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Wonder what’s been occupying the Occupiers? They’re starting a new project called The Rolling Jubilee, which involves buying up distressed debt at random – and cancelling it. The Telegraph explains how the group hopes it will work…
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.
The group says they’ve consulted lawyers and the IRS, and can take the program national. It’s not yet clear how they will pick debts to buy and cancel – or how they will notify people. But if you find out you suddenly don’t owe somebody money, maybe you’ll know who to thank.