OWS has eliminated $15 million in medical debt for everyday Americans

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posted on Nov, 16 2013 @ 08:18 PM
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Most people think OWS ended when the jackbooted police units broke up the last of the camps but, the movement lives on and is helping everyday Americans to overcome the crushing weight of debt in their lives.

They have been buying up the medical debt before the collection companies can get their hands on it and forgiving that debt for the unfortunate individuals who have become slaves to medical debt. When a debt becomes delinquent, it is sold off to collections agencies for pennies on the dollar, allowing the debt collectors to cash in on the full value of the debt. OWS, through its Rolling Jubilee Project has been buying up this debt at the fire sale prices and then eliminating that debt, thus making their money more powerful through the same agencies the debt collection companies use to fleece debtors.


Check Out How Occupy Eliminated 15 Million Dollars Of Personal Debt For Americans

The Occupy movement has slipped from the mainstream American consciousness. Parks are no longer being occupied, large-scale protests on Wall Street have subsided and the loud chants of “We are the 99 percent” have slowly dwindled away. However, this hasn’t stopped Occupy from remaining committed to their message of fighting injustice and their commitment to helping everyday Americans like you and me. Occupy Wall Street created a group called the Strike Debt group. This group’s goal is to help eliminate as much debt as humanly possible. As part of the Rolling Jubilee project Strike Debt has successfully eliminated almost 15 million dollars’ worth of personal American debt. Most of the balances eliminated has been medical debt.

Strike debt is able to purchase debt for pennies on the dollar through the “secondary debt market.” When lenders aren’t able to collect their debts, over time they cut their losses and sell the debt to third parties at a fraction of the sum unpaid value. Debt collectors will purchase the debt, at extremely low prices, and harass individual debtors to make a profit. These companies usually try to scare individuals into paying the debt back at full price, unknowing that the company purchased their debt for a fraction of the value. This is what you can consider a legal scam.

Most of the debt “abolished” by the Strike Debt campaign was in medical bills. Obviously, 15 million dollars is a drop in the bucket when it comes to the secondary debt market. Nevertheless, it is great to see true grassroots organizations helping Americans in a substantial way. Individuals who were helped by Strike Debt received letters like this, explaining that they are no longer responsible for their medical debt!

Addicting Information

Imagine if other groups were to take up this practice; we could steal away the main revenue stream of the leaches who live off the misery of American society and free up the people to stand up on their own, unsaddled by the debts that keep them in perpetual wage slavery to the banksters and the collectors.

Makes me wonder if its possible to buy up my own debt on the secondary market for pennies on the dollar and free myself. Imagine if everyone gained access to this market and was able to eliminate their own debt at these prices. This could be the solution to eliminating the debt that is smothering the American people and the economy.




posted on Nov, 16 2013 @ 09:05 PM
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reply to post by FortAnthem
 


Very cool idea but it seems it creates it own failure as it adds to the demand (and so rises the value) of the debt that is for sale. I think that the effect can be reduced but it depends on how they select and purchase the debt they buy.

In the move global scale of things this also recompenses the initial crime of getting and accepting debt, even if due to the fact it focus on medical bills one will expect that people do not opt in for the credit on a whim but because of real need, so even if people are not fully accountable by getting into it, the systems that creates the problem (like having no free public health system) is favored by this type of action (if we can remove ourself from the immediate human factor of the health crisis), the problem is clearly political and economical.



posted on Nov, 16 2013 @ 10:28 PM
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Luv me sum Grassroots



posted on Nov, 16 2013 @ 11:20 PM
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Panic2k11
reply to post by FortAnthem
 


Very cool idea but it seems it creates it own failure as it adds to the demand (and so rises the value) of the debt that is for sale. I think that the effect can be reduced but it depends on how they select and purchase the debt they buy.






The value can only rise so much. Real debt collectors can make a pretty good estimate of how they will collect. This amount plus fees to their employees is the max this bad debt is worth.

Great program.



posted on Nov, 17 2013 @ 04:54 AM
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That is a great idea.

I have often wondered how this works.



posted on Nov, 17 2013 @ 12:28 PM
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reply to post by Panic2k11
 


I don't think this would increase prices due to demand too greatly even if it did catch on. The collection companies rely on being able to acquire the debt at a minimal cost because all of the debt is already in delinquent status meaning that the borrowers are not likely or able to pay up so they're not likely to collect on the full value of the debts in many cases and in many others, they may not be able to collect at all.

Rising prices would cut into their profit margins very quickly and make it unprofitable to buy debt on this market. It may cause a slight rise but, there would be a definite limit at which it would become completely unprofitable for the collection agencies, at which point, they would drop out of the market, decreasing demand again and making the prices fall.





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