John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
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Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#2The baffling thing to me is that this is already discharged debt - "out of statute medical debt from Texas", "medical debt they no longer had to pay" - and how on earth is it legal to try and collect that?
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#3Spoiler in the title.
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#4The baffling thing to me is that this is already discharged debt - "out of statute medical debt from Texas", "medical debt they no longer had to pay" - and how on earth is it legal to try and collect that?
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least.
So really he saved them from harassing phone calls, not really the money itself.
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#5The baffling thing to me is that this is already discharged debt - "out of statute medical debt from Texas", "medical debt they no longer had to pay" - and how on earth is it legal to try and collect that?
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least. So really he saved them from harassing phone calls, not really the money itself.
If the debt collectors somehow manage to trick the debtors into acknowledging the debt, the debt clock is reset & it goes back on to your credit report.
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#6Earlier quoted context omitted.
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least. So really he saved them from harassing phone calls, not really the money itself.
If the debt collectors somehow manage to trick the debtors into acknowledging the debt, the debt clock is reset & it goes back on to your credit report.
What constitutes acknowledgement?
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#7The baffling thing to me is that this is already discharged debt - "out of statute medical debt from Texas", "medical debt they no longer had to pay" - and how on earth is it legal to try and collect that?
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least. So really he saved them from harassing phone calls, not really the money itself.
That would mean he could probably pay it off at a discount?
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#8Earlier quoted context omitted.
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least. So really he saved them from harassing phone calls, not really the money itself.
That would mean he could probably pay it off at a discount?
He probably bought 15 million in uncollectible debt for like $1500
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#9Earlier quoted context omitted.
It's still debt, it's not as if the money is not owed it's just debt that has no legal repercussions for not paying. From my understanding at least. So really he saved them from harassing phone calls, not really the money itself.
That would mean he could probably pay it off at a discount?
A huge discount-- they only payed $60k for the debt.
Re: John Oliver buys $15M in debt and forgives all of it on 'Last Week Tonight'
#10As has been mentioned elsewhere, it seems the real 'value' of this debt to people buying it, is not the debt itself because it can't legally be enforced, but the personal information that goes along with it.