I would like to take this opportunity to introduce myself. My name is Shannon Marchman and I am the new Ways to Work program director in Wilmington, De. I recently joined the discussion group and as we are in the process here of setting up our program, I have a question that I would like to pose to the group.
We are in the process of finalizing our bank agreement and are discussing the loan default process. We are proposing the following: 1) Loan default reaches 90 days delinquent, we purchase the loan from the bank. The bank reports to the credit bureaus loan paid by third party. 2)Upon assuming loan responsibility we proceed with collection efforts-if debt ultimately charges off we proceed to court placing judgment against client for loan amount-garnishing wages as applicable. Our thought with this proposal is to ensure that the credit report reflect any charged off debts resulting from the loan, and to limit repossession of the vehicle. I would appreciate any insight that the group can provide stating other options, or thoughts on our proposal. I look forward to attending the WTW Institute and continued support from all of you. Thanks in advance for responses. Shannon Marchman Director,Ways to Work Program Nehemiah Gateway CDC 201 W.23rd Street Wilmington, DE 19802 (302)655-0803 Ext.16 (302)655-8372 Fax
