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.
"Now, after many consultations with attorneys,
the IRS, and our moles in the debt-brokerage world, we are ready to take
the Rolling Jubilee program live and nationwide, buying debt in
communities that have been struggling during the recession."
A video released to promote the project says: "We shouldn't be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.
"We bailed-out the banks and in return they turned their backs on us. We don't owe them anything, we owe each other everything. It's time for a bail-out of the people, by the people
A video released to promote the project says: "We shouldn't be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.
"We bailed-out the banks and in return they turned their backs on us. We don't owe them anything, we owe each other everything. It's time for a bail-out of the people, by the people
This is among the most wonderful things I have heard in a long time. I would like to interview the people who are involved with this, as it deserves some good publicity.
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