Sat Nov 10, 2012, 09:56 PM
midnight (26,624 posts)
Occupy Wall Street campaigners buy-up debt to abolish it
A group of campaigners linked to the Occupy Wall Street movement is buying-up distressed loans for pennies in the pound and cancelling them to "liberate debtors at random".
By Matthew Sparkes1:24PM GMT 09 Nov 2012525 Comments
"The Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.
Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.
David Rees, one of the organisers behind the project, writes on his blog: "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."
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Occupy Wall Street campaigners buy-up debt to abolish it (Original post)
|loli phabay||Nov 2012||#5|
Response to OverBurn (Reply #6)
Wed Nov 14, 2012, 02:48 PM
Macoy51 (239 posts)
This is a great idea. Reminds me of during the Great Depression when local farmers would band together and buy each others forclosed farms at tax auctions for $1. And heaven help any banker or outsider who tried to bid.