Street cred closure - a tragedy

Over 3000 residents in the Borough of Rochdale will be affected by the closure of Street Cred in Rochdale. The sudden closure has shocked Rochdale residents. Street Cred ceased trading yesterday (Tuesday 16 October). Council Leader Alan Taylor has pledged to do all he can to help.

Rochdale MP Paul Rowen said: "This is a tragedy but I can reassure people that any individual with £35,000 or less savings is safe and I would anticipate that being everyone who uses this Credit Union. I have been in touch with the Financial Services Agency and they have given me this assurance. It's important not to panic - your money is safe. Although, I have praised Street Cred in the past - it is obvious that this has happened because of poor management. I would like to see a full investigation into the closure of this valuable service.

"We are doing everything we can to resolve this situation and I am working with our Council and Job Centre Plus to resolve the situation. This includes the payment of resident's benefits and providing other services. I appreciate that people affected are those who need the service the most and I hope that this can be sorted out as soon as possible. I will be talking to the Association of British Credit Unions Ltd. about resurrecting Street Cred."