Chapter 13 early payoff

[spidge]

This isn't true (at least in my area). I just paid out a final lump sum on my 100% plan last month (payment 48 of 60). A week after mailing the payment, the trustee started the paperwork and I have my discharge hearing next week. Without the lump sum payment, my plan would have ended in 2015.

I'm not sure if this would be a local rule, but the way I read it, as long as you pay 100%, you're free. I'd ask your lawyer to recheck this for ya.

If one is under median and over the 3 year mark the plan base becomes the focus despite payback percentage.. Then again every district is a little different.

[drew999999]

Please keep us updated on paying off early. Our attorney said we can pay early but it won't let us out of the plan, it just means we won't have to make any payments. Not sure he knows what he's talking about ever!

This isn't true (at least in my area). I just paid out a final lump sum on my 100% plan last month (payment 48 of 60). A week after mailing the payment, the trustee started the paperwork and I have my discharge hearing next week. Without the lump sum payment, my plan would have ended in 2015.

I'm not sure if this would be a local rule, but the way I read it, as long as you pay 100%, you're free. I'd ask your lawyer to recheck this for ya.

[mylife]

Please keep us updated on paying off early. Our attorney said we can pay early but it won't let us out of the plan, it just means we won't have to make any payments. Not sure he knows what he's talking about ever!

[spidge]

Can't speak for 13Network as I don't think my trustee used it but NDC was spot on for payout and balances. Plan base did not match as we ended up going over by about $1200 once everything was paid out. My guess would be because of fluctuation of % paid to the trustee during the plan and the fact that my mortgage was paid an extra month. The final numbers worked out but I was dazed and confused for 5 years.

Could you explain what you mean by the mortgage was paid an extra month?

[drew999999]

When I talked to my Trustee's office a couple of months ago to get a payoff amount, I asked about the difference in what she gave me compared to NDC. She said that their amounts are recorded there, but they do not use it as their formal accounting platform. For my case, the discrepancy was with the trustee fees which are not accounted for on NDC. I actually liked logging into NDC and seeing the balances going down, and with the newer site format being able to export the data into excel was an awesome way of watching the totals. Your attorney should be able to get in touch with the Trustee's office to get a 'to the penny' total if necessary.

[BNKRPTinNC]

13Network has a claims payout matrix that shows a total due. NDC shows the plan base and how much has been paid in, but no total due section. I can assume on NDC that the payoff would be roughly what I paid in so far subtracted from the plan base, but is that accurate? 13Network has the total due on the claims matrix which is substantially less that the NDC math. Would the 13Network be more accurate as to the payoff amount?

Confusing to me.

Can't speak for 13Network as I don't think my trustee used it but NDC was spot on for payout and balances. Plan base did not match as we ended up going over by about $1200 once everything was paid out. My guess would be because of fluctuation of % paid to the trustee during the plan and the fact that my mortgage was paid an extra month. The final numbers worked out but I was dazed and confused for 5 years.

[spidge]

13Network has a claims payout matrix that shows a total due. NDC shows the plan base and how much has been paid in, but no total due section. I can assume on NDC that the payoff would be roughly what I paid in so far subtracted from the plan base, but is that accurate? 13Network has the total due on the claims matrix which is substantially less that the NDC math. Would the 13Network be more accurate as to the payoff amount?

Confusing to me.

[justbroke]

Very interesting information!

[spidge]

I just caught a little factoid. 13Network does not reflect a plan base, but NDC does show it plainly.

[spidge]

Well I feel really dumb, I thought there was only one site to check on your plan, the 13 data center website!

I just looked up the 13 network & it shows our trustee in Arizona using the site! We have paid 59 payments into our plan, last payment is due in April..

To gain access to the 13 network, I have to fill out an agreement & mail to our trustee. Not sure if it is worth it since we are almost done.. Is the info on the network more accurate than the data center?

There does not seem to be any solid confidence in either site.

Strange to me that the trustee uses it so why would it not be accurate?

[grndmom53]

Well I feel really dumb, I thought there was only one site to check on your plan, the 13 data center website!

I just looked up the 13 network & it shows our trustee in Arizona using the site! We have paid 59 payments into our plan, last payment is due in April..

To gain access to the 13 network, I have to fill out an agreement & mail to our trustee. Not sure if it is worth it since we are almost done.. Is the info on the network more accurate than the data center?

[spidge]

Makes me wonder why they even bother to create these two sites for our use. My trustee links directly to 13Network so maybe I should pick up the habit of using it rather than 13datacenter. I do like that 13Network has more calculations that could be helpful or add more confusion.

So it looks like it may only be good for payment monitoring as Lady' suggested. I will also keep an eye out for when the unsecured begin to get paid as that would signify that I am very close to final payment. My plan seems to be set up to pay in steps so the smaller claims go first then the larger claims get increased amounts. It's my way of counting down the payments.

[LadyInTheRed]

Would the "Total Principle Owed" on the claims summary from 13Network actually be closer to the payoff amount than anything NDC posts?

Based on what my claims summary says, probably. But, NDC really should not be relied on anything other than to make sure your trustee received a payment. It is not an official court record. There could be errors that aren't discovered until the audit is done at the end of your plan.

ETA: I just realized you asked about the claim summary on 13Network. I answered based on my claims summary on NDC (formerly 13datacenter). My trustee does not use 13Network. But, 13Network isn't an official court record either and could have the same kind of errors as NDC.

[justbroke]

I don't know since I no longer have access to the NDC (13DataCenter).

[spidge]

Would the "Total Principle Owed" on the claims summary from 13Network actually be closer to the payoff amount than anything NDC posts?