M&S personal loan interest REFUND!!

Norfolk_Norris

Hi

I just had a really unexpected but nice surpirse...

I took out a £10k personal loan 2 years ago with M&S, for some home improvements.

I today received a letter from M&S basically telling me that although they have been sending me annual statements for the loan, which contained a caveat explaining I can make overpayments, they failed to advise me in this caveat that i can also make 'partial payments'.

Because of this ommision, they have refunded the interest on the loan from the start date, up until now - £850?!

So, without even asking, a bank has refunded money I would never of expected, after admitting an error in their caveat?

I'm not sure if this is an FCA thing, whereby everybody with an M&S personal loan has had the same, so I thought I'd share this just in case!!

Happy Christmas!!

[Deleted User]

It's happening a lot, currently.

Norfolk_Norris

yea, i just saw the northern rock thread; who else?!

sweetilemon

M&S are always pretty fair I find. I struggled to get a card with them (too low earnings - under 10k) but went over my limit once, I paid ASAP and they didn't fine me which was lucky.

Congratulations! Their credit card has a competition on - spend in nov dec and they could refund you your entire spend up to £10k!