M&S Bank personal Loan Interest refund, don't understand, advice please?

LewisSmith60

Hello all,

I had a letter come through the post the other day from M&S Bank regarding a loan that was cleared a while ago...

"We have identified that we didn't include important information on your annual statement, reminding you about your right to make partial prepayments to your loan at any time"

They have included a cheque for £70.

I wanted to know if I should look into this further as £70 for interest seems quite low as the loan was about £1500. Would it be worth contacting them to make sure they have sent the correct amount? I was wondering if it was them just trying to cover their own rear by sending me a reduced amount and then say that I have settled by cashing the cheque, thus invalidating any claims I would/could make in the future.

Can someone please advise?

Thanks

Lewis

[Deleted User]

LewisSmith60 wrote: »

I was wondering if it was them just trying to cover their own rear by sending me a reduced amount and then say that I have settled by cashing the cheque, thus invalidating any claims I would/could make in the future.

No. It is them sending you the amount they have calculated as redress based on them omitting the relevant information on the annual statements for a defined period of time.

If you think that the omission covered a longer period of time and that calculation is therefore wrong, let them know.

LewisSmith60

Deleted_User wrote: »

No. It is them sending you the amount they have calculated as redress based on them omitting the relevant information on the annual statements for a defined period of time.

If you think that the omission covered a longer period of time and that calculation is therefore wrong, let them know.

Is there any way of finding out what period of time it should be or is it only M&SB that can tell me that?

[Deleted User]

M&S can tell you, if you don't have your annual statements available to check.