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 off your store card or loan for 3 months or more, you may get a letter that says your debt has been sold. This will come from Lowell, a debt purchase company.

It means your debt is now owed to them instead of Ikano Bank. Lowell will be in touch 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?
  • 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?
  • My Ikano online account says I have £0 balance

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

    You just need your Lowell reference number to get started.

  • Will I be charged interest?

    As long as you work with Lowell 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 Lowell so that they can talk about your situation with you.

  • Will this affect my credit rating?
  • What will happen to my personal data?
  • How do I contact Lowell?

If you're worried about your debt

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

Money Advice Service

Money Advice Service

You can use the Money Advice Service Debt Test Tool to understand more about how much debt you currently have and see how you can get back on track.

moneyadviceservice.org.uk