John Oliver Just Settled $15 Million In Medical Debt For Strangers

Submitted by: lalapancakes 1 year ago in News & Politics
johnoliverdebt

Here's an interesting fact about American debt. Anyone can buy it. For $50 you too can own your own debt-acquisition company which is what John Oliver did for his TV show, 'Last Week Tonight.' The show bought almost $15 million in medical debt and... forgave it. The move is being compared to the days of Oprah giving a bitch load of new cars away except Oliver spent less money than buying a bunch of new cars, and did a lot more good.

From The Guardian:

"In terms of TV giveaways the cost is far less than Oprah Winfrey’s most famous handout. In 2004, she gave all 276 members of her studio audience a Pontiac G6 sedan. 'You get a car! You get a car! You get a car! Everybody gets a car!' Winfrey told the audience, at a cost nearly $8m.

But Oliver’s giveaway is likely to have a larger impact on the lives of more people. After the transaction was completed, Carp received a list of names, addresses and social security numbers of nearly 9,000 people who owed that $15m."

There are 6 comments:
Male 4,142
I always find it amusing how they talk about Oprah giving away cars makes her a saint. Oprah never gave away s***. Sure cars were given away on her show but by General Motors not Oprah.
0
Reply
Male 1,048
Yup, debt forgiveness means tax implications for the debtors.... Uncle Sam can hit them for income taxes on that debt and he is much better at collecting.
0
Reply
Male 1,253
Damn. I missed the first post. Oopsy. >_<
0
Reply
Male 40,277
A repost. He did not "forgive" that debt: he bought it (like NF2 mentions) for $60K. The insurance companies "wrote off" the debt, THEY are the ones who LOST $15 Million bucks. They could have hired their own debt collectors, but they didn't. One of the FEW times insurance companies are not completely evil assholes and they don't even get any credit for it. A TV 'comedian' does :-P Great!
0
Reply
Male 530
As far as i saw in his show about the subject the insurance companies sold the debt for an amount of cents on the dollar to an debt-acquisition company. The debts that compagnie can't claim is sold for less cents on the dollar to another compagnie and so on until you can buy a debt of 15 million for as much as 60K. The insurance companies didn't write of the whole 15 million but probably only 1.5 million because they sold the debts for 13.5 million to a compagnie that is willing to break some fingers to get their money. Now i agree, a debt is a debt but selling a debt this way is vile. It is like you owing me a debt, me selling it for 80% of the cost to a motorcycle gang knowing they will come by your house setting it on fire. Al so i can keep my books tidy and can wash my hands in innocence when the motor gang terrorizes the sh*t out of you for the money. And it's easy to blame those who have debts but just watch some other shows from 'Last week Tonight' for instance the one about the justice system where you can get a fine if you are unable to pay for the form that you need to fill in to get a 'free' lawyer. People can get a fine upon fine because they where unable to get the first fine they got.
0
Reply
Male 7,782
Pretty sure this is a repost. Great thing he did though. Bought for 60k.
0
Reply