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Marks and Spencer Personal LOan


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In 1998 I took out a personal loan with Marks and Spencers to buy a car. All went well until my business ran into trouble. With careful debt management I am repaying all my creditors (though I realise this will take until 2017) Now, 8 years after taking out the loan with M & S I am still paying it off and the balance is still more than I borrowed inthe first place, despite the three years I made the full payments.

 

Does anyone think I should take this up with M & S. Surely this is unfair and above all not legal????

 

I wouldn't know where to begin but would give it a go.

 

Any advice appreciated.

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  • 4 weeks later...

it is fair. you took the loan out and interest was added obviously. so when you account defaulted (if it did) the balance would only decrease when make payemnt, if you are paying small amount off then it wont decrease fast.

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