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In reply to the discussion: OWS to Buy, Forgive Distressed Consumer Debt [View all]dixiegrrrrl
(60,010 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.
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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