5 years later!

[FreakingInCali]

We are done.. I've been in and out of these forums lurking for the last 5 years.. I got the letter from the Trustee last Friday congratulating us on completing our plan pending audit and to start making our mortgage payments (which are paid up through December)..

So here's what I'm curious about.. I just pulled my credit score which is sitting at 745 pre-discharge.. I've been reading it can take months to get the official paperwork, and we need a new car.. Badly.. I'm wondering if anyone has had any trouble shopping around before the actual discharge? We're figuring cars are going for lower rates right now since they're getting ready to bring in the 2013's and kind of want to take advantage of that.. And no house payment for a couple months to save up the down..

Can I start shopping now? Or should I wait til paperwork is in hand?

[justbroke]

You can shop, but some creditors will want to see the discharge entered. You might receive the discharge before the case is "closed", but I can't predict how the Trustee and your District work. I personally may not start "shopping" until I know that I won't need a letter from the Trustee granting permission to incur debt.

Also, with that score, >710, you should be able to get Tier 1+ financing from the automobile lenders. (Tier 1+ is the "best" financing available.)

Can you wait a few more weeks?

[FreakingInCali]

Oh a few more weeks won't kill us.. I had gotten into a car accident last year which resulted in my pretty car being totaled.. We've been using two beater cars to get around in, and the one my husband is driving is starting to have a dashboard that looks similar to a Christmas tree.. really don't want it to die.. Really don't want to put money into repairs that could be used as a down payment when we're planning on turning it in anyways. So yes, I can wait a few more weeks.. I've just been reading some threads that are talking 20+ weeks and I know I can't wait THAT long..

[justbroke]

I think the discharge should come quicker, but the closing would take longer. Closing is the administrative part where they do the audit and final reporting. Hopefully, you have already started to file any requisite affidavit (for domestic support orders) and anything else which your District requires.

Worse case, is you obtain a letter from the Trustee allowing the purchase.

[FreakingInCali]

Thanks! I'll touch base with my lawyer on Monday and see what we need to do.. We don't have any domestic support situations so that won't be a problem.. I've been blowing up their phones the last 3 months because of some issues that came up at the last minute. My lawyer says she loves us though and will make sure we have a speedy resolution because we hadn't crossed their desk in a negative fashion since our plan was confirmed. In fact we had paid everyone at 100% in May and the trustee has a fat amount of money in their coffers that belongs to us too. :P

I would advise people not to pay off a 100% plan early by 3 months. The nightmare with paperwork takes longer than just finishing it in 60 months like you were supposed to in the first place.. Live and learn :P

[justbroke]

Yes... live and learn!

[arlington]

Just out of curiosity - how could you tell that you had paid everyone in May? I'm in a similary situation. Five years was up on October 1, 2012. Just sitting around and waiting! CONGRATS!