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.
"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
Click Here For The Most Popular On Sunny Skyz
Zoo Visitor Captures Incredible Moment An Elephant Saves A Gazelle From Drowning
She Meant Every Word Of 'In Sickness And In Health'
My Friend Threw Her Disabled Cat A Birthday Party In The Park
Hummingbirds Are Nesting On String Lights - And People Are Sharing The Cutest Photos
The Grade That Saved A Life: A Professor's Unforgettable Act Of Kindness
Parents Secretly Build Disney-Themed Backyard While Kids Sleep
Zoo Visitor Captures Incredible Moment An Elephant Saves A Gazelle From Drowning
Golden Retriever Pushes Owner Into Water Causing Hilarious Chaos
Man Claims He Can Speak Chicken - And Then Proves It
Emu Has An Absolute Blast Playing Chase With Dogs
Kid's Freestyle Dance To Live Jazz Is Pure Joy — And Viewers Can't Get Enough
