I still don't understand the 100% payback

[catalina2225]

I have $3,000 in secured debt and $53,000 in unsecured debt. Data 13 shows my base as $9,900 to be paid off in 3 years at $275.00 per month. But, it shows that my plan is at 100% paid to creditors. I know I'm not good in math but, this doesn't seem right. I don't own a home but, this seems to good to be true to pay only $9,900.00 in three years out of $56,000.00. Any ideas?

[JollyGG]

Check to see which creditors filed claims.

[catalina2225]

All of them did.

[lrprn]

If your case has not been confirmed yet or the 90 days for creditors to file claims is not yet up, it's not unusual for the % payback on the trustee 13 websites to show 100% payback - ours did for a long time.

When I do the math, paying $275/month over 36 months equals $9900. Is the $9900 the secured amount being paid inside your plan for your cars or other secured assets?

Trustees pay our creditors who file claims in a very specific order. They first pay the secured loans like cars, mortgage arrears, and special case debts like IRS back taxes in total. Then bringing up the rear are non-secured creditors who won't get a penny until the secured and special payments are made in full. Finally each of your non-secureds will get a % each month of your payment until your plan months run out or until every creditor who filed a claim is paid in full.

Often until the trustee pays off most of the secured, any loan arrears, and IRS debts, you won't see the actual plan % payout to the non-secured claims show up on 13DataNetwork. Now that our cars and our special debts are about 3/4 paid off, we just got notice last week that finally our trustee is gearing up to pay our non-secured creditors something. In our case, it will be about 30% payback to each.

This is not something to worry over. Time will fix it. However, the next time you need to contact your lawyer, it's fine to ask about this for more reassurance.

[catalina2225]

Thank you. My car is being paid in the plan and is only $3500.00. So I'm sure that is 100%. It was all the unsecured showing 100% that had me confused. I just got confirmed a week ago. You are probably right and after the secured is paid the true percentage of the unsecured will show up. Thanks again.

[James H]

On the National Data Center website it has me paying


$14,240.00 for my plan base..... that amount is correct

I have $19,984.16 in unsecured claims


but it says Percentage To Unsecured 100%


I'm guessing this is what you guys are talking about?


my case was confirmed on 10/15/2007, so they will eventually adjust this?

[Ezrin]

On the National Data Center website it has me paying


$14,240.00 for my plan base..... that amount is correct

I have $19,984.16 in unsecured claims


but it says Percentage To Unsecured 100%


I'm guessing this is what you guys are talking about?


my case was confirmed on 10/15/2007, so they will eventually adjust this?

I had the same question -- my plan was confirmed July of 2006 and it's still being reported like this. I believe I owed around 24,000; I ended having to pay 13,000 over 4 years. All my creditors are listed and have filed claims, yet it still says 100% to unsecured.