Scheduled amount -v-Principal owed

[nelliej1]

Hello, yes I am new and I have searched everywhere in this forum and found no answers to my question. So I hope I didn't overlook it. I am in NCarolina.

My question is this, We are on a 5 year chapter13 plan and it will be 5 years in Nov. When I look at the NDC Claims listing it shows a claim amount, principal paid, interset pd, scheduled amount and principal owed. Now, I have noticed recently that the scheduled amounts are not all showing a principal owed amount and also these creditors do not show a claim amount. Does this mean that they will not get paid? Possibly because they didnt make a claim or can they still get paid.

Reason I am asking is because if I look at my Pricipal owed than I should be paid in full by February instead of November when it will be 5 years. Could that be true. My attorney will not give me a straight answer. She said sometimes it can be paid off early but in most cases you continue to send the payment and it is distributed to the creditors if though they are paid in full by the plan. That just does not make any since to me.

[Nicollette]

I just looked at my plan and according to it the scheduled amount is the amount I listed as owing on the creditor matrix. The claim amount is the amount that the creditor listed as being owed to them if they filed a claim. The principal owed is what that creditor will actually be paid based upon the percentage your plan is paying.

Hope this info answered your questions.

[nelliej1]

Hmmmmm

So is the scheduled amount the original creditors that I turned in on my chap13 and if they don't have an amount in the principal owed that means they didn't file a claim and they don't get paid?

[Nicollette]

So is the scheduled amount the original creditors that I turned in on my chap13 and if they don't have an amount in the principal owed that means they didn't file a claim and they don't get paid?

That's the way I understand it. Also, looking at my paperwork, in the "principal owed" section that has a 0 balance, are for creditors that I know for a fact did not file a claim.

[nelliej1]

Does anyone else have any input!

Just wondered if anyone else had any idea about this question. I guess I am just praying that it will end early!

Thanks

[just4me]

I don't know... but I have two that filed "late" and they haven't been paid a penny - BUT - their amounts are listed in the Principal Owed column, and there is a check over to the right in the RSV Column. They are also coded as Payee Level 55 - and the others are Level 33.


I currently have two months of payments just sitting there - so I don't know if they will see any of that money - or where it's going to go.

All my other creditors have been paid at the agreed amount of 69% - and the money that's remaining "on hold" woudn't pay the 69% of the two late filers anyway. Maybe they will split it evenly - or HOPEFULLY - even return it to me!


Just4Me

[justbroke]

A late filed claim (time-barred) is automatically disallowed and won't be paid... unless it's a secured claim, or the creditor files a motion for reconsideration because they made some sort of mistake (highly unlikely though).

[kornellred]

It's real simple. Your Chapter 13 plan calls for a monthly payment of "X" dollars for "Y" months. When the plan has been fulfilled, that's it. Whatever is left unpaid is discharged. The debtor is only responsible for making the payments.

Trustees can make mistakes, however.