Northern Ireland

Carleton Credit Union in Portadown goes bust

A Country Armagh credit union with around 600 members has gone bust.

However all the savers in Carleton Credit Union will get their money back under the government's Financial Services Compensation Scheme (FSCS).

The credit union, which is based in Carleton Street in Portadown, holds savings of around £390,000.

The FSCS said the overwhelming majority of savers will get their money back within seven days.

People with less than £1,000 saved will receive a letter to get cash over the counter at their post office.

Anyone with more than this will receive a cheque.

Those with loans from the union will continue to repay on the same terms.

The last set of accounts for Carleton Credit Union showed that it had made a £37,00 provision for doubtful debts.

Due to its small size those doubtful debts were enough to tip the credit union into insolvency.

This is the second credit union in Portadown to go bust in recent months.

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