Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Showing Original Post only (View all)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 Peoples 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 youre a debt broker, once you own someones debt you can do whatever you want with it traditionally, you hound debtors to their grave trying to collect. Were 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. Thats 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
164 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies

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
I they forgive the debt, do the debtors have to pay income tax on the amount forgiven?
djean111
Nov 2012
#15
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
K&R. Publsihed to my Facebook network this a.m. One question: who decides
coalition_unwilling
Nov 2012
#17
Yep. Once again, the MSM lies spread far and wide to discredit progressives.
Dark n Stormy Knight
Nov 2012
#94
The people of OWS are AWESOME! They are tenacious, caring, determined, smart and love this country
judesedit
Nov 2012
#26
It's neither 'earthshattering' nor 'brilliant'. It is, however, a 'great' idea.
randome
Nov 2012
#86
Hypberbole does not help dismiss the organizations you have always wanted to dismiss.
sabrina 1
Nov 2012
#127
I think that's great. Possibly the most constructive thing I've heard from OWS. nt
msanthrope
Nov 2012
#47
So what would happen if a person bought their own debt for pennies on the dollar???
ret5hd
Nov 2012
#52
Zorra, you nailed it - it's truly a soul-sucking experience to be mired in debt.
groundloop
Nov 2012
#119
This is the best stimulus package I have seen in this whole mess. I am one of those distressed
jwirr
Nov 2012
#76
By the time your debt gets cheap, you've already been screwed to the equator and back n/t
Mopar151
Nov 2012
#144
So what's to stop me from setting up a shell corporation, racking up a bunch of personal debt
ChillZilla
Nov 2012
#93
Cool. This is great for collection agencies, brings them some revenue they might not
jtuck004
Nov 2012
#96
If we just step back and look at this as helping the country full of citizens,
djean111
Nov 2012
#101