Please be advised that Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited (“Quantuma”) were appointed as Joint Administrators of WFCECU on 19 August 2025. Formal notice of the appointment can be downloaded below.
The Financial Services Compensation Scheme (“the FSCS”) has also declared WFCECU in default, which means that, despite the Administration, eligible members’ monies are protected and eligible members will receive payment of their balance (up to the limit of £85,000 per individual) from the FSCS.
Dina Devalia of Quantuma Advisory Limited has said: “Eligible members of WFCECU don’t need to worry as their money is safe and their money will be returned by the FSCS. You don’t need to do anything to get your money back – anyone with a deposit with the credit union should look out for a cheque in the post from the FSCS in the next few days. We are working with the FSCS to ensure that eligible members receive their money back as soon as possible. We will also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayments or the transfer of benefits to alternate financial institutions”.
WFCECU has now ceased trading.
Don’t worry, your money is safe
You do not need to do anything to make a claim for your WFCECU credit balance. The FSCS will send eligible members a cheque payment in respect of their account balances as at 18 August 2025 within seven calendar days of default.
If any monies have been paid into the Credit Union’s bank account on or after 18 August 2025 which are due to you, you must complete a ‘Return of Funds Request Form’ and return it to the Joint Administrators. A copy of the form can be downloaded below. Please return all forms via email to WFCECU@quantuma.com. If you are unable to use email, you can return the form via post to Quantuma Advisory Limited, 7th Floor, 20 St Andrews Street, London, EC4A 3AG.
Your benefits, salary or other regular deposits into your WFCECU account
You need to contact your employer, pension provider and / or the Department for Work and Pensions or any other office that handles your benefits and give them new account details for another account in your name. If you do not have an account with any other bank or credit union, you will need to set one up immediately as WFCECU’s bank account will be closed.
Loan(s) with WFCECU
You need to continue to make your contractual repayments on your loan(s) until fully paid off.
You should cancel any direct debits or standing orders you currently have in place in relation to your savings. The Joint Administrators will write to all loan members confirming the Administration bank details so that you can set up a standing order to resume your contractual loan(s) repayments.
Alternatively, loan repayments can be repaid in full at any time by emailing WFCECU@quantuma.com to notify the Joint Administrators of your intention to do so and making a payment to the Administration bank account.
Data Protection
A privacy policy statement as required by the General Data Protection Regulation is available at: https://www.quantuma.com/privacy-policy. Should you wish to be supplied with a hard copy, free of charge, please contact the Joint Administrators’ team.
Contact details for the Joint Administrators and their Team
Email: WFCECU@quantuma.com
Telephone: 07469 278 739 or 020 3856 6720
Joint Administrators' Website regarding this matter: https://www.quantuma.com/insights/quantuma-appointed-administrators-waltham-forest-council-employees-credit-union
The affairs, business and property of Waltham Forest Council Employee Credit Union Limited (In Administration) are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability.