Confused about 100% payback

[Bernie]

We are currently 12 months in to our 36 month chapter 13. We are to pay back 31,950.00. Our plan says we pay back 100% of unsecured creditors. When I pull my info up on the NDC site, it shows our unsecured creditors as like 78K...so how is 31,950.00 a 100% payback? I am sort of confused on that. Any help explaining would be appreciated.

[treehugger1]

Did all your unsecured creditors file for their debt? My attorney has mentioned to me, and I've seen this noted on other posts, that many unsecured creditors don't file a claim. I expect a 100% plan, but I expect the 100% to be on those who file. I anticipate that $20K of my $130K+ unsecured will not be claimed.

[aa06a47]

We are currently 12 months in to our 36 month chapter 13. We are to pay back 31,950.00. Our plan says we pay back 100% of unsecured creditors. When I pull my info up on the NDC site, it shows our unsecured creditors as like 78K...so how is 31,950.00 a 100% payback? I am sort of confused on that. Any help explaining would be appreciated.

Are you sure they are not figuring you at a 60 month term? Even 60 months wouldn't get you at 100%. Look on you plan and see if it says POT plan box checked (usually last page of the filing if my memory serves me well). And the POT will have an amount listed. That is what you will pay back, not 100%.

[Bernie]

No, we are definitely in a 36 month plan. And no, not all of our creditors filed a claim. But the 78K is for the creditors that did file a claim. We filed under old laws, before 10/05. That is when they take your available money left over to live on and figure how much you pay back. So we pay 887.00 a month for 36 months, totally 31,950.00. I was just confused at when it says 100% payback. Any more thoughts would be great.

[CATCHMEIFYOUCAN]

National Data Center

The National Data Center shows exactly how each creditor gets paid and their percentage. It also shows an account ledger when payments are received by you.

Best Wishes, Catchmeifyoucan

[Bernie]

I realize that the NDC shows the amount of the claim and then it shows how much is paid each month and the balance...but it still doesnt explain how 31,950.00 is 100% payback for 78K debt.

[lrprn]

I realize that the NDC shows the amount of the claim and then it shows how much is paid each month and the balance...but it still doesnt explain how 31,950.00 is 100% payback for 78K debt.

Bernie, did your lawyer tell you your plan was 100% payback?

[CATCHMEIFYOUCAN]

Hmmm

I realize that the NDC shows the amount of the claim and then it shows how much is paid each month and the balance...but it still doesnt explain how 31,950.00 is 100% payback for 78K debt.

Best to ask the Trustee or your lawyer, also if you Bk is for 36 months, some actually go over but not more than 5 years.

Catchmeifyouacn

[Bernie]

No, the atty did not tell us it was a 100% payback. I just saw that when i looked at the NDC site. The atty said we would pay the 887.00 a month for 36 months and then everything would be wiped clean. Just when all the claims started showing up on the NDC site, and you look at the columns, it says in the Percentage to Unsecured (100%). Then it says Plan Base $31,950.00. So that is what I was referring to.

[aa06a47]

No, the atty did not tell us it was a 100% payback. I just saw that when i looked at the NDC site. The atty said we would pay the 887.00 a month for 36 months and then everything would be wiped clean. Just when all the claims started showing up on the NDC site, and you look at the columns, it says in the Percentage to Unsecured (100%). Then it says Plan Base $31,950.00. So that is what I was referring to.

OK, your going to be fine. Just keep paying the 887/month for 36 months and your done. NDC isn't always accurate when it comes to that percentage thing. It shows me at 0% payback and I'm actually about 15% payback.

[zoomzoom]

That's true. According to the NDC, I'm at 100% payback for 36 months, and according to my plan, I'm at 33% payback for 36 months....

[Bernie]

GREAT!!!!! Thanks everyone for their explanation of things. Actually we were never told at what percentage we were paying back...just told the $ amount and how many months. So, thanks for the good information.

[Pumpkin729]

According to NDC we're also paying back 100%. When I figure it out I get like 72% so I don't understand why NDC has 100%.

Another thing I know we're not supposed to go over 60 months but our plan does. By the time we are done making payments we will have made 63 payments.

[aa06a47]

According to NDC we're also paying back 100%. When I figure it out I get like 72% so I don't understand why NDC has 100%.

Another thing I know we're not supposed to go over 60 months but our plan does. By the time we are done making payments we will have made 63 payments.

When you hit the 60 months, I would contact the trustee and ask if you need to make anymore payments. By law, your plan is not allowed to run over 60 months.

There is only one thing I can think of that would cause them to show you at 63 months. Was the confirmed payment higher than what you initially was paying when you filed the plan? If so, the trustee generally will want the difference. Again though, the trustee still cannot require the plan to run more than 60 months. He may be wanting you to make up the difference between what you started paying and what you ended up paying.

[Pumpkin729]

When you hit the 60 months, I would contact the trustee and ask if you need to make anymore payments. By law, your plan is not allowed to run over 60 months.

There is only one thing I can think of that would cause them to show you at 63 months. Was the confirmed payment higher than what you initially was paying when you filed the plan? If so, the trustee generally will want the difference. Again though, the trustee still cannot require the plan to run more than 60 months. He may be wanting you to make up the difference between what you started paying and what you ended up paying.

AA...

Yes we were initally paying less before our confirmation. After the payment was set higher the third time around we were finally confirmed. Yes, I believe you are correct about making up the difference. And that will put us at the 63 month mark. Do I say anything about this to my lawyer?