1 week Ago By Jennifer Jones
ANGUISHED Scots are at risk of losing thousands of pounds each in a troubled burial payment plan. Around 80 people, the majority OAPs , spent decades paying into the policy via Dalmuir Credit Union in Clydebank. 1 Mandy Cutill and her husband have spent nearly three decades paying into it.
Credit: Mark Ferguson But the body is looking to withdraw The Family Protection Plan scheme if it cannot find an insurer after next year to underwrite it. It says the plan’s ageing customer base and increased payouts in recent years have led to rising premiums — putting pressure on its viability. It is estimated that a pot of up to £500,000 is at risk, with the maximum payout per client originally set at £6,000.
Mandy Cutill, 56, and her husband Alex, 72, of Dalmuir, Dunbartonshire, have spent nearly three decades paying into it. Read more in Money DON'T BANK ON IT Full list of banks closing Scots branches for good in weeks SHUTTERS DOWN Frozen food retailer with over 300 UK branches to close another Scots shop The disabled grandmother has put in over £9,000 to the scheme, which promised £12,000 in funeral payouts. She said: “Members over 70 are now being asked to fork out £600 annually to keep the policy afloat, with no guarantees it’ll survive.
Why take that risk “You think they’re going to look after you, but they’ve taken no responsibility.” Anne McAulay, 74, of Clydebank, said she put in £3,500 and “now it looks as though it’s not worth the paper it’s written on”. Most read in Money SHUTTERS DOWN Full list of Homestore and More locations closing for good within weeks CASH IN Thousands of households to get supermarket vouchers worth £195 - are you eligible? SWEET RELIEF Iconic 80s retro sweet returns to UK shelves over 27 years after being axed BARGAIN HUNT I’m a car boot sale expert – five items to always buy and four to avoid Members have been warned to keep paying in — or risk forfeiting everything — while the policy’s fate is decided.
MP Douglas McAllister called it a “scandal” and has alerted the Financial Conduct Authority . Five key changes to PIP & Universal Credit as Labour's benefits crackdown unveiled The credit union said it aims “to secure the best possible solution after the policy lapses”..
