Help with making minimum payments

We've seen that you've been making minimum or low payments on your store card for 18 months or more. This means your payments are going more towards interest, fees and charges than towards paying off the amount you actually owe.

We need to let you know the implications of continuing to make low payments on your store card and to let you know that advice or support is available if you need it.

Did you know that paying only the minimum payment each month means it can take much longer to pay off the balance? The longer you take to pay off your balance the more interest you will pay.

If you can afford to increase your monthly repayments, you will pay your balance off quicker and pay less interest.

Why do you need to know this?

The Financial Conduct Authority (FCA) introduced rules to help people avoid something called 'persistent debt'. These rules mean that we need to provide you with this information and take action if your payments aren't high enough to change your situation in the next 18 months.

What do you need to do?

If you can't afford to pay more

If you continue to make minimum or low repayments, we'll write to you again after 9 months. If the situation remains the same after 18 months, we'll look at ways for you to repay what you owe quicker, over a reasonable period.

If you have an IKEA Home Card, we may have to suspend your card after 18 months to protect you from getting into further debt, so please seriously consider if you can pay more.

Please get in touch with us if you wish to discuss your options.

If you can afford to pay more

If you can afford to, please pay more than the minimum amount requested on your monthly statement each month.

The more you pay back, the quicker you will clear your balance as whatever amount you pay above the minimum will go directly towards repaying what you owe. Paying more each month also means that you’ll save money on interest charges, as interest is charged each month on your remaining balance.

You can make additional payments at any time:

Pay online

If you have a New Look, Oasis, Warehouse, Karen Millen or IKEA card, you can log in to your account at ikano.co.uk/login to make a debit card payment.
Pay direct from your bank account

Transfer directly from your bank account or set up a Standing Order to:

Payee: Ikano Bank UK Branch

Sort code: 40-02-50

Account number: 81341561

Always use your 16 digit store card number as the reference for your payment so we can match this to your account.
Pay by phone

Call 0333 155 4610 to make a debit card payment using our automated service.