Fri Nov 9, 2012, 09:53 AM

bigtree (49,271 posts)

OWS to Buy, Forgive Distressed Consumer Debt

Last edited Fri Nov 9, 2012, 09:54 AM USA/ET - Edit history (1)

Posted at Discourse.net on November 8, 2012 by Michael Froomkin

This is very cool: — Occupy Wall Street plans to buy distressed consumer debt for pennies on the dollar … and then forgive it.

OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)

This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!

Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.

read: http://www.discourse.net/2012/11/ows-to-buy-forgive-distressed-consumer-debt/

http://howtosharpenpencils.tumblr.com/post/35285338188/the-peoples-bailout

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164 replies	Author	Time	Post
OWS to Buy, Forgive Distressed Consumer Debt (Original post)	bigtree	Nov 2012	OP
I love it. Helps those in need and strips some of the power away from	Live and Learn	Nov 2012	#1
Thinking outside of the box like this	Generic Other	Nov 2012	#2
Where da recs?	Leopolds Ghost	Nov 2012	#3
Du rec. Nt	xchrom	Nov 2012	#4
Occupy is amazing!	Cracklin Charlie	Nov 2012	#5
Oh, that is AWESOME!!!!!!	djean111	Nov 2012	#6
Way cool.	99Forever	Nov 2012	#7
This needs to spread like	Le Taz Hot	Nov 2012	#8
K&R This is a model for success. Hopefully it will catch on and rich people will start funding it.	Egalitarian Thug	Nov 2012	#9
K&R Support OWS.	woo me with science	Nov 2012	#10
This sounds useful.	randome	Nov 2012	#11
Sort of like KIVA	dixiegrrrrl	Nov 2012	#83
HUGE. Kick!!	navarth	Nov 2012	#12
This will put the debt-collection thugs out of business - best idea ever.	reformist2	Nov 2012	#13
rec!	SammyWinstonJack	Nov 2012	#14
I they forgive the debt, do the debtors have to pay income tax on the amount forgiven?	djean111	Nov 2012	#15
"Canceled Debt – Is It Taxable or Not?"	PoliticAverse	Nov 2012	#25
Then don't cancel the debt.	Sophiegirl	Nov 2012	#42
Sounds like a good idea if possible.	randome	Nov 2012	#46
I think it'd have to be $1.00 at a minimum.	TahitiNut	Nov 2012	#106
We could revive	Doc Holliday	Nov 2012	#156
Quitclams and releases still employ that language, as far as I know.	TahitiNut	Nov 2012	#158
If they are smart, they would not do it	AlexSatan	Nov 2012	#159
It might be able to be structured as a gift.	Ms. Toad	Nov 2012	#48
<$10,000/year	joeunderdog	Nov 2012	#139
Please pass this on to:	tavalon	Nov 2012	#146
I really wish I could afford, well maybe	DiverDave	Nov 2012	#152
It isn't accurate information	Ms. Toad	Nov 2012	#163
It's not quite that simple	Ms. Toad	Nov 2012	#162
Canceled Debts.... for any of the following exceptions or exclusions are not taxable"	dixiegrrrrl	Nov 2012	#71
Wow. This is one of the best grassroots ideas I've heard in a very long time.	distantearlywarning	Nov 2012	#16
I would too,	onethatcares	Nov 2012	#18
http://rollingjubilee.org/	tavalon	Nov 2012	#147
K&R. Publsihed to my Facebook network this a.m. One question: who decides	coalition_unwilling	Nov 2012	#17
excellent...	handmade34	Nov 2012	#19
Good to see they're finally doing something worthwhile...	SidDithers	Nov 2012	#20
You might want to check out the amazing work they are doing --	Hell Hath No Fury	Nov 2012	#55
+1!	dchill	Nov 2012	#65
Yep. Once again, the MSM lies spread far and wide to discredit progressives.	Dark n Stormy Knight	Nov 2012	#94
Don't mind Sid.	Scootaloo	Nov 2012	#143
.	Luminous Animal	Nov 2012	#109
Damn do-gooder liberals.	UnrepentantLiberal	Nov 2012	#128
Yo, Sid,	tavalon	Nov 2012	#148
K&R nt	TBF	Nov 2012	#21
That's an amazing idea.	groundloop	Nov 2012	#22
bump.	silvershadow	Nov 2012	#23
Donation link found!	AllyCat	Nov 2012	#24
by that calc, I just forgave $10,000 in debt! WHOOPEEE!!!	Kip Humphrey	Nov 2012	#53
Yeah! Wish I had that much to give, but think I'll	AllyCat	Nov 2012	#72
THANKS for finding/posting the link!	dangerdoll	Nov 2012	#63
!	AllyCat	Nov 2012	#73
Bookmarked	Kaleva	Nov 2012	#77
Kick! Thanks for posting this, AllyCat!	calimary	Nov 2012	#98
DAMN! That felt GOOD!!	TahitiNut	Nov 2012	#107
Excellent! Though I do wonder...	Bibliovore	Nov 2012	#130
This is a wonderful idea...	one_voice	Nov 2012	#133
Thanks! I love this idea!	myrna minx	Nov 2012	#155
The people of OWS are AWESOME! They are tenacious, caring, determined, smart and love this country	judesedit	Nov 2012	#26
Wow - that's perfect.	Lucy Goosey	Nov 2012	#27
Whoohoo! K&R!	Fire Walk With Me	Nov 2012	#28
OWS	SamKnause	Nov 2012	#29
Sounds good ...	1StrongBlackMan	Nov 2012	#30
You can buy debt sometimes pennies on the dollar......	AnneD	Nov 2012	#31
donation link above and at second OP embedded link.	AllyCat	Nov 2012	#33
I was just looking at it.....	AnneD	Nov 2012	#36
Oh, I didn't know about People's Bank. Not sure I have that kind of cash, but	AllyCat	Nov 2012	#37
"The People's bank"---Are you talking about the Lending Club?	dixiegrrrrl	Nov 2012	#84
And with this single action	Downtown Hound	Nov 2012	#32
Great heavenly days. What a tremendous idea!!	efhmc	Nov 2012	#34
This is incredible!	liberalmuse	Nov 2012	#35
Robin hood! how beautifully genius!	robinlynne	Nov 2012	#38
This is another earthshatteringly brilliant idea by OWS. K&R	stevenleser	Nov 2012	#39
It's neither 'earthshattering' nor 'brilliant'. It is, however, a 'great' idea.	randome	Nov 2012	#86
Your concern over my degree of enthusiasm is noted.	stevenleser	Nov 2012	#108
It is BOTH earthshattering & brilliant!	LeftofObama	Nov 2012	#117
It IS a fantastic idea, and I am very excited about it.	stevenleser	Nov 2012	#161
Hypberbole does not help dismiss the organizations you have always wanted to dismiss.	sabrina 1	Nov 2012	#127
interesting	heaven05	Nov 2012	#40
HUGE K & R !!!	WillyT	Nov 2012	#41
I have $500	Sophiegirl	Nov 2012	#43
What a clever, incredible idea!	Barack_America	Nov 2012	#44
Love love love OWS, they are da bomb!!	lark	Nov 2012	#45
I think that's great. Possibly the most constructive thing I've heard from OWS. nt	msanthrope	Nov 2012	#47
They should do a big holiday push.	Barack_America	Nov 2012	#49
kick and rec!	lunatica	Nov 2012	#50
K&R	Magoo48	Nov 2012	#51
So what would happen if a person bought their own debt for pennies on the dollar???	ret5hd	Nov 2012	#52
This....	Buddyblazon	Nov 2012	#54
You'll have to default on them (and trash your credit) first.	Barack_America	Nov 2012	#74
I paid off my student loan for 10 cents on the dollar.	dixiegrrrrl	Nov 2012	#85
Don't forget the system is rigged for the other side!	airplaneman	Nov 2012	#67
actual solutions to real problems...	lame54	Nov 2012	#56
kick	BillyJack	Nov 2012	#57
Bravo! n/t	ohheckyeah	Nov 2012	#58
I don't get it	demhottie	Nov 2012	#59
Debt can be sold again and again --	Hell Hath No Fury	Nov 2012	#60
Exactly - the benefit is you are no longer afraid to answer the phone.	jwirr	Nov 2012	#80
I can't even imagine...	OneGrassRoot	Nov 2012	#100
People will be able to move on with their lives. It's a big deal.	reformist2	Nov 2012	#66
Don't forget	robbob	Nov 2012	#81
Good questions. Thanks.	randome	Nov 2012	#82
Well, honestly, what you are apparently missing here is an understanding of	Zorra	Nov 2012	#115
Zorra, you nailed it - it's truly a soul-sucking experience to be mired in debt.	groundloop	Nov 2012	#119
But will they know?	druidity33	Nov 2012	#124
the original creditor may have written off the debt	dlwickham	Nov 2012	#134
Now that's productive activism--very well done. nt	MADem	Nov 2012	#61
Sort of like the non-government version	adieu	Nov 2012	#62
wow this is reverse capitalism !	airplaneman	Nov 2012	#64
Now, THIS is a Revolutionary Idea!	yellerpup	Nov 2012	#68
We're trying. Thanks bigtree.	mmonk	Nov 2012	#69
Rec'd! A very interesting idea.	Kaleva	Nov 2012	#70
OWS changed everything and keeps on truckin!!!	EarthGurl2012	Nov 2012	#75
This is the best stimulus package I have seen in this whole mess. I am one of those distressed	jwirr	Nov 2012	#76
This is BRILLIANT!	JNelson6563	Nov 2012	#78
My world would change if they bought my student loan off....	glinda	Nov 2012	#79
Me too-	solara	Nov 2012	#120
excused debt	dexter76	Nov 2012	#87
Did you voluntarily create medical debt? Are you going to create more?	uppityperson	Nov 2012	#88
excused debt	dexter76	Nov 2012	#91
I think you missed the part about student loan debt and NOT FINDING A JOB!	AllyCat	Nov 2012	#122
Stuff happens	footinmouth	Nov 2012	#89
excused debt	dexter76	Nov 2012	#92
No one here but us takers.	myrna minx	Nov 2012	#97
perhaps we could proclaim	azurnoir	Nov 2012	#103
The only ones in our society getting a free ride	Tsiyu	Nov 2012	#112
Welcome to DU!!!	tomm2thumbs	Nov 2012	#114
By the time your debt gets cheap, you've already been screwed to the equator and back n/t	Mopar151	Nov 2012	#144
"Posting privileges revoked"	TahitiNut	Nov 2012	#110
Force multipliers	mick063	Nov 2012	#90
Off Topic	eridani	Nov 2012	#105
The only one avaiable from DU	mick063	Nov 2012	#118
So what's to stop me from setting up a shell corporation, racking up a bunch of personal debt	ChillZilla	Nov 2012	#93
No it is not that simple.	djean111	Nov 2012	#102
K&R	TheUnspeakable	Nov 2012	#95
Cool. This is great for collection agencies, brings them some revenue they might not	jtuck004	Nov 2012	#96
They don't pay off debt by choosing individuals.	djean111	Nov 2012	#99
If we just step back and look at this as helping the country full of citizens,	djean111	Nov 2012	#101
Wow, this is a FANTASTIC idea.	Doremus	Nov 2012	#104
woot. yes we can.	limpyhobbler	Nov 2012	#111
Wow, that's an amazing trick. Beat them at their own game. I like it!!	johnnyrocket	Nov 2012	#113
there are no words of love from me for them that are big enough	roguevalley	Nov 2012	#116
OWS I Love YOUS!	undergroundpanther	Nov 2012	#121
This is very cool ...	aggiesal	Nov 2012	#123
THAT! IS BRILLIANT	Matariki	Nov 2012	#125
This is almost to good to be true.	Auntie Bush	Nov 2012	#126
Very big. Go OWS	Politicub	Nov 2012	#129
Now that is just fucking awesome!	lonestarnot	Nov 2012	#131
What a great cause!	silverweb	Nov 2012	#132
This just gave me an AWESOME idea	JonathanBrowne	Nov 2012	#135
The haggle-I think you have a really great idea...	DianaForRussFeingold	Nov 2012	#142
If you do it like that they are "settling" for a lesser amount	djean111	Nov 2012	#164
Excellent!	GrannyK	Nov 2012	#136
What a great idea!	Change has come	Nov 2012	#137
huh. I had an outstanding debt disappear from my credit report last week...	bunnies	Nov 2012	#138
Sometimes it depends upon the State Laws and how long the debt has been or	glinda	Nov 2012	#140
This is amazing and it gives me hope	Tree-Hugger	Nov 2012	#141
What a difficult situation.	Barack_America	Nov 2012	#157
The direct website to help OWS with this worthy, worthy, worthy, cause is:	tavalon	Nov 2012	#145
K&R nt	ProudProgressiveNow	Nov 2012	#149
Please buy mine...It'll be cheap lol	DiverDave	Nov 2012	#150
Now that's something Bill Gates can do with his foundation.	lalalu	Nov 2012	#151
Excellent idea.	malthaussen	Nov 2012	#153
The best news I have heard in a long time - maybe ever! n/t	AnnieK401	Nov 2012	#154
Kick	woo me with science	Nov 2012	#160

Response to bigtree (Original post)

Fri Nov 9, 2012, 10:00 AM

Live and Learn (1,476 posts)

1. I love it. Helps those in need and strips some of the power away from

credit rating agencies as well. Also gives those slimy debt collecting businesses some competition.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 10:07 AM

Generic Other (20,307 posts)

2. Thinking outside of the box like this

Just may save this country!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:17 AM

Leopolds Ghost (12,376 posts)

3. Where da recs?

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 10:23 AM

xchrom (90,650 posts)

4. Du rec. Nt

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:27 AM

Cracklin Charlie (562 posts)

5. Occupy is amazing!

I find their altruistic actions very inspiring. And I also think Occupy influence was very evident in the results of Tuesday's elections. I think Occupy is the perfect foil to use against the 1% ers who rail about the 47% who just want to "get stuff". In many ways, the power of Occupy demonstrates why people like Rove, Guiliani, Palin, etc belittled the President's community organizer work...they do NOT want the 99% to be "organized". That would be anathema to the conservative mission.

The possibilities for doing good work are endless, unfortunately. Now that the election is over, I plan to spend more time on what Occupy has been up to, lately.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:32 AM

djean111 (959 posts)

6. Oh, that is AWESOME!!!!!!

And ramifications - maybe debt collectors go out of business?
But then maybe it will be more expensive to buy debt?
But this is a wonderful idea, and yes, outside the box.
I have been hearing about calls for a Jubilee for years and years, but this is the first concrete and doable thing I have seen to actually do it.
Just think how much debt could have been erased with the money spent on the election.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 10:34 AM

99Forever (5,168 posts)

7. Way cool.

OWS, the People that actually do care.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:35 AM

Le Taz Hot (14,457 posts)

8. This needs to spread like

Habitats for Humanity spread. Kudos to Occupy!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:35 AM

Egalitarian Thug (7,212 posts)

9. K&R This is a model for success. Hopefully it will catch on and rich people will start funding it.

Think how much more good will come of this compared to political "donations". Maybe Ted Turner has another billion lying around?

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:39 AM

woo me with science (19,692 posts)

10. K&R Support OWS.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:41 AM

randome (12,766 posts)

11. This sounds useful.

A charity to buy up debt.

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Response to randome (Reply #11)

Fri Nov 9, 2012, 03:18 PM

dixiegrrrrl (30,880 posts)

83. Sort of like KIVA

wherein people "lend" small amounts of money which is combined with other small amounts to make a loan to people all over the world who want to start or expand a very small business.
It works on the order of someone in Somalia wanting to buy 3 cows enlarge their small herd, etc.

In the past few years, my KIVA donations have been going to people impacted by Katrina.
And then I just "re-loan" the money when it is paid back.
But...the OWS thing is better than Kiva, in that there does not seem to be a middle man who gets part of the loan in return for servicing the loan.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:44 AM

navarth (3,253 posts)

12. HUGE. Kick!!

These are REAL Americans

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:45 AM

reformist2 (4,087 posts)

13. This will put the debt-collection thugs out of business - best idea ever.

Last edited Fri Nov 9, 2012, 10:45 AM USA/ET - Edit history (1)

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:48 AM

SammyWinstonJack (35,105 posts)

14. rec!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:49 AM

djean111 (959 posts)

15. I they forgive the debt, do the debtors have to pay income tax on the amount forgiven?

I know they do if they settle.
This is, of course, a great thing to do - I am just curious.

Reply to this post

Response to djean111 (Reply #15)

Fri Nov 9, 2012, 11:21 AM

PoliticAverse (5,541 posts)

25. "Canceled Debt – Is It Taxable or Not?"

http://www.irs.gov/taxtopics/tc431.html

Reply to this post

Response to PoliticAverse (Reply #25)

Fri Nov 9, 2012, 12:22 PM

Sophiegirl (529 posts)

42. Then don't cancel the debt.

Insist on payment.....

$0.01 should do it.

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Response to Sophiegirl (Reply #42)

Fri Nov 9, 2012, 12:35 PM

randome (12,766 posts)

46. Sounds like a good idea if possible.

But I wonder if that still means the remaining part of the debt is canceled.

Reply to this post

Response to Sophiegirl (Reply #42)

Fri Nov 9, 2012, 05:31 PM

TahitiNut (71,568 posts)

106. I think it'd have to be $1.00 at a minimum.

There's some obscure principle at law that doesn't recognize amounts less than $1 as "legal tender" IIRC.

Reply to this post

Response to TahitiNut (Reply #106)

Sat Nov 10, 2012, 08:56 AM

Doc Holliday (593 posts)

156. We could revive

the old phrase "for one dollar in hand and other valuable considerations."

This is an incredible idea.

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Response to Doc Holliday (Reply #156)

Sat Nov 10, 2012, 09:41 AM

TahitiNut (71,568 posts)

158. Quitclams and releases still employ that language, as far as I know.

Appear in a video for you employer? The release will have that language. Getting a divorce and want to buy a home for yourself to live in separate from your (soon to be ex-)spouse? The quitclaim will use that language. Indeed, giving over the marital residence in a quitclaim to her will have also used that language (and be part of the "valuable consideration.")

Reply to this post

Response to Sophiegirl (Reply #42)

Sat Nov 10, 2012, 09:44 AM

AlexSatan (535 posts)

159. If they are smart, they would not do it

By paying anything on the debt, they are (legally) acknowledging they owe the debt.

I would assume it was a trick to get me to admit to a debt I either A) didn't owe or B) didn't want to admit I owed.

Realistically, it is more likely that it was a company trying to trick them into acknowledging an old debt than a group just wanting to forgive the debt.

Just forgiving it outright (or asking them how much of the debt they want forgiven and spread it out over several years) would be the way to go.

Granted, I don't know the tax implications of forgiving a debt they do not acknowledge as theirs...

Reply to this post

Response to PoliticAverse (Reply #25)

Fri Nov 9, 2012, 12:48 PM

Ms. Toad (9,068 posts)

48. It might be able to be structured as a gift.

Which is excluded from income.

If it can't be excluded from income, depending on the size of the debt, and the income level of the debtor, it may not result in any taxable income. And, the new owner of the debt might also be able to spread the cancellation out over a number of years to minimize the impact.

But it is a good question. Sometimes good intentions have unintended consequences.

Reply to this post

Response to Ms. Toad (Reply #48)

Fri Nov 9, 2012, 11:32 PM

joeunderdog (2,539 posts)

139. <$10,000/year

Make the loan for $9999/year and forgive it as a gift.

This trick was taught to me by an IRS investigator.

Reply to this post

Response to joeunderdog (Reply #139)

Sat Nov 10, 2012, 02:07 AM

tavalon (25,696 posts)

146. Please pass this on to:

http://rollingjubilee.org/

Just in case that hasn't already been ironed out. Thanks!

Reply to this post

Response to tavalon (Reply #146)

Sat Nov 10, 2012, 07:41 AM

DiverDave (3,691 posts)

152. I really wish I could afford, well maybe

a few bucks, this is really an awesome thing to do.
I wonder when the first bill will be introduced by a republican making this illegal.
For all those hard working debt collection agencys, you know

Reply to this post

Response to tavalon (Reply #146)

Sat Nov 10, 2012, 11:48 AM

Ms. Toad (9,068 posts)

163. It isn't accurate information

(even for individuals), but it is not even applicable when the donor is not a person.

The concept (checking out tax implications) is very good - but this specific information would only confuse matters.

Reply to this post

Response to joeunderdog (Reply #139)

Sat Nov 10, 2012, 11:46 AM

Ms. Toad (9,068 posts)

162. It's not quite that simple

Gifts are always tax free to the recipient.

Not so for the donor. Any person can make annual gifts to any individual up to a certain amount without any tax consequences. The amount used to be $10,000 (not $9999). For 2012, the amount is $13,000. Beyond that any person can make tax free gifts (in any amount in any year) so long as the total lifetime gifts (over the annual exclusions) plus estate on death does not exceed $5,120,000 - so even if the gift is larger than $13,000, as long as all gifts from that person (to other individuals, not the spouse of the donor) over that person's lifetime are bigger than most of us can make, there are still no taxes owed (but there is paperwork owed - and any taxes will be paid only on death).

But that assumes the gift is from a person to a person. These aren't gifts from a person - and I have not spent much time in that realm of tax law (either to know whether the recipient might owe taxes (I don't think so) or what kind of organization would need to be set up so that there weren't tax consequences for the donor).

At least as far as tax law goes, corporations are not yet people.

Reply to this post

Response to djean111 (Reply #15)

Fri Nov 9, 2012, 02:44 PM

dixiegrrrrl (30,880 posts)

71. Canceled Debts.... for any of the following exceptions or exclusions are not taxable"

"The exclusion for "qualified principal residence indebtedness," provides canceled debt tax relief for many American home owners involved in the mortgage foreclosure crisis currently affecting much of the country. The exclusion allows taxpayers to exclude up to $2,000,000 ($1,000,000 if married filing separately) of "qualified principal residence indebtedness".
say the IRS link.

http://www.irs.gov/taxtopics/tc431.html

The OP mentions that OWS plans involved talking to the IRS, so I feel safe in assuming they know to present the loan forgiveness in a way that does not harm the recipient.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:49 AM

distantearlywarning (4,187 posts)

16. Wow. This is one of the best grassroots ideas I've heard in a very long time.

I can't believe someone hadn't thought of doing this before now.

But this is amazing. As someone who is in fact better off than I was 4 years ago, I would love to make a contribution towards this cause!

Reply to this post

Response to distantearlywarning (Reply #16)

Fri Nov 9, 2012, 10:56 AM

onethatcares (6,645 posts)

18. I would too,

I could divert my tithe to this cause and really throw the money changers out of the temple.

Reply to this post

Response to distantearlywarning (Reply #16)

Sat Nov 10, 2012, 02:08 AM

tavalon (25,696 posts)

147. http://rollingjubilee.org/

Let's get it going! I frickin' love this!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:50 AM

coalition_unwilling (14,180 posts)

17. K&R. Publsihed to my Facebook network this a.m. One question: who decides

whose debts will be forgiven?

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:57 AM

handmade34 (9,493 posts)

19. excellent...

heard about this months ago and glad it is still in works... we need much more thinking and action like this

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:00 AM

SidDithers (27,134 posts)

20. Good to see they're finally doing something worthwhile...

Sid

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Response to SidDithers (Reply #20)

Fri Nov 9, 2012, 01:13 PM

Hell Hath No Fury (14,276 posts)

55. You might want to check out the amazing work they are doing --

on Sandy -- massive relief efforts. They've also been keeping people facing questionable foreclosures in their homes. They been doing "worthwhile" things since the beginning.

Reply to this post

Response to Hell Hath No Fury (Reply #55)

Fri Nov 9, 2012, 02:24 PM

dchill (7,870 posts)

65. +1!

Reply to this post

Response to Hell Hath No Fury (Reply #55)

Fri Nov 9, 2012, 04:41 PM

Dark n Stormy Knight (1,176 posts)

94. Yep. Once again, the MSM lies spread far and wide to discredit progressives.

Reply to this post

Response to Hell Hath No Fury (Reply #55)

Sat Nov 10, 2012, 01:26 AM

Scootaloo (5,888 posts)

143. Don't mind Sid.

Someone's got to play Chuckles, the Sensible Liberal Woodchuck around here.

Reply to this post

Response to SidDithers (Reply #20)

Fri Nov 9, 2012, 05:38 PM

Luminous Animal (17,332 posts)

109. .

Reply to this post

Response to SidDithers (Reply #20)

Fri Nov 9, 2012, 08:02 PM

UnrepentantLiberal (11,700 posts)

128. Damn do-gooder liberals.

Reply to this post

Response to SidDithers (Reply #20)

Sat Nov 10, 2012, 02:14 AM

tavalon (25,696 posts)

148. Yo, Sid,

They is we, you and me. Come join up. We've been doing amazing things since the beginning.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:03 AM

TBF (18,403 posts)

21. K&R nt

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Response to bigtree (Original post)

Fri Nov 9, 2012, 11:06 AM

groundloop (2,009 posts)

22. That's an amazing idea.

I haven't read the links yet, I'm interested in whether or not they think this can be sustained long term. And yes, if it can turn into something similar to Habitat that would be fantastic.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 11:13 AM

silvershadow (1,534 posts)

23. bump.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 11:18 AM

AllyCat (7,524 posts)

24. Donation link found!

Last edited Fri Nov 9, 2012, 11:26 AM USA/ET - Edit history (1)

I'd be happy to take my monthly donation to Obama's campaign and give it to this cause instead.

http://rollingjubilee.org/

$25 donation buys $500 worth of debt!

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 12:58 PM

Kip Humphrey (2,246 posts)

53. by that calc, I just forgave $10,000 in debt! WHOOPEEE!!!

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Response to Kip Humphrey (Reply #53)

Fri Nov 9, 2012, 02:45 PM

AllyCat (7,524 posts)

72. Yeah! Wish I had that much to give, but think I'll

give the money I give to Obama every month to OWS for this. I haven't missed it for months, won't notice it gone now.

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 02:22 PM

dangerdoll (32 posts)

63. THANKS for finding/posting the link!

I am SO on this.

My family's doing pretty well while so many others aren't - unlike the Republicans, we realize it's circumstances and not that we've worked hard and others haven't. What was that Michelle Obama said about walking through a door and holding it open for the next person instead of slamming it behind you?

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Response to dangerdoll (Reply #63)

Fri Nov 9, 2012, 02:46 PM

AllyCat (7,524 posts)

73. !

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 02:53 PM

Kaleva (11,406 posts)

77. Bookmarked

Not sure how much, if any, I could donate now but bookmarked just in case. This is one of the most interesting ideas I've seen in some time.

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 05:14 PM

calimary (30,615 posts)

98. Kick! Thanks for posting this, AllyCat!

Last edited Fri Nov 9, 2012, 05:15 PM USA/ET - Edit history (1)

http://rollingjubilee.org/

$25 donation buys $500 worth of debt!

(Copying the info so it's easier for me to find, later, 'cause it'll be in my journal.)

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 05:36 PM

TahitiNut (71,568 posts)

107. DAMN! That felt GOOD!!

Even better than a donation to Obama!

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Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 08:03 PM

Bibliovore (87 posts)

130. Excellent! Though I do wonder...

...about the discrepancy between the original post, where a test-case $500 bought $14,000 in debt, and this posted amount, where $25 buying $500 would come to $500 buying $10,000. I didn't actually see a conversion amount on the linked Rolling Jubilee web site or its PayPal donation page, or on the Strike Debt site it links ( http://www.strikedebt.org ). Is the discrepancy a misprint, due to variance in debt cost, due to PayPal or other overhead, or something else?

Reply to this post

Response to AllyCat (Reply #24)

Fri Nov 9, 2012, 08:59 PM

one_voice (11,040 posts)

133. This is a wonderful idea...

they will receive 50 a month from me as long as I can afford to do so. Starting tonight.

Reply to this post

Response to AllyCat (Reply #24)

Sat Nov 10, 2012, 07:45 AM

myrna minx (20,537 posts)

155. Thanks! I love this idea!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:24 AM

judesedit (1,190 posts)

26. The people of OWS are AWESOME! They are tenacious, caring, determined, smart and love this country

I wish I could do something more to help further their agenda. Right now, all I can do is show my 99% bumper sticker, cheer them, and give a dollar or two. Unfortunately, I am in the debt crowd now.

Thank you for your hard work, brilliant thinking and refusal to give up....NO snow, rain, hurricane winds, pepper spray, Wall Street $$$$, and/or small minded people have dampened your spirits. Bravo to you! And a major THANK YOU!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:26 AM

Lucy Goosey (2,940 posts)

27. Wow - that's perfect.

I love it!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:26 AM

Fire Walk With Me (37,086 posts)

28. Whoohoo! K&R!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:32 AM

SamKnause (559 posts)

29. OWS

This is a brilliant approach and solution.

Thank you for all you do OWS !!!!!!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:32 AM

1StrongBlackMan (5,417 posts)

30. Sounds good ...

How are the buying decisions made? What criteria is used?

Do you/Are you going to just buy, say blocks of student loans and retire the debt?

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:36 AM

AnneD (14,866 posts)

31. You can buy debt sometimes pennies on the dollar......

That sounds like a great idea and one that I would love to help.

Reply to this post

Response to AnneD (Reply #31)

Fri Nov 9, 2012, 11:38 AM

AllyCat (7,524 posts)

33. donation link above and at second OP embedded link.

Reply to this post

Response to AllyCat (Reply #33)

Fri Nov 9, 2012, 11:46 AM

AnneD (14,866 posts)

36. I was just looking at it.....

Having some trouble linking to it, but then work has a filter

. Will have to wait til I get home. I have also been interested in the peoples bank-where you can give low cost loans to folks in need. Great way to cut out the blood sucking middle man.

Reply to this post

Response to AnneD (Reply #36)

Fri Nov 9, 2012, 11:49 AM

AllyCat (7,524 posts)

37. Oh, I didn't know about People's Bank. Not sure I have that kind of cash, but

Last edited Fri Nov 9, 2012, 11:50 AM USA/ET - Edit history (1)

would be willing to check it out and see what I could do. Small amounts add up...just ask our re-elected President

Do you have a link for them?

Reply to this post

Response to AnneD (Reply #36)

Fri Nov 9, 2012, 03:22 PM

dixiegrrrrl (30,880 posts)

84. "The People's bank"---Are you talking about the Lending Club?

https://www.lendingclub.com/

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:36 AM

Downtown Hound (8,211 posts)

32. And with this single action

OWS has done more for humanity in a little over a year than bankers have done in thousands.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:41 AM

efhmc (9,597 posts)

34. Great heavenly days. What a tremendous idea!!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:42 AM

liberalmuse (15,420 posts)

35. This is incredible!

I'm in!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:52 AM

robinlynne (15,172 posts)

38. Robin hood! how beautifully genius!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 11:55 AM

stevenleser (13,294 posts)

39. This is another earthshatteringly brilliant idea by OWS. K&R

Reply to this post

Response to stevenleser (Reply #39)

Fri Nov 9, 2012, 03:36 PM

randome (12,766 posts)

86. It's neither 'earthshattering' nor 'brilliant'. It is, however, a 'great' idea.

Hyperbole does not help the organizations you want to promote.

Reply to this post

Response to randome (Reply #86)

Fri Nov 9, 2012, 05:37 PM

stevenleser (13,294 posts)

108. Your concern over my degree of enthusiasm is noted.

I'll be sure to give your concern the consideration it warrants.

Reply to this post

Response to stevenleser (Reply #108)

Fri Nov 9, 2012, 06:57 PM

LeftofObama (2,451 posts)

117. It is BOTH earthshattering & brilliant!

Never in a million years would I have thought of something like this! This is definitely one of the best ideas I've ever heard of!

Reply to this post

Response to LeftofObama (Reply #117)

Sat Nov 10, 2012, 11:08 AM

stevenleser (13,294 posts)

161. It IS a fantastic idea, and I am very excited about it.

Nattering naysayers who dont have a point notwithstanding.

Reply to this post

Response to randome (Reply #86)

Fri Nov 9, 2012, 07:50 PM

sabrina 1 (34,101 posts)

127. Hypberbole does not help dismiss the organizations you have always wanted to dismiss.

OWS is a brilliant, organization growing every day despite the efforts from those who fear them to try to diminish them, such as yourself actually.

You have always been wrong about OWS, but you gave me many an opportunity to promote this growing Glogal Movement who not only are involved in what is described in this OP but in many other projects all of which are doing more for the people than Congress has done.

They have been busy saving people's homes from the Big Banks, something Congress failed to do.

They are currently outdoing the Red Cross in the effort to help the, now apparently forgotten, victims of Hurricane Sandy according to press reports. They have mobilized tens of thousands of volunteers all over the affected areas and are in the most forgotten areas such as Red Hook and Far Rockaway, delivering supplies and medical help and heat to the tens of thousand whose conditions worsen every day.

This movement has accomplished more while still in its infancy than any other Social Movement in recent history.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:12 PM

heaven05 (2,372 posts)

40. interesting

articles on spiegel online concerning our election of obama as prez.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:14 PM

WillyT (45,626 posts)

41. HUGE K & R !!!

Reply to this post

Response to WillyT (Reply #41)

Fri Nov 9, 2012, 12:25 PM

Sophiegirl (529 posts)

43. I have $500

Whose debt can I cancel or settle for a penny?

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:29 PM

Barack_America (24,436 posts)

44. What a clever, incredible idea!

I'm going to have to look into this further.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:32 PM

lark (2,106 posts)

45. Love love love OWS, they are da bomb!!

Talk about caring humanitarians, wow, this is so awesome. I am just amazed at the absolute goodness of this movement. I wish we hadn't been so hard hit by the economy. I'd love to contribute, if I only could.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:40 PM

msanthrope (16,506 posts)

47. I think that's great. Possibly the most constructive thing I've heard from OWS. nt

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:50 PM

Barack_America (24,436 posts)

49. They should do a big holiday push.

Donate to buy a Christmas dinner or economic freedom?

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:54 PM

lunatica (28,859 posts)

50. kick and rec!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:54 PM

Magoo48 (640 posts)

51. K&R

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 12:57 PM

ret5hd (10,076 posts)

52. So what would happen if a person bought their own debt for pennies on the dollar???

Reply to this post

Response to ret5hd (Reply #52)

Fri Nov 9, 2012, 01:07 PM

Buddyblazon (2,180 posts)

54. This....

Why can't I go through them to take care of my own debt?

The wife and I owe about 120k in student loans that we'll literally NEVER be able to pay off. Could I just go to them and tell them I'd like to take care of my own debt THROUGH them?

Reply to this post

Response to Buddyblazon (Reply #54)

Fri Nov 9, 2012, 02:47 PM

Barack_America (24,436 posts)

74. You'll have to default on them (and trash your credit) first.

They only sell the debt for pennies on the dollar when they feel it's no longer profitable to attempt to collect on it.

Reply to this post

Response to Barack_America (Reply #74)

Fri Nov 9, 2012, 03:33 PM

dixiegrrrrl (30,880 posts)

85. I paid off my student loan for 10 cents on the dollar.

Wasn't able to pay it for a long long time and found out it had been sold to a debt collection agency.
When they found me, we haggled, I had the money to settle the debt.
My credit was not trashed
but
this was in the mid 1980's, before all the money gouging systems were in place.

Reply to this post

Response to ret5hd (Reply #52)

Fri Nov 9, 2012, 02:28 PM

airplaneman (224 posts)

67. Don't forget the system is rigged for the other side!

They wont let you buy your own debt. I know of multiple stories where homeowners ask the bank to just write off part of their loan like $75K. The bank refuses and short sells the house for $125K less. They would have saved money dealing with the owner but absolutely refuse!
-Airplane

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 01:14 PM

lame54 (13,347 posts)

56. actual solutions to real problems...

OWS rocks

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 01:41 PM

BillyJack (818 posts)

57. kick

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 01:42 PM

ohheckyeah (5,842 posts)

58. Bravo! n/t

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 01:50 PM

demhottie (292 posts)

59. I don't get it

By the time debt is cancelled, it has already destroyed a person's personal credit and will show up on their credit report for 7 years. The people whose debt is at that stage are not answering their phones for creditors anyway.

The end result is that the debt is retired, but I really can't see what the benefit is at that point. It just seems largely symbolic. The original creditor has already written off the debt, personal credit is ruined and there was no recourse for recovering the debt in the first place or it would not be priced at pennies on the dollar.

What am I missing here?

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 01:57 PM

Hell Hath No Fury (14,276 posts)

60. Debt can be sold again and again --

and each new "creditor" can harass the person for that old debt. I have been contacted for payment on debt from someone who has purchased it that is well over 5 years old. This process ends it -- no more ghost debt following folks around forever.

Reply to this post

Response to Hell Hath No Fury (Reply #60)

Fri Nov 9, 2012, 03:07 PM

jwirr (20,914 posts)

80. Exactly - the benefit is you are no longer afraid to answer the phone.

Reply to this post

Response to jwirr (Reply #80)

Fri Nov 9, 2012, 05:18 PM

OneGrassRoot (18,798 posts)

100. I can't even imagine...

To be free of that stress, and to know many others are as well...we'd all have so much more energy to be productive and do good, be well, and so forth.

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 02:24 PM

reformist2 (4,087 posts)

66. People will be able to move on with their lives. It's a big deal.

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 03:08 PM

robbob (1,210 posts)

81. Don't forget

If you ever DO manage to dig yourself out of poverty or find a good job or somehow start to rebuild from whatever calamity put you in debt in the first place then the debt would still be there waiting for you. This way you can finally make a clean start.

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 03:10 PM

randome (12,766 posts)

82. Good questions. Thanks.

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 06:48 PM

Zorra (18,807 posts)

115. Well, honestly, what you are apparently missing here is an understanding of

Last edited Fri Nov 9, 2012, 07:08 PM USA/ET - Edit history (1)

what it feels like to be in debt, and of not being able to pay that debt, and all the ramifications thereof.

The joy and relief that all these debtors are going to feel when they are free of debt will be an enormous acknowledged blessing to every one of these folks lives.

Reply to this post

Response to Zorra (Reply #115)

Fri Nov 9, 2012, 07:10 PM

groundloop (2,009 posts)

119. Zorra, you nailed it - it's truly a soul-sucking experience to be mired in debt.

I know how it feels, after I got out of college and was in my first real job the company I worked for went out of business. I lost pretty much everything I had and was having a difficult time making payments on my student loans. Thank goodness I had family to turn to for a place to live, without that I'd have really been in a world of hurt. Being in that situation totally kills your self esteem. It's absolutely sickening to see banking institutions and debt brokers fucking with peoples lives while they're down.

Reply to this post

Response to Zorra (Reply #115)

Fri Nov 9, 2012, 07:42 PM

druidity33 (4,060 posts)

124. But will they know?

Will they know their debt is paid and who paid it? Otherwise, they'll be happy to not get the phone calls anymore, but will only wonder why they're not calling...

Reply to this post

Response to demhottie (Reply #59)

Fri Nov 9, 2012, 09:47 PM

dlwickham (745 posts)

134. the original creditor may have written off the debt

but it's still out there

a debt company will buy it and keep trying to collect on it

remember that you can't discharge a student loan debt in a bankruptcy; this would go a long way to help those who have had to default on their loans

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 01:58 PM

MADem (86,169 posts)

61. Now that's productive activism--very well done. nt

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:12 PM

adieu (487 posts)

62. Sort of like the non-government version

of eminent domain: buying the foreclosed property for cheap and then letting the current resident/owner live there and pay back at the reduced rent prices.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:23 PM

airplaneman (224 posts)

64. wow this is reverse capitalism !

Instead of buying $14,000 in dept in the hope of screwing as many people as you can to make a profit someone came up with the idea of helping things instead. Nobody ever thought of this before? How un-American but a wonderful idea.
-Airplane

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:28 PM

yellerpup (10,920 posts)

68. Now, THIS is a Revolutionary Idea!

Wow!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:30 PM

mmonk (47,307 posts)

69. We're trying. Thanks bigtree.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:31 PM

Kaleva (11,406 posts)

70. Rec'd! A very interesting idea.

I think of how just one of the mega-rich could retire such debt.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:48 PM

EarthGurl2012 (80 posts)

75. OWS changed everything and keeps on truckin!!!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:49 PM

jwirr (20,914 posts)

76. This is the best stimulus package I have seen in this whole mess. I am one of those distressed

Last edited Fri Nov 9, 2012, 02:50 PM USA/ET - Edit history (1)

debtors and my whole world would become new if this could happen to me. While I would like to see OWS involved I would not kick the idea of government help in the form of buying the debt and letting us pay them what they had to pay - pennies on the dollar. Personal debt is one of the factors in the downturn in spending.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 02:58 PM

JNelson6563 (24,775 posts)

78. This is BRILLIANT!

I couldn't be more impressed!

Julie

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 03:07 PM

glinda (12,085 posts)

79. My world would change if they bought my student loan off....

Reply to this post

Response to glinda (Reply #79)

Fri Nov 9, 2012, 07:11 PM

solara (2,741 posts)

120. Me too-

the amount I am paying is close to a week's pay for me. And I can't always pay it on time..so even though I am paying it, I am sure they will be hammering me because some of the payments are late. I am doing what I can.

However, this sounds like a great program and might help a lot of people!

Yay for you guys!!!

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 03:39 PM

dexter76 (3 posts)

87. excused debt

How can I justify voluntarily creating debt for myself and then not pay it back. If I know OWS will erase my debt, whats to stop me from creating more? I could live pretty well on someone else's dime. Sounds very detrimental to human character.

Reply to this post

Response to dexter76 (Reply #87)

Fri Nov 9, 2012, 03:47 PM

uppityperson (74,266 posts)

88. Did you voluntarily create medical debt? Are you going to create more?

Reply to this post

Response to uppityperson (Reply #88)

Fri Nov 9, 2012, 03:57 PM

dexter76 (3 posts)

91. excused debt

I'll grant you that some people can be ruined by medical debt and something needs to be done to remedy that. But alot of responses to this are refering to school loans and other debt that is voluntary.

Reply to this post

Response to dexter76 (Reply #91)

Fri Nov 9, 2012, 07:30 PM

AllyCat (7,524 posts)

122. I think you missed the part about student loan debt and NOT FINDING A JOB!

So it builds character to be in debt up to your eyeballs and not be able to pay it back? Does it build character to have debt collectors calling you and your credit rating in the toilet so you don't get that job because they...check you credit record?

Are there freeloaders in society? Oh yeah. But most of us just want a decent job and to make good on our obligations. But in case you haven't noticed, it's hard to get a decent job. People often work full time or multiple part-time jobs and still have to decide between medicine and food on the table for their kids.

The system is stacked against us all. No one is saying "hey, I just want a free ride here". Everyone is worried about their family, their neighbors, and their community while the banksters run away with all the marbles to the Cayman Islands.

Why should a family be punished with no where to live or no food because of bad debt? People make bad decisions too. We all do. It should not hound us for the REST OF OUR EXISTENCE.

Reply to this post

Response to dexter76 (Reply #87)

Fri Nov 9, 2012, 03:51 PM

footinmouth (682 posts)

89. Stuff happens

Do you really think people take on debt with the intention of never paying it back? Jobs are lost, medical issues arise, etc. There are numerous reasons that people fall behind on their obligations. My son found himself in such a predicament. He's back on his feet now and just repaid his student loan in full. The junk debt buyers own the rest of it. He won't be rushing right out to pay them.

Reply to this post

Response to footinmouth (Reply #89)

Fri Nov 9, 2012, 04:09 PM

dexter76 (3 posts)

92. excused debt

Cudos to your son. He is to be congradulated. But the tone of alot of the replies here strikes me as people looking for a free ride.

Reply to this post

Response to dexter76 (Reply #92)

Fri Nov 9, 2012, 04:58 PM

myrna minx (20,537 posts)

97. No one here but us takers.

Reply to this post

Response to myrna minx (Reply #97)

Fri Nov 9, 2012, 05:29 PM

azurnoir (26,686 posts)

103. perhaps we could proclaim

We are the 47% and I mean that quite seriously

Reply to this post

Response to dexter76 (Reply #92)

Fri Nov 9, 2012, 06:02 PM

Tsiyu (15,455 posts)

112. The only ones in our society getting a free ride

are employers who get huge gov't subsidies yet pay workers slave wages, politicians who love their own government funded health care but don't want the working class to have any, Bain capital, who bankrupted companies, took huge bonuses and sent jobs to China, rightwing trollbags who HATE education.

Your "concern" about "freeloaders" apparently doesn't give you any insight, curiosity or intellect concerning what CAUSED people to be in debt.

All you care about is the working poor getting a "free ride."

Your posts are laughable, because it's obvious your "morality" is relative.

A JOKE

Reply to this post

Response to dexter76 (Reply #92)

Fri Nov 9, 2012, 06:09 PM

tomm2thumbs (9,190 posts)

114. Welcome to DU!!!

So glad to have your insightful views to share with everyone. Welcome!!!!

Reply to this post

Response to dexter76 (Reply #92)

Sat Nov 10, 2012, 02:00 AM

Mopar151 (6,056 posts)

144. By the time your debt gets cheap, you've already been screwed to the equator and back n/t

Reply to this post

Response to dexter76 (Reply #87)

Fri Nov 9, 2012, 05:43 PM

TahitiNut (71,568 posts)

110. "Posting privileges revoked"

Color me NOT surprised.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 03:56 PM

mick063 (1,082 posts)

90. Force multipliers

Building an Army of goodwill.

Reply to this post

Response to mick063 (Reply #90)

Fri Nov 9, 2012, 05:30 PM

eridani (38,419 posts)

105. Off Topic

Where did you get the pink WA State avatar? Very appropriate now that Ref 74 has offically won.

Reply to this post

Response to eridani (Reply #105)

Fri Nov 9, 2012, 06:59 PM

mick063 (1,082 posts)

118. The only one avaiable from DU

When I am confident that the fiscal cliff does not cost me employment (not joking), I will buy a DU membership and upload an avatar more to my liking.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 04:31 PM

ChillZilla (56 posts)

93. So what's to stop me from setting up a shell corporation, racking up a bunch of personal debt

and then having the corporation buy it at a discount and then I forgive myself of it?

Surely it's not that simple.

Reply to this post

Response to ChillZilla (Reply #93)

Fri Nov 9, 2012, 05:24 PM

djean111 (959 posts)

102. No it is not that simple.

Your bad debt will be bundled into a block of bad debts, not sold individually.

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 04:48 PM

TheUnspeakable (983 posts)

95. K&R

Reply to this post

Response to bigtree (Original post)

Fri Nov 9, 2012, 04:56 PM

jtuck004 (5,101 posts)

96. Cool. This is great for collection agencies, brings them some revenue they might not

Last edited Fri Nov 9, 2012, 04:56 PM USA/ET - Edit history (1)

otherwise get, saves a debtor some annoying phone calls (that, frankly, would be prohibited if we enforced the debt collection laws we have).

It's a little better than cocaine, (feels good at first, problem still there when you come down), because it actually rids us of something toxic. But the behaviors will still continue, and with few exceptions the people are likely to still be at a level of income the same or lower than when they incurred the debt. I would be really interested to see if there is any real positive change in their lives, or if it just happens again. Heck, the person that needs the help isn't even involved, other than their phone calls decrease for a while, it seems.

It supports the system and behaviors that put our neighbors in such a bad place, that made this necessary in the first place, which helps keep the tyrants in control.

Don't get me wrong, I think it's fine (kinda like rescuing puppies or giving $20 bills to the woman on the street corner with the sign), but it's not confronting power or changing anything I can see.

ymmv...

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Response to bigtree (Original post)

Fri Nov 9, 2012, 05:15 PM

djean111 (959 posts)

99. They don't pay off debt by choosing individuals.

As I understand it, the banks, after they take the loss on their books, bundle up bad debt and sell it in some secondary market, in blocks, like the infamous mortgage blocks. Not in individual accounts. So when OWS buys a block of debt, it only knows what kind of debt, they can't go and buy one person's debt.
So, as seems best to me, it is sort of random - a rolling jubilee in fact.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 05:23 PM

djean111 (959 posts)

101. If we just step back and look at this as helping the country full of citizens,

instead of worrying if the neighbor next door is going to be "rewarded" for buying that big screen TV, this will be a good thing.
Yeah, there will some that get undeserved help, but there will be so many that are in debt because of medical problems, job losses, outrageous student loans, etc, that this really is a good thing. More money in pockets, more money spent, more goods are needed.
Right now we are stagnant, to a degree.
I hope this doesn't slide into a version of I've got mine, Jack.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 05:29 PM

Doremus (5,138 posts)

104. Wow, this is a FANTASTIC idea.

Huge props to whomever came up with this --- a WONDERFUL idea!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 05:46 PM

limpyhobbler (6,693 posts)

111. woot. yes we can.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 06:06 PM

johnnyrocket (1,325 posts)

113. Wow, that's an amazing trick. Beat them at their own game. I like it!!

Banks and Walls St get debt forgiven all the time.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 06:49 PM

roguevalley (32,811 posts)

116. there are no words of love from me for them that are big enough

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Response to bigtree (Original post)

Fri Nov 9, 2012, 07:13 PM

undergroundpanther (11,499 posts)

121. OWS I Love YOUS!

WIN!!!!!!!!!!!!!

And Anon too!
True patriots,all.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 07:34 PM

aggiesal (1,529 posts)

123. This is very cool ...

And imagine if you're one of the distressed consumer who's debt OWS pays off,
you'd be more incline to help the next distressed consumer, so you'll donate what
you can to OWS. Allowing the ball to starts rolling down hill, where OWS can purchase
more distressed consumer debt, get more donations, OWS buys more debt,
and on, on, on, on . . .

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Response to bigtree (Original post)

Fri Nov 9, 2012, 07:44 PM

Matariki (15,025 posts)

125. THAT! IS BRILLIANT

I want to donate.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 07:49 PM

Auntie Bush (15,266 posts)

126. This is almost to good to be true.

Let it be true!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 08:03 PM

Politicub (5,869 posts)

129. Very big. Go OWS

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Response to bigtree (Original post)

Fri Nov 9, 2012, 08:19 PM

lonestarnot (71,135 posts)

131. Now that is just fucking awesome!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 08:43 PM

silverweb (13,002 posts)

132. What a great cause!

Wonderful idea!

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:21 PM

JonathanBrowne (39 posts)

135. This just gave me an AWESOME idea

What if a non profit was started with this as its goal.

Except instead of just buying debt and forgiving it, which doesn't scale.... here's what you do.

You buy the debt for pennies on the dollar, then instead of predatory calls to collect, you make nice phone calls where you explain that your a collector for "fair debt collection" a non profit agency.

Then the debt is offered to be resolved at something fair like maybe 20% over the price paid for it.

If they are unable to pay instead of being harassed you tell them you will call again in a year unless they would like to be called at a specific time.

You offer very flexible payment plans.

The agency could also offer credit repair for an affordable price.

In addition, the money made from these debt collection activities could be rolled back into forgiving some of the debt for those who have debt that is very hard for them to ever pay.

Personally, I think this is a genius idea and could actually be one of the most effective charities ever.

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Response to JonathanBrowne (Reply #135)

Sat Nov 10, 2012, 01:00 AM

DianaForRussFeingold (2,123 posts)

142. The haggle-I think you have a really great idea...

Last edited Sat Nov 10, 2012, 01:16 AM USA/ET - Edit history (1)

It just made me think of this movie scene and I couldn't resist...

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Response to JonathanBrowne (Reply #135)

Sat Nov 10, 2012, 02:21 PM

djean111 (959 posts)

164. If you do it like that they are "settling" for a lesser amount

and will definitely have to pay taxes on the amount not paid.
Yes, better than having the debt, but might present a tax problem.
I would like to know the way OWS is handling this. Bankruptcy - no tax, settling - tax.
So maybe they have some other method or category worked out with the IRS.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 10:34 PM

GrannyK (230 posts)

136. Excellent!

Thanks for posting this.

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Response to bigtree (Original post)

Fri Nov 9, 2012, 11:02 PM

Change has come (1,981 posts)

137. What a great idea!

K&R

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Response to bigtree (Original post)

Fri Nov 9, 2012, 11:21 PM

bunnies (9,703 posts)

138. huh. I had an outstanding debt disappear from my credit report last week...

This couldnt be why, could it??

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Response to bunnies (Reply #138)

Fri Nov 9, 2012, 11:59 PM

glinda (12,085 posts)

140. Sometimes it depends upon the State Laws and how long the debt has been or

unfortunately it might have gone to another collection agency? Check your State Laws to see if there is an expiration date for debts of various kinds.Or maybe your debt was bought and dismissed. Hope so for your sake.

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Response to bigtree (Original post)

Sat Nov 10, 2012, 12:02 AM

Tree-Hugger (458 posts)

141. This is amazing and it gives me hope

I am one of those people buried in debt. My husband and I have had a run of bad luck over the last decade when it comes to money and it seems like we can never get ahead. I've got student loan debt and we are stacked with medical bills. It's a very hard place to be. You don't want to ignore that you DO owe for services provided, however the interest rates on these things is just predatory. Besides, the medical debt is something you can't predict. We lost medical insurance and couldn't afford to buy into a new plan. Both my husband and I have a few health and dental issues and we just can't put off going to the doctor. Add to that a few E.R. and hospital visits for my miscarriage and we are in over our head. It seems like we will never dig ourselves out and we'll be stuck in the crappiest apartment (which is no good for our two kids) and will never realize the dream of our own home. It's hard because society looks at you as if you are the most irresponsible leaches when you're actually not - you search everywhere for a way out, but you never find it.

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Response to Tree-Hugger (Reply #141)

Sat Nov 10, 2012, 09:34 AM

Barack_America (24,436 posts)

157. What a difficult situation.

I really hope that yours is some of the debt that is purchased and canceled. As others have mentioned above, it seems that people's debt is bundled and sold as blocks, so it seems it is the luck of the draw. Hopefully your family will be lucky.

We're working on climbing out of some debt on this end as well. It's hard work every day, but we're starting to see some light at the end of the tunnel (*knock on wood that no more unexpected expenses pop up*).

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Response to bigtree (Original post)

Sat Nov 10, 2012, 02:01 AM

tavalon (25,696 posts)

145. The direct website to help OWS with this worthy, worthy, worthy, cause is:

http://rollingjubilee.org/

This is something I can get behind. In front of and with, definitely with!!!!

OWS, you are my peeps!

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Response to bigtree (Original post)

Sat Nov 10, 2012, 02:15 AM

ProudProgressiveNow (3,239 posts)

149. K&R nt

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Response to bigtree (Original post)

Sat Nov 10, 2012, 07:29 AM

DiverDave (3,691 posts)

150. Please buy mine...It'll be cheap lol

I have been trying to keep up,, but, well...
I pay what I can, when I can.
Gotten on a first name basis with a couple of folks over at salli-mae.
They arent all bad...

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Response to bigtree (Original post)

Sat Nov 10, 2012, 07:34 AM

lalalu (1,663 posts)