On 19 August 2025, Waltham Forest Council Employee Credit Union (WFCECU) – trading as Forest Savers – entered administration and has now stopped trading.
Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited have been appointed as joint administrators.
WFCECU is a financial co-operative owned by its members. It is regulated by us and the Prudential Regulation Authority (PRA) under Firm Reference Number (FRN) 213408 as a deposit-taker.
The Financial Services Compensation Scheme (FSCS) is stepping in to protect members. It will return members’ money within 7 working days from when WFCECU was declared in default, on 19 August 2025.
What members need to know
If you are a member and would like more information about receiving your money, contact the FSCS:
- Email: [email protected].
- Phone: 0800 678 1100 or 020 7741 4100. (Lines are open Monday to Friday from 9am to 5pm.)
- Website: Visit the FSCS website[1] for FAQs and further guidance.
If you make or receive regular payments from your account or wish to discuss your account, you can contact the joint administrators:
- Email: [email protected].
- Telephone: 07469 278 739 or 020 3856 6720.
Loan repayments
Members should not cancel any repayments, as the loan agreement remains in place and repayments need to be made as originally contracted.
Future loan repayments will be managed by the joint administrators, who will provide the administration bank account details as soon as they can.
If you made payments covering both loans and savings, the joint administrators will tell you the new amount to pay each month so that you do not fall into arrears.
For more information, call the administrator.
Read the joint administrators’ FAQs[2].
Stay alert to scams
If you were a member of WFCECU, you may be contacted by the joint administrators, the FSCS or the credit union.
These organisations follow appropriate security protocols.
If you’re unsure whether a call is genuine, end the call immediately and contact the organisation directly using the details above.
For more information on protecting yourself from scams, see our Scamsmart guidance[3].
See more on how to protect yourself from the most common types of scams[4].
