National Data Center Definitions

[cblue37]

Hello Everyone. Can you clarify a few terms on my Claim Summary page on NDC? I think i know what they mean but, I am just unsure. Please correct me if my definitions are off.

Claim Amount: The amount that I owed before filing Ch. 13
Scheduled Amount: The amount that I will pay during the Ch. 13
Principal Paid: How much I have already paid during Ch. 13
Principal Owed: ????

What's the difference between Scheduled Amount vs Principal owed.

[LadyInTheRed]

The scheduled amount is the amount you listed on the BK petition as being owed to the creditor.
The claim amount is the amount of the claim as filed by the creditor. If nobody objects to the claim, this is the amount that will be used to determine how much the creditor gets paid in your plan.

The principal paid is the amount that the trustee has distributed to the creditor.

The principal owed is the difference between what the creditor will receive in your plan and what it has already received, not including interest that would be paid on a secured claim.

At least that is how my claim summary works. Does that make sense in your case?

Welcome to BK Forum!

[spidge]

LITR, that is how mine reads too.

[cblue37]

That makes sense....thank you.

So, if the Claim Amount equals zero then that means that the Creditor did not file a claim, right? I am guessing that I listed a few Creditors (Scheduled Debt) that had already sold my debt to a Collection service. Or, in the case of my Student Loans- they got consolidated and a that total is listed under another Creditor's Claim Amount.

I know I should have a better understanding of my own debt but, once I filed I just made payments and lost track of all this stuff.

[spidge]

Yes, generally of the claim amount is zero then no claim was made. They lose out if they did not respond in the beginning, but there could be exceptions if there is a service issue on debts with liens.
I doubt your student loans are included in any part of the BK. You should follow up with your attorney on this subject. There is a term for what happens to student loans and I think it is called deferred, because you will still have those debts after the ch13 is finished. Of course rules change but I have not heard of a change.

[LadyInTheRed]

Yes, if the claim amount is zero, the creditor did not file a claim and will not receive anything from the plan. Some student loan lenders don't file claims because the student loan is not dischargeable. Instead, they put the loan on deferment until you complete your plan. But, if the student loan was consolidated, the current owner of the loan would file one claim.

If you know debt was sold, you should make sure the buyer of the debt receives notice of your BK.

[switch625]

I do not see a "principal owed" in my NDC, though I do have a "max pay amt" which would be the equivalent. Also, the only zero claim amt I have is the attorney fee, since the attorney got paid in full before I filed. None of my unfiled claims appears on my NDC.

[LadyInTheRed]

"Max pay amount" sounds to me like the total the creditor will receive during the plan, while the "principal owed" is what is left to be paid to reach the "max pay amount". But I could be wrong since there is no "max pay amount" in my case.

I think each trustee uses NDC differently. For most of my plan, NDC showed that the percentage to unsecured was 100% and the "principal owed" was equal to the claim amount. I knew that was wrong and didn't worry about it because I know what my plan provides and that NDC is not an official court record. It was only with about six months left in the plan when the % was changed to 5.56 and the principal owed to each creditor was adjusted accordingly. NDC really should not be heavily relied on by a debtor except to confirm that a plan payment has been received.

[cblue37]

Thank you for the responses. I spoke with my attorney today. My student loans are listed in my Ch. 13 because they will receive some payments during my 5 years. Of course, I will need to repay the rest after the discharge.

[switch625]

"Max pay amount" sounds to me like the total the creditor will receive during the plan, while the "principal owed" is what is left to be paid to reach the "max pay amount".

You are correct.