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No you can’t change the term of the instalment plan once it is set up.
Once you have set up your instalment plan then this will be fixed. You should make sure that you can afford the payments that you have selected for the term length of your plan. If you miss an instalment plan then the amount you didn't pay will be moved in to the standard credit card balance where it may be subject to interest.
If your plan has to be cancelled then you will not be able to put that transaction back into another plan and any outstanding instalment balance you had will be moved in to the standard credit card balance where it will be subject to interest.
For information on extending your Virgin Money Slyce instalment plan, see here.