Reducing CC debts to below what level might help?

Me_Myself_2

We (may) be able to get a few thousand pounds in the near future and currently owe around £67k on CCs.

Should we pay some off each of our debts, to bring them below £10k each?

We were wondering if this would make creditors less likely to take us to court in the future etc.?

Any advice appreciated.

immoral_angeluk

What are the balances and APR's of each debt?

rayday2

I think to be honest some cc companies tend to take things to court others don't. I would list the ones you owe money too, so others can say there experience.

Also I would keep any money unless its wages someone will see in an emergency fund you could make lower offers to pay some off in full or say if one card got awkward you could get rid of it.

Me_Myself_2

All interest is frozen as we have been on a DMP for 2 years now.

Three of the balances are more than £10k the others vary from £2k to £7.5k.

Thanks

Me_Myself_2

Balances as follows:


Lloyds Gold Card 11,594.00
Lloyds Platinum 10,430.00
Virgin 12,989.00
Marbles (1) 7,320.00
Marbles (2) 6,566.00
Capital One 3,500.00
Mint 2,250.00
American Express 1,800.00
M&S 3,834.00
TSB Visa 7,492.

Thanks all.

rayday2

Two years in you would have to be really unlucky for them suddenly to take you to court, that being said who knows for sure.

It maybe worthwhile saving towards offering settlements later on if you want the peace of mind of them not being there anymore. But you would have to save quite a bit sadly.

Pooky

How much will you have coming to you? Would it be more worth while in clearing a few of the smaller cards freeing up more money each month for larger payments on the others?

Not to sure about final offer payments but maybe you'd be able to wangle a cash settlement price (I'm sure someone out there knows all about this and can give you some advice)

Me_Myself_2

Thaks everyone.

Could anyone tell me if they have had charging orders put on with any of these specific companies?

Thanks