Overpaying?

[toojerm]

18 months to go in the 5 year CH13. I've paid in roughly $69400, and with the $40518 (2251/mo)projected over the next 18 months I'll be paying $4803 more than what 13 data center says I owe to remaining debt. That can't all be trustee fees (I've already paid $4,883 in trustee fees!), and the attorney is already paid in full, and all claims are accounted for. They have adjusted up my 100% twice since I've been in it, once immediately after confirmation, and once due to vehicle surrender deficiency. So the question is, am I going to get some huge rebate at the end? I'll be so glad when this is done, it will be like a $27,000 tax free raise every year, with no debt!

[andy158]

If you were initially a 100% payback how did they adjust your payment up to be more than 100%? Do you mean your plan went to a 100% payback after filing due to what you described?

I have noticed the same thing looking at the NDC info on our case. We reached the half way point in our 5 yr plan and according them we are paid 3 months ahead.

From what I have read here if you are in a 100% payback you can actually finish and discharge early. If not a 100% payback the overpaid balance above your initial plan base is distributed among your creditors as long as the required number of payments has been met. I am not sure there is a limit or cap on the amount. Sort of a bonus for them.

Any refund you get is from making more payments than required. Don't stop making payments until you have official notice to do so.

Not sure of all the logistics involved before discharge. Any input from others with overpayment here?

[toojerm]

I guess our proposal was not 100%, but then it becam 100% after confirmation. Then the vehicle I surrendered with $36000 owed only netted 19,900. at my half way audit they determined my new payment to be $2251. Now, looking at the 13data center info, I'm definitely going to be overpaying if it goes to 60 months.

[karm43]

Wow thats alot of money. you got rid of your car?

[despritfreya]

andy158 is correct. You will continue to make your normal monthly payment as required under the Order Confirming your Plan until you have paid all allowed claims in full or completed the 60 month cycle, whichever occurs first. Any funds overpaid will be returned to you.

Des.

[toojerm]

Thanks. Yes, I surrendered the car, which turned out to be a huge mistake, because I had to replace it anyway. Should have just kept it with the bigger payment from the get.