Payment status

[zoomzoom]

I know.... on one hand, I feel so much relieved now that we're under the Plan. The phone calls have stopped, our relationship as a couple is stronger... but on the other hand, I'm always worried that something bad is going to happen and that this could all take a turn for the worst. We are just 10 months into our 36 month plan (filed under the old law)... Can't wait for the 26 months to be over!

[Jman30]

Are you into a 100% payback plan?

[zoomzoom]

According to NDC, I am paying 100% to unsecured.

[Jman30]

Do you have any equity in your house? Since you are paying back 100%, once you have 12 consecutive payments, you can try to do a buy out.

THat is what I did....or I am doing. Closing in 30 minutes!

[zoomzoom]

Yes, we do have equity. That's why we couldn't file a 7 - otherwise, we would've lost our house.
I thought you had to wait 36 months before doing a buy out. We are 10 months into our plan. I'm confused. It says we're paying 100% to unsecured, but the total amount to be paid through us through our plan is not even a 3rd of the total amount we actually owe. We were never late on mortgage or car payments so all we have was CC debts and medical bills.

[Jman30]

Well, if you are paying 100% back, then it dosen't matter when you do a buyout. Say you are paying back at 25%....then yes, it pays to wait until the 36th month because you will have to pay back at 25%. If you do it before, you have to pay back 100%.

But since you are paying 100% anyway, it dosen't matter.

[zoomzoom]

REally? So, whether the amount to be paid through my plan is 1/3 of our total unsecured debt, we can buy out of it because it says we're paying 100% unsecured?

[Jman30]

Well, now I am confused. Are you paying back 33% of debt or 100%?

[zoomzoom]

According to NDC, I am paying 100% to unsecured. But what I"m paying through my plan is about a 33%.
It could be 100% to unsecured because I don't have any secured debts?

[Jman30]

Maybe I am confused because I am closing in 30 minutes and my mind is somewhere else, but I am not sure what you are saying.

Maybe someone else can help more??

[zoomzoom]

LOL - You're just too excited and who can blame you! Let us know how it goes!!!

My plan has us paying a total of $28K during the whole 36 months. Our total debt is actually close to $80K. I have a feeling we'll need the full $80K to buy out of this...

[teribesse]

What is the NDC? Is that a National site that you can log into to see if your trustee has received your payment

[lrprn]

What is the NDC? Is that a National site that you can log into to see if your trustee has received your payment

The NDC is the National Data Center. If your Ch 13 trustee participates (and most do) then you can register for the debtor side of NDC called 13Network that tracks millions of Ch 13 cases. On 13Network you can see not only your Ch 13 payments but a lot of other information about your Ch 13 case, including trustee disbursements to creditors.

To see if your trustee participates in 13Network, go to http://www.13network.com/ and scroll down to look for your state. If you see your trustee's name under your state, click your trustee's name and your trustee's registration page will open. Fill out the form online and submit it. You usually will receive your log-in information at your personal email address within a few days.

One of the best things about watching your case on 13Network is that it is absolutely FREE!!! Hope your trustee is one who participates, teribesse!