Marks & Spencer offering refund on loans?

8 December 2014

marks and spencer Something is afoot at Marks & Spencer's loan department as customers having been getting money put into their accounts without much explanation.

After a little digging, we found that M&S have broken the law because they didn't write to customers to inform them that they could pay their balance off early if they wanted to and that customers were also permitted to pay off any amount they wanted, at any time.

Legally, they are required to do that, so those who haven't received such correspondence have been finding seemingly random amounts of money coming to them, which is a nice early Christmas present, you have to say.

There have been some letters of apology sent out, but not to all customers, and some have received hundreds of pounds. In one instance, a customer was given £600, which is not to be sniffed at. Another customer received a BACS transfer for £1,467, which is thought to be the interest paid on the loan from when the loan was first taken out to the present day.

If you have a loan with M&S and think you might be in with a shout of a loan, then you can either trust them to sort it out for you (good luck with that) or, you can give them a ring to see what the score is.

Call the M&S Personal Loan number, which is 0800 363 400 and hopefully, you'll be having a festive period that is much more suave than you anticipated. Let us know how you get on.

TOPICS:   Banking   How To Guides   Loans   High Street News

2 comments

  • Maria
    I have just contacted M&S they have told me that because I have a "buying plan agreement" and not a personal loan this does not apply. Is this correct? My statements have not included the paragraph about making partial payments which it does state on my agreement.
  • Pizza_D_Action
    Does / will this apply to loans from other banks? What wording should / should not be in my contract so I can check?

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment