposits with Haven Credit Union Limited are protected up to a total of �85,000 by the Financial Services Compensation Scheme (�FSCS�), the UK�s protection scheme for customers of authorised financial services firms. Any deposits above the �85,000 limit are not covered by FSCS. The FSCS will automatically pay back your savings, you don�t need to do anything. You should not make any further payments into the credit union and I would request that you cancel any standing order or direct debit that you have with immediate effect. Further information is available on www.fscs.org.uk or by contacting the FSCS on 0800 678 1100 or 020 7741 4100.


If you are owed less than �1,000 you will receive a letter from the FSCS that you can present at your local Post Office, along with some evidence as to your identity, and they will give you your savings back in cash. If you are owed more than �1,000 you will receive a letter with a cheque from the FSCS which you can then pay into your bank account. When you receive the letter or the cheque please collect your cash or pay the cheque in as soon as you can. If you have recently moved address but not advised the Credit Union, please contact me as soon as possible � my contact details are set out in the Helpful Contacts section at the bottom of this notice.



I will write to you again very soon with a statement showing what HCU�s records show your savings to be � please check this with that which you will receive from the FSCS, and let me know if there�s a difference. If there is a difference, don�t worry, we can pick this up with the FSCS with you � just contact us.



If you have borrowed money from the Credit Union


If you pop into the Credit Union�s offices and make your repayments in cash, we will be in touch with you soon as you will not be able to continue repaying your loan in this way. If you pay directly into the Credit Union�s bank account, then nothing has changed, please continue to make your repayments as normal. Please note that however you pay, you will not be asked to repay your loan quicker than you had agreed with the Credit Union.


If you have both borrowed money and have savings with the Credit Union


If you are both a borrower and a saver, please note that you will receive your savings back from the FSCS in full without any deduction for what you owe the Credit Union. This means that you will soon receive a sum of money from the FSCS but going forward you will still be obliged to repay your loan as normal. Please think carefully about what you should do with the money you receive for your savings. One option could be to use it to repay some or all of your loan, but you are under no obligation to do so. The money from the FSCS is yours to deal with as you wish, but please think carefully about what you do with it.


If you have borrowed money from the Credit Union and are having financial difficulties


If you need advice on benefits or debt, you could contact Pembrokeshire�s Citizen�s Advice Bureau on 03444 772020. They operate a drop in service several days a week in Haverfordwest and Pembroke Dock and once a week, on Wednesdays, between 10am and 1pm in Milford Haven Town Hall. Details can be found on their website on http://www.pembrokeshirecab.org.uk/opening-times/4582216384. The national CAB website is at http://www.citizensadvice.org.uk/


Turnt2us is a charity that will help you with claiming benefits. You can contact them on 0808 802 2000 or on line http://www.turn2us.org.uk/


Another option is National Debtline, a charity that helps people with their debts. Their telephone number is 0808 808 4000 (open Monday to Friday 9am to 9pm, and Saturday 9.30am to 1pm). Their website at http://www.nationaldebtline.co.uk/ provides some great guidance.


In the longer term you could seek some support from the Money Advice Service, their telephone number is 0300 500 5000, their website is at www.moneyadviceservice.org.uk.



We have also listed at the end of this sheet some other contacts which may be of help you.


Steps for you to take now�


As the Credit Union has closed, what you now need to do is:


  1. 1. Think about opening up a new bank, Post Office, building society or Credit Union account, unless you already have one.


If your wages or benefits were paid into your account with HCU, please give your employer or the DWP your new or alternative account number as soon as you can.

A list of useful numbers and some information on how to open a new bank account is contained at the end of this sheet. Your local Jobcentre Plus (which is part of the DWP) will be able to help you open a Post Office Card Account. They will also arrange for the transfer of benefit payments to your new Post Office or bank account.

One option could be for you to open an account with either of these local credit unions:

The West Wales Credit Union. Their telephone number is 01239 621408. Their website is http://www.wwcu.co.uk/.

The Saveasy Credit Union. Their telephone number is 01554 770867. Their website is http://www.saveeasycreditunion.co.uk/.


  1. You must make alternative payment arrangements with everyone whom you would normally pay out from your HCU account.

Do this as soon as you can so you can avoid any late payment charges.


  1. 3. You should immediately cancel any standing orders or other payments you have set up to pay monies into your credit union savings account.

You can do this telephoning your bank or visiting them in branch. Please note that neither I nor the Credit Union can cancel standing orders: this is something that only you can do. If for any reason any �late� savings are paid into the Credit Union�s account after I have been appointed as Administrator, you should contact me about getting your money back and you will need to write to me. You must cancel your Standing Orders with the Credit Union right now.


Repaying your loan


If you have taken out a loan from the Credit Union, you are still under a legal obligation to repay it on the terms and conditions you originally agreed. And when I�m appointed as administrator I shall be obliged by law to collect in your loan payments. Please continue to make your loan repayments in the normal way. If your standing order was previously set up for both loan repayments and savings, please adjust this with your bank � please just repay the loan. If you are unsure of the exact amount of your loan repayment, please contact my colleague Angela for details.


Helpful contact details

My freephone helpline: 0800 231 5788 � between 9am and 2pm (Tuesday to Thursday). Alternatively email my colleague, Angela at angela@in-solve-ncy.co.uk. My address is Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, West Midlands, DY3 1HE.


Job Centre Plus National Helpline Monday to Friday, 8am to 6pm Telephone 0800 055 6688 Textphone: 0800 023 4888


Jobcentre Plus Benefit Helpline for Jobseeker's Allowance, Income Support, Employment and Support Allowance, Incapacity Benefit, Bereavement benefits - 0845 608 8597, Monday to Friday 8 am to 6 pm. For Maternity Allowance - 0845 608 8610. For industrial Injuries Benefit � 0845 758 5433. For pensions � 08456 060265. Loans from the Social Fund � 0800 032 7952.


Local Jobcentre Plus Offices: Pembrokeshire Dock or Haverfordwest, telephone: 08456 043719.



Opening a New Bank Account


Most people use a current account with a bank or building society to manage their day-to-day money. It allows you to pay bills, receive payments such as salary, wages or benefits, and/or save money. Fees, charges and interest vary a lot between bank accounts so it is important to choose an account that suits the way you manage your money. All banks will ask for proof of your identity and address. However do not be put off if you do not have a passport or driving licence. There are lots of other identification banks can accept.


Once you�ve decided on the account you want to open, the bank or building society will ask you to fill in a simple application form. Someone at the bank should be able to help you with this if you need them to. It will be up to you to tell anyone who makes regular payments to you about your new account details. Some banks will help you with this, it is worth asking.


www.moneyadviceservice.org.uk has lots of useful information and advice on selecting the right bank account for you, dealing with debt, etc.



Post Office Card Accounts


A post office card account is useful for people who do not have a bank account. It is specifically for receiving pension and benefits. It cannot be used for direct debits, standing orders or third party payments. Once opened, payments from the government can be credited to the account and you can take your cash out at any post office. To open a Post Office card account, speak to Jobcentre Plus.


Finally, if you need anything on this notice explaining, please don�t hesitate to call us on the freephone helpline.




Paul Brindley

Midlands Business Recovery



Freephone helpline: 0800 231 5788 � between 9am to 2pm (Tuesday to Thursday).

Email: Angela at angela@in-solve-ncy.co.uk.

Address: Midlands Business Recovery, Alpha House, Tipton Street, Sedgley, West Midlands, DY3 1HE.


  • Central Services_0
  • Central Services_1
  • Central Services_2
  • Central Services_3

19 Charles Street

Milford Haven



Please note that

Haven Credit Union

has now closed for business








"Not for profit, not for charity, but for service"