Welcome to the WtW Team! In Detroit our banking partner will handle the collection process following their regular procedures until we purchase the loan back at 75 days delinquent. We had our first loan closing in June of this year so I have not had to go through the collection process yet but we are planning to place judgements, garnish wages, repo vehicles and do whatever it takes to recover any losses.
I'm looking forward to meeting you next month. Suzanne Reid/Detroit > -----Original Message----- > From: Shannon Marchman [SMTP:[EMAIL PROTECTED] > Sent: Thursday, September 25, 2003 9:14 AM > To: [EMAIL PROTECTED] > Subject: [WTW] Introduction and Question > > 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
