We just got to the point in our Ch 13 lives that has us CLosed as of 1-3-2008. Now since we are closed do we need to contact car insurance company and have the Loss/payee changed back to us since we are longer financing this auto?
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Originally posted by NewHope View Post
Ohh, good question. I never thought of that. Think we better call Allstate Monday and find out. Would love to drop down to liability, but..... still have nothing saved up yet, and are still trying to replace/repair things around the house.Chapter 13 filed -8/12/04
Plan approved- 7/11/05
Date discharged--10-12-2007
Date closed- 12/6/2007:yes2::yes2: -
Originally posted by NewHope View Post
If your vehicle is crammed down into your Plan, you still will be required to list the bank as loss payee during your entire Plan. We were - they will contact you for proof of insurance several times during your Plan._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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Finance co did not once in the 4 years of our plan contact us about insurance, my thought is now that I am done, and if we had an accident why would I let my ins company cut them a check? What for they got thiers...Comment
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We used to get a letter every year from the bank as to our insurance to ensure they received a copy of the policy from our insurance company as to our vehicle. Ensure the bank/finance company has you listed as totally paid off and obtain the title from them. Once you are ensured that the vehicle is listed as fully paid off and free and clear, you can remove it from your insurance policy and get rid of the full coverage.Originally posted by NewHope View Post_________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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