National Data Center report

[esmith1515]

I have just finished up year 2 of a 5-year repayment plan. I just recently went to the National Data Center website and checked our case. In the claim summary under the heading "% of Claim paid" it says 100% for every creditor. I was under the impression from the lawyer that we were paying back our unsecured creditors at 40%. I guess I am confused as to whether or not the claim summary from NDC means that we are acutally in a 100% plan. Also, both of my vehicle financing companies are showing a secured claim and an unsecured claim. I am assuming one is principal and one is interest. I guess I'm not sure how a "cramdown" works either. Anybody out there ever check out the NDC website?

[Minnymouth]

In the "cramdown" that I discussed with my attorney under the old laws.................payoff was over 5 years......
The secured creditors were paid 100% and unsecured 40% if funds were available. Yes the interest becomes unsecured. (example, house - owe 50,000 + interest, payback is $50,000 only).
Some cramdowns are payable at 100% on both secured and unsecured. Why I don't know.... was told it had something to do with converting from a 7 to a 13...... to protect your assets under the old laws.

Maybe someone else can offer some input on this issue.

[rrockinggramma]

In my plan, I crammed down a vehicle. The company filed a claim only for the principal owed. If included in a chapter 13 the finance company is NOT allowed to pile on the interest. The trustee then pays the finance company some interest (in my case 6 percent). Of course, crammed down means FMV. So I owed 12,000 on my vehicle. Crammed down was 5000.00 which left the remaining amount of 7000 considered as unsecured. The company was paid 5000 at 100 percent with 6 percent interest, and the remaining 7000 was paid out at my percentage to unsecured (35.56 percent for me). So, in your case, the deficiency balance after cram down is unsecured etc. As to the 40 percent versus 100 percent to unsecured, look at the number of claims filed. Very rarely do all of your creditor file claims. As cases must run 36 to 60 months, it looks like in your case, those who did file a claim are going to get paid more. Because your plan calls for 5 years, the percentage to unsecured could be 100 percent (due to number of claims filed) So check out who filed claims and how much they filed the claim for etc and see if those numbers don't add up to what you are paying for 5 years, minus trustee fees etc.

[HHM]

I have just finished up year 2 of a 5-year repayment plan. I just recently went to the National Data Center website and checked our case. In the claim summary under the heading "% of Claim paid" it says 100% for every creditor. I was under the impression from the lawyer that we were paying back our unsecured creditors at 40%. I guess I am confused as to whether or not the claim summary from NDC means that we are actually in a 100% plan. Also, both of my vehicle financing companies are showing a secured claim and an unsecured claim. I am assuming one is principal and one is interest. I guess I'm not sure how a "cramdown" works either. Anybody out there ever check out the NDC website?

It could also be that not all your creditors filed proof's of claim. If a creditor does not file a proof of claim, they do not get paid, and their debt is discharged. Thus, you should look to see who actually filed claims in your case.

As for the secured claims, the secured portion is usually equal to the FMV (which may be more or less than the principal owed on the car note), the unsecured portion is whatever is left over. Those amounts do not always nicely match up with principal vs. interest.

Since you filed under the old law, was there any particular reason you needed a 5 year plan?