Occupy Wall Street Activists Buy $15m Of Americans’ Personal De

[Anastasia13]

http://truthseekerdaily.com/2013/11/occupy-wall-street-activists-buy-15m-of-americans-personal-debt/

 

(TruthSeekerDaily) Rolling Jubilee spent $400,000 to purchase debt cheaply from banks before ‘abolishing’ it, freeing individuals from their bills.

 

That sounds almost Christian if they do it right, IMO

[Gabriela]

That's actually an outstanding way to give to charity. I just wonder how anyone knows whose debt it is. I mean, how does the person who owes find out that their debt has been forgiven?

[Gabriela]

And can you buy specific people's debt?

[blazeingstar]

I think this is good, but perhaps it would be better to target specific neighborhoods or income levels...or actual people.  I think it is great they are helping people who were preyed upon, but the whole timing of it is likely too little, too late.  Much of this debt is in bank owned foreclosed houses....meaning it would go back to the bank.

[Aloysius]

it's a great idea... I love the name "rolling jubilee"... that's a good question as to how to let ppl know their debt is forgiven... if you buy the debt from someone you would get their contact information (phone number, mailing address) so you could let them know that way... but I guess you'd have to use some of the money you raised to have some kind of automated phone call and/or mailing.

 

I doubt this is foreclosure debt... are people still put into collections agencies if they've been foreclosed upon?  I thought they just lost their house, they don't still owe money after the bank reseizes their house do they?

 

anyway, either way of course the money (the 5 cents or so on the dollar) goes to the original creditor... the point is that it's either these activists buying that debt and forgiving it or a collections agency buying that debt and then demanding it be paid to them.  this is a great idea for a charity--the idea of trying to focus it on low income areas and all that is a great one, but generally anyone whose debt you can buy is already on hard times.

[blazeingstar]

it's a great idea... I love the name "rolling jubilee"... that's a good question as to how to let ppl know their debt is forgiven... if you buy the debt from someone you would get their contact information (phone number, mailing address) so you could let them know that way... but I guess you'd have to use some of the money you raised to have some kind of automated phone call and/or mailing.

 

I doubt this is foreclosure debt... are people still put into collections agencies if they've been foreclosed upon?  I thought they just lost their house, they don't still owe money after the bank reseizes their house do they?

 

anyway, either way of course the money (the 5 cents or so on the dollar) goes to the original creditor... the point is that it's either these activists buying that debt and forgiving it or a collections agency buying that debt and then demanding it be paid to them.  this is a great idea for a charity--the idea of trying to focus it on low income areas and all that is a great one, but generally anyone whose debt you can buy is already on hard times.

 

Yep, they could still owe money.  There was a big story on a vet who lost his legs and his house and still owes.

[Nihil Obstat]

Yeah, I am seriously into this.

[NotreDame]

I read about this on a different site.  This is for revolving debt like credit card and other small personal loans and for unpaid bills (medical and otherwise.)  It would not cover housing mortgages and or student loans.

 

It's well-intentioned, but I doubt it will be efficacious - at least here in the USA.  The real 'debt overhang' facing this generation is from student loans, which cannot be discharged - even through bankruptcy - thanks to legislation. 

 

 

And Student loan delinquincies are getting worse while the rest is improving:

 

 

Go here and search for "Student Loans" and you'll get a ton of data and graphs:

 

http://www.zerohedge.com/search/apachesolr_search

[NotreDame]

That's actually an outstanding way to give to charity. I just wonder how anyone knows whose debt it is. I mean, how does the person who owes find out that their debt has been forgiven?

 

There would probably be a letter and it would show up on their credit report as "resolved", just like any other bill.
 

[CrossCuT]

This is bad.

If people have tons of loans thats good. It could potentially push them into poverty with will have a positive outcome on their character.

 

 

 

I am against debt forgiveness. 

Edited November 21, 2013 by CrossCuT

[Nihil Obstat]

This is bad.

If people have tons of loans thats good. It could potentially push them into poverty with will have a positive outcome on their character.

 

 

 

I am against debt forgiveness. 

I will leave the kind of flat attempt at sarcasm aside, but this is not debt forgiveness. This is good ol' capitalism paying off debts. :shock: Being used for good, not evil! What madness is this?

They can buy the debts for less than their face value because delinquent debts are simply not worth as much as debts paid off on time. <-- That is more capitalism right there.

Edited November 21, 2013 by Nihil Obstat

[Anastasia13]

This is bad.

If people have tons of loans thats good. It could potentially push them into poverty with will have a positive outcome on their character.

 

 

 

I am against debt forgiveness. 

 

A middle class family could be faced with the choice of spending all of their savings or their child's life (which also increases marital stress and makes divorce later in life more likely for the parents), their mortgage or mom's cancer treatment. How could the moral thing be to let someone die? There is noting like being pushed into living paycheck to paycheck for choosing to value people over things and having the next earthquake in your life push you into the streets. Many aid programs don't care that you spend 15K a year on medical-they only care that you make more than X amount a year.

Edited November 21, 2013 by Light and Truth

[CrossCuT]

Debt puts hair on your chest

[blazeingstar]

A middle class family could be faced with the choice of spending all of their savings or their child's life (which also increases marital stress and makes divorce later in life more likely for the parents), their mortgage or mom's cancer treatment. How could the moral thing be to let someone die? There is noting like being pushed into living paycheck to paycheck for choosing to value people over things and having the next earthquake in your life push you into the streets. Many aid programs don't care that you spend 15K a year on medical-they only care that you make more than X amount a year.

 

Cross cut is referring to the marxist/socalist idea that we should have a minimum wage of over $10 which many of us disagree with.

 

I think that this is wrought with flaws...like the fact that it's all about timing and it dosn't take into account who may really benefit in the end....which may be the bank and not the person.  It also dosn't address other issues, like back taxes or income which may mean that someone who is given this gift may still be in grave financial trouble.  But that is none of my business.

 

This is a gift that the free market has allowed.  if someone wants to raise $400k, buy loans at 5 cents on the dollar and pay off those loans, good for them.  Contrary to your belief I am not all about keeping the poor down.  I am about letting people work things out for themselves...including gifts.

 

 I see so many ways this could go, including having people pay off the face value of the loan...or even 4 times it (only 20% of the current value) in order to create a fund for other victims of predatory lending, and have a powerful legal voice.  

 

Side note--another reason why I'm opposed to nationalized, required health insurance is because 80% of the people who are forced into bankruptcy have insurance (eg were not dropped from coverage) have insurance plans which are listed as standard or above.  They still don't cover things like autism therapy, hearing aids, cochlear implants, a reasonable number of limb braces and prosthetics for growing children, prescription glasses and many eye surgeries and dental work.  It also dosn't address that American goverment still spend more on healthcare than any other developed nation, either.

[Anastasia13]

Blazeingstar, with regard to your comment about "Contrary to your belief I am not all about keeping the poor down." That belief does not exist.

 

I however was referring to debt in general and that allowing people to deal with it on their own isn't always the most Christian. It does not mean it is always the loving thing to take it from them, but sometimes it is when you have the opportunity. I simply wanted to make the point that Crosscut's post seemed like a generalization.

 

CrossCut did not say anything about fiscal/monitary policy.

 

Side note: Please stay on topic. Healthcare is another issue.

 

People are doing something that can help a few people. Maybe it's not perfect, but I think it's cool that someone is trying in a new way.

Edited November 21, 2013 by Light and Truth