I agree with Luisa. If the loan recipient shows good intent they should be supported. Another option to the refi is to give the car of a defaulted client to the client who pays and has lost their vehicle. The Loan Program giveth and the Loan Program taketh away... : ) Good Luck and Happy Thanksgiving to all- Anita
Anita Corriveau WAYS to WORK Family Loan Program Center for Family Services 584 Benson Street Camden, NJ 08103 856-964-1990 ext. 295 856-964-0242 fax [EMAIL PROTECTED] ---------- Original Message ---------------------------------- From: "Donette Whiting" <[EMAIL PROTECTED]> Reply-To: [EMAIL PROTECTED] Date: Tue, 25 Nov 2003 11:15:07 -0500 >On our loans where the client has lost the car and only has the minimum >insurance we have the client pay off half of the balance due and then we >offer the client another loan and add the balance due to new loan. >----- Original Message ----- >From: "Luisa Vilchez" <[EMAIL PROTECTED]> >To: <[EMAIL PROTECTED]> >Sent: Tuesday, November 25, 2003 10:18 AM >Subject: RE: [WTW] stolen vehicle > > >> Hi Dave, >> >> I encountered this case as well as a car that was totalled. What I have >> done is ask the client to continue paying until they only owe half of >> the loan. Then they can reapply for another loan where the half owed is >> paid off and the remaining amount is used to buy another car (I might >> offer a $4K Loan). This way, I am giving the client a solution and I am >> encouraging them to continue paying the previous and the new loan. >> >> Luisa Vilchez >> Family Counseling Services of Greater Miami >> >> -----Original Message----- >> From: [EMAIL PROTECTED] >> [mailto:[EMAIL PROTECTED] On Behalf Of Dave Washburn >> Sent: Monday, November 24, 2003 8:38 PM >> To: [EMAIL PROTECTED] >> Subject: [WTW] stolen vehicle >> >> >> Hi folks, >> >> I'm interested to hear your experiences and courses of action taken in >> situations where a borrower's car has been stolen. Obviously, this is a >> tight spot: no car, still needs to pay the loan. (We don't require full >> coverage insurance, so in our immediate case I'm assuming insurance >> won't replace the car.) >> >> How have you tackled this? >> >> Dave >> >> >> > > >
