What would happen if this were paid off while still under the plan ?
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I am curious about that too. I think that would depend on the trustee. Some might want you to increase your payments into the plan because you will have more disposable income. I have not had my 341 yet, but we have one car that my wife drives that we are paying outside the plan. It will be paid for in two years, three years before the plan is up. I have not asked my attorney what will happen yet but I plan on arguing that I will need to replace the truck that I drive by that time and will need to buy another car. The truck is six years old and has 135,000 miles on it right now. -
Your truck would be IN your plan as the payments left are less than the plan. My question is different. I am saying my Car is NOT in the plan as its 66 months left on 60 month plan.
What would happen if paid off earlier at 48 months or so ?Comment
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I don't understand what you are saying. How can you have 66 months remaining on a 60 month plan? My truck is paid for and is not in the plan. The RAV4 has about 25 months left. The payment is not included in the plan payment. We make it separately. Our payments on the RAV4 will end three years before our plan payments end. We will then have additional disposable income that the trustee may want us to pay into the plan.Comment
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I had 2 vehicles. One was @ 58 months and this is included in my payment to the Trustee as it's less time than my plan. The other is 66 months left and I still pay the creditor directly.
I am wondering what would happen if I paid the 66 month vehicle off prior to the 60 month time frame. ( I might be talking on extra work to do so)Comment
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