General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsOWS to Buy, Forgive Distressed Consumer Debt
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
Live and Learn
(12,769 posts)credit rating agencies as well. Also gives those slimy debt collecting businesses some competition.
Generic Other
(28,979 posts)Just may save this country!
Leopolds Ghost
(12,875 posts)xchrom
(108,903 posts)Cracklin Charlie
(12,904 posts)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.
djean111
(14,255 posts)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.
99Forever
(14,524 posts)OWS, the People that actually do care.
Le Taz Hot
(22,271 posts)Habitats for Humanity spread. Kudos to Occupy!
Egalitarian Thug
(12,448 posts)Think how much more good will come of this compared to political "donations". Maybe Ted Turner has another billion lying around?
woo me with science
(32,139 posts)randome
(34,845 posts)A charity to buy up debt.
dixiegrrrrl
(60,010 posts)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.
navarth
(5,927 posts)These are REAL Americans
reformist2
(9,841 posts)SammyWinstonJack
(44,130 posts)djean111
(14,255 posts)I know they do if they settle.
This is, of course, a great thing to do - I am just curious.
PoliticAverse
(26,366 posts)Sophiegirl
(2,338 posts)Insist on payment.....
$0.01 should do it.
randome
(34,845 posts)But I wonder if that still means the remaining part of the debt is canceled.
TahitiNut
(71,611 posts)There's some obscure principle at law that doesn't recognize amounts less than $1 as "legal tender" IIRC.
Doc Holliday
(719 posts)the old phrase "for one dollar in hand and other valuable considerations."
This is an incredible idea.
TahitiNut
(71,611 posts)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."
AlexSatan
(535 posts)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...
Ms. Toad
(34,085 posts)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.
joeunderdog
(2,563 posts)Make the loan for $9999/year and forgive it as a gift.
This trick was taught to me by an IRS investigator.
tavalon
(27,985 posts)DiverDave
(4,886 posts)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
Ms. Toad
(34,085 posts)(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.
Ms. Toad
(34,085 posts)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.
dixiegrrrrl
(60,010 posts)"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.
distantearlywarning
(4,475 posts)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!
onethatcares
(16,178 posts)I could divert my tithe to this cause and really throw the money changers out of the temple.
tavalon
(27,985 posts)Let's get it going! I frickin' love this!
coalition_unwilling
(14,180 posts)whose debts will be forgiven?
handmade34
(22,756 posts)heard about this months ago and glad it is still in works... we need much more thinking and action like this
SidDithers
(44,228 posts)Sid
Hell Hath No Fury
(16,327 posts)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.
dchill
(38,515 posts)Dark n Stormy Knight
(9,771 posts)Scootaloo
(25,699 posts)Luminous Animal
(27,310 posts)UnrepentantLiberal
(11,700 posts)tavalon
(27,985 posts)They is we, you and me. Come join up. We've been doing amazing things since the beginning.
groundloop
(11,521 posts)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.
silvershadow
(10,336 posts)AllyCat
(16,205 posts)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!
Kip Humphrey
(4,753 posts)AllyCat
(16,205 posts)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.
dangerdoll
(32 posts)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?
Kaleva
(36,324 posts)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.
calimary
(81,402 posts)$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.)
TahitiNut
(71,611 posts)Even better than a donation to Obama!
Bibliovore
(185 posts)...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?
one_voice
(20,043 posts)they will receive 50 a month from me as long as I can afford to do so. Starting tonight.
myrna minx
(22,772 posts)judesedit
(4,440 posts)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!
Lucy Goosey
(2,940 posts)I love it!
Fire Walk With Me
(38,893 posts)SamKnause
(13,108 posts)This is a brilliant approach and solution.
Thank you for all you do OWS !!!!!!
1StrongBlackMan
(31,849 posts)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?
AnneD
(15,774 posts)That sounds like a great idea and one that I would love to help.
AllyCat
(16,205 posts)AnneD
(15,774 posts)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.
AllyCat
(16,205 posts)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?
dixiegrrrrl
(60,010 posts)Downtown Hound
(12,618 posts)OWS has done more for humanity in a little over a year than bankers have done in thousands.
efhmc
(14,731 posts)liberalmuse
(18,672 posts)I'm in!
robinlynne
(15,481 posts)stevenleser
(32,886 posts)randome
(34,845 posts)Hyperbole does not help the organizations you want to promote.
stevenleser
(32,886 posts)I'll be sure to give your concern the consideration it warrants.
LeftofObama
(4,243 posts)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!
stevenleser
(32,886 posts)Nattering naysayers who dont have a point notwithstanding.
sabrina 1
(62,325 posts)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.
heaven05
(18,124 posts)articles on spiegel online concerning our election of obama as prez.
WillyT
(72,631 posts)Sophiegirl
(2,338 posts)Whose debt can I cancel or settle for a penny?
Barack_America
(28,876 posts)I'm going to have to look into this further.
lark
(23,138 posts)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.
msanthrope
(37,549 posts)Barack_America
(28,876 posts)Donate to buy a Christmas dinner or economic freedom?
lunatica
(53,410 posts)ret5hd
(20,504 posts)Buddyblazon
(3,014 posts)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?
Barack_America
(28,876 posts)They only sell the debt for pennies on the dollar when they feel it's no longer profitable to attempt to collect on it.
dixiegrrrrl
(60,010 posts)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.
airplaneman
(1,240 posts)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
lame54
(35,310 posts)OWS rocks
ohheckyeah
(9,314 posts)demhottie
(292 posts)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?
Hell Hath No Fury
(16,327 posts)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.
jwirr
(39,215 posts)OneGrassRoot
(22,920 posts)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.
reformist2
(9,841 posts)robbob
(3,536 posts)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.
randome
(34,845 posts)Zorra
(27,670 posts)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.
groundloop
(11,521 posts)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.
druidity33
(6,446 posts)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...
dlwickham
(3,316 posts)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
MADem
(135,425 posts)adieu
(1,009 posts)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.
airplaneman
(1,240 posts)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
yellerpup
(12,253 posts)Wow!
mmonk
(52,589 posts)Kaleva
(36,324 posts)I think of how just one of the mega-rich could retire such debt.
EarthGurl2012
(80 posts)jwirr
(39,215 posts)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.
JNelson6563
(28,151 posts)I couldn't be more impressed!
Julie
glinda
(14,807 posts)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!!!
dexter76
(3 posts)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.
uppityperson
(115,677 posts)dexter76
(3 posts)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.
AllyCat
(16,205 posts)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.
footinmouth
(747 posts)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.
dexter76
(3 posts)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.
myrna minx
(22,772 posts)azurnoir
(45,850 posts)Tsiyu
(18,186 posts)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
tomm2thumbs
(13,297 posts)So glad to have your insightful views to share with everyone. Welcome!!!!
Mopar151
(9,992 posts)TahitiNut
(71,611 posts)Color me NOT surprised.
mick063
(2,424 posts)Building an Army of goodwill.
eridani
(51,907 posts)Where did you get the pink WA State avatar? Very appropriate now that Ref 74 has offically won.
mick063
(2,424 posts)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.
ChillZilla
(56 posts)and then having the corporation buy it at a discount and then I forgive myself of it?
Surely it's not that simple.
djean111
(14,255 posts)Your bad debt will be bundled into a block of bad debts, not sold individually.
TheUnspeakable
(1,005 posts)jtuck004
(15,882 posts)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...
djean111
(14,255 posts)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.
djean111
(14,255 posts)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.
Doremus
(7,261 posts)Huge props to whomever came up with this --- a WONDERFUL idea!
limpyhobbler
(8,244 posts)johnnyrocket
(1,773 posts)Banks and Walls St get debt forgiven all the time.
roguevalley
(40,656 posts)undergroundpanther
(11,925 posts)WIN!!!!!!!!!!!!! And Anon too!
True patriots,all.
aggiesal
(8,921 posts)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 . . .
Matariki
(18,775 posts)I want to donate.
Auntie Bush
(17,528 posts)Let it be true!
Politicub
(12,165 posts)lonestarnot
(77,097 posts)silverweb
(16,402 posts)[font color="navy" face="Verdana"]Wonderful idea!
JonathanBrowne
(39 posts)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.
DianaForRussFeingold
(2,552 posts)djean111
(14,255 posts)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.
GrannyK
(230 posts)Thanks for posting this.
Change has come
(2,372 posts)K&R
bunnies
(15,859 posts)This couldnt be why, could it??
glinda
(14,807 posts)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.
Tree-Hugger
(3,370 posts)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.
Barack_America
(28,876 posts)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*).
tavalon
(27,985 posts)This is something I can get behind. In front of and with, definitely with!!!!
OWS, you are my peeps!
ProudProgressiveNow
(6,129 posts)DiverDave
(4,886 posts)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...
lalalu
(1,663 posts)Great idea.
malthaussen
(17,215 posts)A few small donations can make a huge difference in the lives of people. Very well done!
-- Mal