MEMBERS of a credit union will have their balances paid out after the group went in administration.

Administrators have been called in at Barrow and District Credit Union, a community savings and loans provider.

The credit unions' 1,200 members are due to receive their money under the Financial Services Compensation Scheme.

The total payout is expected to be around £500,000.

Members are due to receive a cheque for their balance.

Caroline Rainbird, chief executive of FSCS, said: "FSCS is here to protect the members of Barrow & District Credit Union Ltd and to help them get back on track.

"We want to reassure them that their money is safe.

"No one needs to worry or do anything as they should receive their money by cheque within a week.

"We protect people's savings up to £85,000, and joint accounts up to £170,000."

Queries about Barrow and District Credit Union Ltd can be directed to James Sleight and Peter Hart of PKF Geoffrey Martin & Co Ltd, which has been appointed as administrator.

The administrator can be contacted by telephone on 01229 520130 or 01229 870110 or email