I've ended up with 2 loans - only need 1

*Scarlett

Hi all.

I applied for a loan on line with Marks & Spencer as they were offering 7.1% APR.

While waiting for this to be approved, I also rang my bank and they approved the loan within 30 mins but at a higher APR.

I have since heard back from M&S that the loan is approved but not on the terms offered on their website ie higher APR and received documents in the post at the same APR that my bank are offering.

I have also received the documents from my bank and have decided to accept their offer.

Do I need to do anything about the M&S loan? I'm assuming they won't do anything unless I were to return the signed agreement.

Will this show as an extra amount owing on my credit file? If so, for how long?

Many thanks.

PNPSUKNET

nothing will happen until docs are returned, so just return the one you want to go with

birkee

Until you sign something, it was just an inquiry of M & S.

fozmcfc

You have a right to cancel the loan (upto 14 days iirc).

But STOP before you do anything with the bank. You are better telling M&S you don't want the loan, if you tell them why, you never know they may offer you a better rate, rather than lose you. If not just say you no longer want it.

*Scarlett

Thanks folks.

fozfcmc - I think I will ring both on Monday to see if there is any room for negotiation on the APR. After all, if you don't ask you don't get! Thanks for the advice.