"Unthinking respect for authority is the greatest enemy of truth."

Welcome to Infoshop News
Wednesday, September 17 2014 @ 04:30 AM CDT

Occupy Wall Street campaigners buy-up debt to abolish it

Occupy Wall Street

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.

Occupy Wall Street campaigners buy-up debt to abolish it

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".

By Matthew Sparkes
The Telegraph
9 Nov 2012

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.

David Rees, one of the organisers behind the project, writes on his blog: "This is a simple, powerful way to help folks in need - to free them from heavy debt loads so they can focus on being productive, happy and healthy.

Read more

Share
  • Facebook
  • Google Bookmarks
  • Ask
  • Kirtsy
  • LinkedIn
  • Digg
  • Twitter
  • SlashDot
  • Reddit
  • MySpace
  • Fark
  • Del.icio.us
  • Blogmarks
  • Yahoo Buzz
Occupy Wall Street campaigners buy-up debt to abolish it | 0 comments | Create New Account
The following comments are owned by whomever posted them. This site is not responsible for what they say.