OWS to Buy, Forgive Distressed Consumer Debt

[JonathanBrowne]

135. This just gave me an AWESOME idea

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.