• Two Women Erased $1.5 Million of Strangers' Medical Debt
    15 replies, posted
https://jezebel.com/two-women-erased-1-5-million-of-strangers-medical-debt-1830888079?utm_medium=socialflow&utm_source=jezebel_twitter&utm_campaign=socialfow_jezebel_twitter&__twitter_impression=true
I though this would be an article about two women comiting fraud and altering records.
I figured it would be the same shit John Oliver did, I'm happier that's the case instead of something criminal happening.
it's a great move, just a damn shame it was necessary in the first place.
Wait, what did John Oliver do?
They did an episode on debt buying, and the episode's gimmick was them buying a shitload of debt and then forgiving it. https://www.youtube.com/watch?v=hxUAntt1z2c
That must cover about 4 people then?
I wouldn't mind something criminal happening to the people who profit off of holding people's health and lives hostage. Fuck them.
I'd like to imagine that once millennials sneak their way into high-level banking and government jobs, there will be a culture of just sabotaging the debt industry from the inside out, while simultaneously just going "uh, whoops!". God, I hope so.
You realise there's nothing criminal about debt buying right? Like, that's literally how private debt works in the US, if the originator of said debt doesn't think it's worth collecting upon anymore they sell the debt for mad cheap to "debt collectors", which are businesses entirely dedicated to harassing you into paying them money.
Read what I wrote again.
So basically, if you had a million dollar, instead of donating that you should just make a debt collecting company, buy all the debt and then arrange to forgive them? They spent about 60 grand to get a about 15mil in debt to collect, image what you can do with a lot more money.
So basically Mr Robot without the hacking and explosions.
What stops people from buying their own debt or paying someone to buy their debt
Its a lot more complicated than you would expect. Including that often when you buy debt, you don't get to pick and choose, you buy it in bulk. Also, often if your accounts are already at the point where they about to go into collections, you can renegotiate the debt. From what I understand, its super common on medical debt, since hospitals know that some of the things they bill for are for a retarded amount of money and normal plebs like us will never pay them back the original amount.
it'll be like fight club but with less nitroglycerin, toxic masculinity and less brad pitt
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