payoff amounts

[cnet2k]

I just contacted my trustee to find out my payoff amt and it was about $75k, however the amount in the bk is only about $25k...??...how can I verify this? Will the payoff be itemized to see who is getting what? Does anyone know anything regarding this?

thanks

[cnet2k]

correction...the amt included was about $50k

[Jman30]

I don't how they can get $75K from $25K. The Trustee and lawyers get paid, but not that much!

Are you sure that 25K is not the % you were ordered to pay of the total debt of $75K????

As far as a payoff letter, all it will show is the total amount needed to satisfy the Chap 13. Nothing will be have sent out yet, so they can't itemize anything.

[cnet2k]

Correction

Sorry, I meant $50k...So I can I verify the difference?

[Jman30]

I am still confused as to what you are asking. What was your TOTAL debt when you filed? Not the % that the court ordered you to pay back, but the TOTAL FLAT DOLLAR amount of debt?

[cnet2k]

$50,000

[aa06a47]

I think what they are telling you is if you want to pay it off now, you pay 100%. Didn't you just file?

[cnet2k]

yes, but if the total amt was owed was $50k, where is the other $25 going to? I'm sure fees but can't be that much right?

[PI_Lvr]

If your plan is confirmed I would call the Trustee directly. Here is what mine looked like after I requested a pay-off quote (about 11 months into the plan of $86k original claim).

$81,084.00 Principal Owed (to all claims)
$8,668.00 Trustee Fee
$1,916.00 Interest (not yet paid) Owed on Secured Loans (Leased Vehicle)
$91,668.00 Total payback at 100%

Good Luck,
John

[anonymuse]

I'm confused--I thought interest did not accumulate during the plan?

[PI_Lvr]

Because they are being paid back 100% they still accumulate interest. I have a leased vehicle at 6.5% and a lien on my house for trim at 8%.

[lrprn]

I'm confused--I thought interest did not accumulate during the plan?

Our lawyer told us that if we requested to pay out of our Ch 13 plan early before our 5 years were up, then the creditors were likely to request that the interest on our car loans and other non-secured loans be added back on as a part of the early payoff. However, if we kept paying throughout the agreed 5 years, the interest couldn't be charged and everything owed would be wiped out at the end. He explained it as an incentive for the debtor to keep making the orginally assigned number of payments over the specified number of months.

[anonymuse]

Our lawyer told us that if we requested to pay out of our Ch 13 plan early before our 5 years were up, then the creditors were likely to request that the interest on our car loans and other non-secured loans be added back on as a part of the early payoff. However, if we kept paying throughout the agreed 5 years, the interest couldn't be charged and everything owed would be wiped out at the end. He explained it as an incentive for the debtor to keep making the orginally assigned number of payments over the specified number of months.

Heck, I'd rather pay the interest to get out of Ch 13 repayment hell! JMO

[lrprn]

Frankly, me too, anon. If we could remortgage and pay back all our creditors at 100% with interest, we surely would have done that rather than file Ch 13. Right now instead of looking at 5 long years of total trustee control of our finances, I'd be figuring out how to jumpstart our retirement fund! Oh well...ours has to be another path...really glad some of us 13ers are able to buy out early. Won't be happening for us .