DMP and Bonus

NullUserX

I'm on DMP, paying off 5 different loans etc. I've got a bonus in my work - what should I do? 
1. Transfer that to DMP, and they split that among all creditors
2. Or select one creditor and ask them to settle the debt for some percent of the total amount (60-80%)?

MattMattMattUK

NullUserX said:

I'm on DMP, paying off 5 different loans etc. I've got a bonus in my work - what should I do? 
1. Transfer that to DMP, and they split that among all creditors
2. Or select one creditor and ask them to settle the debt for some percent of the total amount (60-80%)?

3. Keep it in a savings account as an emergency fund.

tigergambit

NullUserX said:

I'm on DMP, paying off 5 different loans etc. I've got a bonus in my work - what should I do? 
1. Transfer that to DMP, and they split that among all creditors
2. Or select one creditor and ask them to settle the debt for some percent of the total amount (60-80%)?

Neither. 

Put it in your fighting fund with a view to offering 20% on some of your debts at some point in the future and then negotiating. 

1 will not make enough of a difference.

2 is too high to offer.

It rather depends on your overall circumstances, of course.

Grumpelstiltskin

I do hope your DMP is with one of the debt charities and not a fee charging company.

ManyWays

How long ago did your DMP start and who is it with?
Have any of your debts been sold to debt purchasers, these may take much lower settlements.

NullUserX

Grumpelstiltskin said:

I do hope your DMP is with one of the debt charities and not a fee charging company.

Yes, it is with StepChange 👍

NullUserX

ManyWays said:

How long ago did your DMP start and who is it with?
Have any of your debts been sold to debt purchasers, these may take much lower settlements.

I'm in the 10th month with Step Change. Debts haven't been sold yet. 

NullUserX

MattMattMattUK said:

NullUserX said:

I'm on DMP, paying off 5 different loans etc. I've got a bonus in my work - what should I do? 
1. Transfer that to DMP, and they split that among all creditors
2. Or select one creditor and ask them to settle the debt for some percent of the total amount (60-80%)?

3. Keep it in a savings account as an emergency fund.

Thank you

Is this ok and in line (or legal) with DMP?

Grumpelstiltskin

Why do you think in is illegal to have savings when you are doing a DMP?

tigergambit

Is this ok and in line (or legal) with DMP?

Perfectly legal but I wouldn't tell Stepchange as they will want it for option 1.

You need to think of what is best for you and your family rather than what is best for Stepchange and your creditors. These are not the same thing.