What happens if you get into debt with us

We'll always work with you first to help you pay off your debt.

What happens next?

If you haven't been paying the contractual minimum payment on your card or loan for 3 months or more, Ikano may sell your account to a specialist Debt Purchaser. You will get a letter that says your debt has been sold.

It means your debt is now owed to them instead of Ikano Bank and they will be in touch with you to understand your circumstances and help you set up an affordable payment plan.

If you’d like to know more about what this means for you, please read the information below.

Woman looking at bills

Your questions answered

  • Which retailers does Ikano Bank provide finance for?

    Ikano Bank offers loans and store cards with a number of well-known retailers. If you don't recognise us or why you have a debt, contact the debt purchaser.

  • Can Ikano Bank legally sell my debt?

    Yes. Your terms and conditions say we’re allowed to pass on debt to a third party. This will always be a company that's authorised by the Financial Conduct Authority and a member of the Credit Services Association.

  • I haven’t heard from Ikano Bank about this debt

    We always try to get in touch with you first about repaying your debt. But if you’ve moved address or changed your contact details, you may not have heard from us.

  • What if I don’t agree with the balance?

    Please contact the debt purchaser first and they’ll investigate for you. You will find their contact details on the letter you received from the purchaser advising you what to do.

  • My Ikano online account says I have £0 balance

    This is because your debt has been moved to the debt purchaser. You'll need to register for an online account with them instead.

  • Will I be charged interest?

    As long as you work with the debt purchaser to manage your debt, they won't charge you interest or fees.

  • Can I be taken to court?

    If you don't pay your debt, there's a chance you could be taken to court. Please contact the debt purchaser so that they can talk about your situation with you.

  • Will this affect my credit rating?

    Yes. Ikano Bank will inform the credit reference agencies that your account has been moved to another company. Remember you can check your credit file any time with one of the credit reference agencies.

  • What will happen to my personal data?

    We follow current data protection law. Please contact the debt purchaser to find out more information on the data they hold about you.

  • How do I contact the debt purchaser?

    You should find ways to contact them in the letter they sent to you advising you what to do.

If you're worried about your debt

You can also get free, confidential, and impartial advice from a number of independent organisations including: