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Occupy Wall Street offshoot, Strike Debt, announced Friday that it has abolished $1.1 million in medical debt for more than 1,000 people.
The protest group did this by buying emergency room debts for pennies on the dollar and then simply forgiving them rather than trying to collect the money, Strike Debt said in a statement.
When a bank, lender or other company, like a hospital, is unable to collect on a debt, it typically sells it to debt buyers or collectors -- often at a much lower price than the original amount owed since the odds of collecting the money are low. Whoever buys the debt then attempts to get the money from the debtor...
The protest group did this by buying emergency room debts for pennies on the dollar and then simply forgiving them rather than trying to collect the money, Strike Debt said in a statement.
When a bank, lender or other company, like a hospital, is unable to collect on a debt, it typically sells it to debt buyers or collectors -- often at a much lower price than the original amount owed since the odds of collecting the money are low. Whoever buys the debt then attempts to get the money from the debtor...
