How-to put "Till Rate" in plan [Archive]

caj0524

07-16-2009, 05:40 AM

OK... I've got everything set to file, just putting the finishing touches on my plan. The Northern District of Illinois uses a standard plan form, and under the "Other Secured Claims" it reads:

All secured claims, other than mortgage claims treated above, are to be paid in full during the plan term, with interest are an annual percentage rate specified below (subject to reduction with the consent of the creditor).

Huh? I have to get the creditor's permission to use the Prime +2 rate?
Do I need to get a court order? How?

Thanks in advance! Believe it or not, reducing my exorbitant interest rate on both of my cars actually makes my plan feasible.

justbroke

07-16-2009, 10:59 PM

Well, the creditor can always "complain" and object to confirmation, but they generally don't complain about the Till Rate. Just apply the Till Rate in the plan. If they don't object to confirmation... voila!

You will probably get more issues if they are "910-vehicles" (purchased within 910 days of filing), but generally, they don't complain. However, car lenders seem to be the ones that complain the most about anything.



	Bankruptcy Forum > Before the Discharge > Pro Se (Pro Per) Filing > How-to put "Till Rate" in plan PDA How-to put "Till Rate" in plan caj0524 07-16-2009, 05:40 AM OK... I've got everything set to file, just putting the finishing touches on my plan. The Northern District of Illinois uses a standard plan form, and under the "Other Secured Claims" it reads: All secured claims, other than mortgage claims treated above, are to be paid in full during the plan term, with interest are an annual percentage rate specified below (subject to reduction with the consent of the creditor). Huh? I have to get the creditor's permission to use the Prime +2 rate? Do I need to get a court order? How? Thanks in advance! Believe it or not, reducing my exorbitant interest rate on both of my cars actually makes my plan feasible. justbroke 07-16-2009, 10:59 PM Well, the creditor can always "complain" and object to confirmation, but they generally don't complain about the Till Rate. Just apply the Till Rate in the plan. If they don't object to confirmation... voila! You will probably get more issues if they are "910-vehicles" (purchased within 910 days of filing), but generally, they don't complain. However, car lenders seem to be the ones that complain the most about anything.