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
This Little Girl's Christmas Speech Took A Hilarious Turn
The Touching Story Behind A Texas Couple's Massive Christmas Lights Display
Meet Brodie: The Adorable Dog That Looks Like A Picasso Painting
City Pleads For Residents To Stop Decorating Statues With Googly Eyes
Unreleased Michael Jackson Music Found In Abandoned LA Storage Unit
A Step-By-Step Guide To Become An Owner-Operator
This Little Girl's Christmas Speech Took A Hilarious Turn
She Was Cleaning The Kitchen -- Then Belted Out 'My Heart Will Go On' Like A Pro
Marv From 'Home Alone' Lives On A Farm And Is A Sculptor
'Angelic' Doctor's Heartwarming Words To Newborn And Parents Go Viral
Fisherman Catches Cat While Fishing, They Become Best Friends