Occupy Wall Street campaigners buy-up debt to abolish
A group of campaigners linked to the Occupy Wall Street movement is buying-up distressed loans for pennies in the pound and cancelling them to “liberate debtors at random”.
The Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.
Individuals or companies can buy distressed debt from lenders at knock-down prices if it the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge.
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.
via The Telegraph, full article here
Assuming this is completely legit (which I’d like to believe it is), tiny donations from people who can manage them will ultimately contribute to the lessening of people’s debt nationwide. I could sure stand to benefit from a cause like this, and I’m sure most of the people I know could too.