Interest REFUND on M&S Loan

Hutcho2659

I thought I would share this with everyone in case this applies to you. I currently have a Marks and Spencer loan of £15,000 taken out in March 2011 and is almost paid off. Today I received a letter from M&S apologising to me because at the start of the loan I should have been informed that I was in fact allowed to pay any amount of my choice off the loan at any time.


They say that they did inform me that the loan could be paid off early at any time, but that they should have informed me of the fact I could also make additional payments throughout the course of the loan on top of my normal monthly payment.


So I have received a BACS transfer to the value of £1467 which is said to be the interest paid on the loan from the start up to present date.


I am now considering whether to contact my previous lender to see if the same applies ????
If anyone has had the same experiences with any other loan companies let me know.


Cheers

[Deleted User]

They'll write to you if it applies.

hutcho2659_2

Deleted_User wrote: »

They'll write to you if it applies.

That's very trusting of you, however I'd be less inclined to think that every company would !


Have you had a similar experience ?

soizic

Hi Hutcho2659
This just happened to me I think!
I have just received a credit form M&S on my account but no letter came trhough the post
I took a loan out back in february 2011. Today when I check my current balance, I saw that a credit had been issued to my account for over £1000. i check the loan reference and it matches that of my loan account... But I have not received a letter yet.I am worried it was an error and that they will take the money back! really need it!

[Deleted User]

hutcho2659 wrote: »

That's very trusting of you,

Not really. Just think of the consequences when the FCA audits them and it shows they didn't pay up.

hutcho2659_2

soizic wrote: »

Hi Hutcho2659
This just happened to me I think!
I have just received a credit form M&S on my account but no letter came trhough the post
I took a loan out back in february 2011. Today when I check my current balance, I saw that a credit had been issued to my account for over £1000. i check the loan reference and it matches that of my loan account... But I have not received a letter yet.I am worried it was an error and that they will take the money back! really need it!

Luckily for me I read my letter first and then checked my bank straight away and saw the money there. I hope your letter arrives but in the mean time give them a call ! I hope your right, early Christmas present ! Happy Crimbo lol

7iain7

wonder what other loan companies this will effect ?

Csh1977

Same thing happened to me got the letter seems to good to be true. Tried phoning but couldn't get through.

Steff

Csh1977 wrote: »

Same thing happened to me got the letter seems to good to be true. Tried phoning but couldn't get through.

And me. I, too, thought too good to be true and tried ringing, but couldn't get through.


I sent a tweet to Martin, but no reply as yet.....


Don't get me wrong, I am hugely thankful for this unexpected money, but if they voluntarily gave us this, should we be pursuing it further or just say thanks and shut up?


I have three years left on the loan in question and cant understand why they have given me money back?...

[Deleted User]

Steff wrote: »

I have three years left on the loan in question and cant understand why they have given me money back?...

It's for omitting required information on the annual statements. You didn't lose any money as a result of this error, but you didn't receive information that you should have.

There's nothing more to pursue.

stator

7iain7 wrote: »

wonder what other loan companies this will effect ?

There are similar threads about Black Horse (they do car finance).