I applied for an M&S personal loan advertised at a representative APR of 5.9%. I fully understand that a representative APR is not guaranteed and... I applied for an M&S personal loan advertised at a representative APR of 5.9%. I fully understand that a representative APR is not guaranteed and that the final rate depends on individual circumstances. My issue is with how the application was handled. M&S carried out a hard credit search and then referred my application for further review. I was told I would hear back within five working days. I waited the full five business days and received no decision, email or update. I eventually contacted M&S myself, only to be told that my application had been approved at 13% APR. Had I not chased them, I have no idea when I would have been informed. For comparison, I subsequently applied elsewhere and was approved immediately at 8.5%. I am not complaining because M&S did not offer me the advertised 5.9%. I am complaining because they carried out a hard credit search, made a lending decision and then failed to communicate that decision to me within the timeframe they had given. What made the experience worse was the complaints process. When I asked for a formal complaint to be logged about the way the application had been handled, the complaints adviser I spoke to refused to register it. The call became increasingly frustrating and ultimately went nowhere. A disappointing experience from a major financial institution. I would be very reluctant to apply for credit with M&S Bank again. Read more Read less

I have an M&S credit card mainly used for shopping at M&S on line. A monthly direct debit is in place, which is the responsibility... I have an M&S credit card mainly used for shopping at M&S on line. A monthly direct debit is in place, which is the responsibility of M&S bank to claim. However, wishing to avoid paying interest, I have been paying most of the balance off each month. In the meantime, should I return a purchase, the money is credited back to the card placing me in credit and the bank not claiming the minimum payment. However, today I received my statement with a credit balance. I also received a letter from the bank entitled ‘Arrears Notice’ for not receiving the minimum payment due on the last two months, despite the fact that my statement was showing a credit balance. Accompanying this letter was an FCA Sheet regarding this ‘arrears notice’. Firstly, I have never been ‘in arrears’, secondly it is the banks responsibility to claim the minimum payment which they didn’t because I was in CREDIT! The FCA notice was to advise me that ‘it is time to take action’ and ‘Missed payments could affect your credit rating and make it more difficult to get credit in future’. I phoned M&S Bank to complain, but being transferred to somewhere in Asia (maybe Phillipines?) only compounded my frustration. My intention now is to request the monies owe to ME back and cancel that credit card once I am satisfied that a 0 balance is agreed. How come I am viewed as in the wrong and a recipient of a Financial Conduct Authority warning! Read more Read less