Entertainment Last Week Tonight with John Oliver: Debt Buyers

Discussion in 'The Howard Stern Show' started by XuXu, Jun 8, 2016.

  1. XuXu

    XuXu Well-Known Member

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  2. Sloppyjoe

    Sloppyjoe VIP Extreme Gold

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  3. BrulesRules

    BrulesRules Just grab 'em in the biscuits VIP

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    Thanks Obama
     
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  4. DrSublux

    DrSublux Who am dis VIP

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    20 minute you tube :facepalm:

    Not clicking :dance:
     
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  5. Stew Nod

    Stew Nod Well-Known Member Banned User

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    Can you summerize wut this is all about? I actually like the dude, but can't take his voice/deliver sometimes
     
  6. slab0meat

    slab0meat negative creep VIP

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    So YOU'RE his viewer... nice!
     
  7. Sloppyjoe

    Sloppyjoe VIP Extreme Gold

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    I watched this Sunday night, but I'm not sure what the context for posting it is.
     
  8. XuXu

    XuXu Well-Known Member

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    He explained how debt buying companies operate. Him and his producers set up a legit debt-buying company of their own called C.A.R.P. Spent $60k to buy 15 million in medical debt and then forgave it.
     
  9. XuXu

    XuXu Well-Known Member

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    cuz I thought it was interesting?
     
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  10. kinneyjames

    kinneyjames Well-Known Member

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    He gave away money, Robin?
     
  11. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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    He spent $60,000 to buy up $9million worth of debt for some Americans.
    He has erased that debt from their ledgers.
     
  12. JameGumb

    JameGumb We're all out of toner!

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    Hell of a racket :bigthink
     
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  13. DarkFriday

    DarkFriday Fired as a MOD...Twice. Gold

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    Americans are stupid and think credit card debt is how life works.
     
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  14. XuXu

    XuXu Well-Known Member

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    It's crazy. You don't even need any special licenses to open one of these companies. They buy debt for pennies on the dollar. They then receive all the debtor's info, including their SS#'s.
     
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  15. JameGumb

    JameGumb We're all out of toner!

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    @Schmoopy
     
  16. kinneyjames

    kinneyjames Well-Known Member

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    Yes. Sick Americans who go into debt are especially stupid.
     
  17. JameGumb

    JameGumb We're all out of toner!

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    :eek::evil:
     
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  18. OV

    OV Rapscallion

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    Sometimes "ownership" of these debt obligations pass through 2 or more secondary collection market buyers for pennies on the dollar. So if they can intimidate old debtors into paying obligations that the original creditors, like hospitals, have already written off, it's pure profit. Often they use onerous intimidation techniques like calling the person's employer, threatening physical harm to them and their animals, etc. They are the parasites of the business world and make it a point to still try to collect even after the statute of limitations for that particular state (in many states it's 5 years) has run out. Don't confuse them with primary organizations who didn't get (and often should have gotten) paid.. these secondary market assholes are pure scum.
     
  19. Yeahnolisten

    Yeahnolisten Well-Known Member

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    Yes, but much like Howard's material, it appears that the producers copied the idea from another organization and didn't give them credit for it. But UNLIKE Howard when they got caught they gave them "some" credit for it.
     
  20. XuXu

    XuXu Well-Known Member

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    Are you talking about another show? I know that this isn't a brand new idea, but having someone with a show on HBO bring attention to it is a huge benefit to the organizations that are involved in debt buying forgiveness.
     
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