John Oliver Buys $15 Million In Medical Debt, Then Forgives It

June 6, 2016

On Sunday's Last Week Tonight, host John Oliver took a look at the messy, shady world of debt collection and debt buying.

Debt buyers purchase debt from creditors and other debt buyers. And apparently it's so easy to buy debt, you can do it legally without a license.

For a $50 fee, Oliver and his team registered their new debt-acquisition firm, Central Asset Recovery Professionals — CARP, named after the bottom-feeding fish — in Mississippi, complete with a website that was nothing more than a logo.

jon oliver debt giveaway

"With little more to go on than that website," says Oliver, "we were soon offered a portfolio of nearly $15 million of out-of-statute medical debt from Texas."

The asking price was less than $60,000 for $14,922,261.76 in debt — or around $.004 for every dollar of debt owed. Purchasing the debt would give CARP the names, current addresses, Social Security numbers, and amount owed for nearly 9,000 individuals.

But rather than try to collect on the debt, Oliver decided to stage the "largest one-time giveaway in television history," forgiving $15 million in medical debt.

Watch the episode below:

(h/t) Consumerist

Like us on Facebook!

Click Here For The Most Popular On Sunny Skyz

feel good videoMama Ferret Really Wants Her Human To See Her Babies

feel good storiesTim Tebow's Act Of Kindness At A Baseball Game Will Warm Your Heart

feel good storiesThis Hairy Chest Women's Swimsuit Is Selling Like Crazy

feel good storiesWendy's Got Into A Hilarious Sign Battle With Pure Water

feel good stories25 Funny Married Life Memes

feel good storiesThe Actor Who Played Barney Has Finally Been Revealed

feel good videoThis Guy's Card Trick Is So Good It Makes Penn MAD!

feel good videoMama Ferret Really Wants Her Human To See Her Babies

feel good videoDisabled Former Marine Sees His Grandson In Uniform For The First Time

feel good videoThis Gorilla Dancing In A Bathtub To 'Maniac' Is The Best Thing You'll See Today

feel good videoThis Is What Happened When A Lost Kitten Strayed Into A Raccoon Feeding Area

LIKE US ON FACEBOOK!