Rolling Jubilee. “Rolling Jubilee is a Strike Debt project that buys debt for pennies on the dollar, but instead of collecting it, abolishes it. Together we can liberate debtors at random through a campaign of mutual support, goodwill, and collective refusal.” Learn more at the Rolling Jubilee site.
I like this idea very much … creative, yet very much not an original idea, just a forgotten one (if measured by practice). It seem crazy if it is true that the bad debts are sold at 5 cents on the dollar, as implied by the verbiage on this site.
Yeah, I share your unbelief. If debts are truly sold for such a discount, it almost seems criminal that the purchasers continue to attempt to collect the whole amount.