A SOUTHEND MP has vowed to continue helping members of collapsed Southend Credit Union get their money back.

James Duddridge, MP for Rochford and Southend East was informed by the Financial Services Authority that since the credit union closed on May 9, it was no longer able to provide any new loans, redeem any member’s shares or carry out any share to loan transfers.

It is only allowed to collect repayments from existing loans.

The Financial Services Compensation Scheme handles the repayment of members’ savings and compensation payments of up to £85,000 will be made directly to members.

Mr Duddridge said: “As I said previously, I was disappointed that Southend Credit Union was no longer operational however, I am pleased that members are being reimbursed.

“If any members are having problems then please contact me with all of the information and I will write to the relevant authority.”