I Lost My Life Savings When My Credit Union Went Bust. Here’s How I Got Money Back.
I put money into a credit union savings account
for over 15 years It was for my daughter’s education, even though she’s only 8 I thought the credit union was safe A lot of the guys at work had money in it
– they recommended it But the credit union went bust The money – all £20,000 – was gone I was carrying on as normal I had no idea it had gone bust I got a letter from the Financial Services
Compensation Scheme I thought it was a scam But it wasn’t It said money up to £85,000 is FSCS protected When the credit union went bust, FSCS had stepped in They worked through the paperwork to track
me down and make sure I got the money back My money was safe FSCS compensated me in full, automatically So with the letter was a cheque – for £20,000 FSCS doesn’t charge a fee or commission Now I tell all the other drivers Don’t put your money anywhere unless it’s FSCS protected Then you know it’s safe