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Fri Nov 9, 2012, 09:53 AM

OWS to Buy, Forgive Distressed Consumer Debt [View all]

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


This is very cool: The People’s Bailout — 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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