Amount Remaining on NDC Summary doesn't Match Remaining Payments...Should I Worry?

[Danglin]

Hi Everyone,

It's been a long road, but we're down to 5 payments remaining on our plan. I did notice something that didn't look right when I was reviewing the payouts on the NDC website, and it appears that the remaining payments are less than the amount owed for all of the debts. In fact, the remaining payments just barely cover the secured the debts included in the plan.

Is this just an accounting issue that will be rectified on audit, or should I contact our attorney? I feel like the boy who cried wolf with all of the periodic questions I've had over the past 4 1/2 years, and there's never been in anything to worry about. I really don't want to bother him again unless it's really something necessary.

We are not in a 100% plan, in fact, it's roughly half that. After paying over $200k into this over 5 years, we'd hate to run into any "we didn't get all of our money" objections!

[spidge]

Will your remaining 5 payments satisfy the Plan Base? If so then no worries, but I would still contact your attorney and follow up on it. They will likely ask your trustee for a payoff amount. We get one a couple times a year. It does not seem to be any trouble. I think your OK, and congrats on your progress.

[LadyInTheRed]

I wouldn't worry about it as long as your plan payments will pay secured creditors and you have made all of your plan payments and turned over any income tax refunds and bonuses that you were required to turn over to the trustee.

In NDC, the principal owed on all of my unsecured debts was equal to the claim amount even though I was paying very little to unsecured creditors. That did not change until the very end of my plan when the trustee calculated what to pay to each unsecured creditors.

[Danglin]

All plan payments have made on time, and as scheduled. Thankfully, we we never asked to surrender tax refunds, and the bonuses were never big enough for my attorney to notify the trustee.

Out of curiosity, what happens if the plan ends up being short, with respect to the secured creditors? Do they object and then we end up paying a lump sum at the end?

[Danglin]

Actually, I multiplied the monthly payments on the secured debts, and it fits well within the remaining payments with about $8,000 to spare. So I think I'm okay on the secureds.

Curiously, though, I added up the Principal Owed on everything, it totals $29,000 (not counting the trustee's cut), while the total of our remaining payments is roughly $22,000. Hopefully, THIS isn't an issue!