John Oliver Forgave $15 Million of Medical Debt on TV
#1
RAR
Thread Starter
John Oliver Forgave $15 Million of Medical Debt on TV
As part of a segment on how seedy the debt buying industry is, John Oliver set up a debt buying company for about $50 online. He used the new company, called C.A.R.P., to buy $15 million of medical debt for the price of about $60,000.
Forgiving this debt is the largest one-time giveaway on television. Even outranking Oprah.
/edit. fuck you hbo, they took it down, here's a summary
Forgiving this debt is the largest one-time giveaway on television. Even outranking Oprah.
/edit. fuck you hbo, they took it down, here's a summary
Last edited by leedogg; 06-08-2016 at 09:24 AM.
#4
Sanest Florida Man
There's an organization called Rolling Jubilee that's doing the same thing.
Rolling Jubilee
They're not currently taking donations right now but they say they've forgiven over 31 million in medical debt
Rolling Jubilee
They're not currently taking donations right now but they say they've forgiven over 31 million in medical debt
#6
Sanest Florida Man
The first video works now...
Trending Topics
#8
Senior Moderator
I didn't do it, but I can move it out if necessary.
#10
Trolling Canuckistan
#11
Team Owner
Hospital bills are bullshit. Pisses me off when I get a bill and it says something like. Bill $10,000, agreed rate with your insurance $1000, you still owe $200. So if I didn't have insurance they would expect me to pay $10,000.
#12
Senior Moderator
No. If you didn't have insurance, you would be charged a much lesser rate. However, if you have insurance and they don't pay, you're stuck with the insurance rate.
I'll move to money and investing.
I'll move to money and investing.
#15
Even if the giveaway wasn't as large (monetarily) as Oprah's, I'd say it still outranks her giveaway(s). I'm sure with John Oliver's giveaway the recipients won't be left with a tax bill...
#16
Safety Car
But yeah Oliver and his team are definitely smart enough to work with specific organizations so the debt relief doesn't incur taxes on those people as he mentioned in the show.
edit:
On another note, I showed this to a friend and he posed a very interesting question: if you can buy medical debt for pennies on the dollar and it's disturbingly easy to do so...is it possible for an individual saddled with mountains of outstanding debt to somehow setup a company, and find and somehow buy his own debt and forgive himself?
Last edited by nist7; 06-19-2016 at 04:20 PM.
#17
Senior Moderator
iTrader: (5)
edit:
On another note, I showed this to a friend and he posed a very interesting question: if you can buy medical debt for pennies on the dollar and it's disturbingly easy to do so...is it possible for an individual saddled with mountains of outstanding debt to somehow setup a company, and find and somehow buy his own debt and forgive himself?
On another note, I showed this to a friend and he posed a very interesting question: if you can buy medical debt for pennies on the dollar and it's disturbingly easy to do so...is it possible for an individual saddled with mountains of outstanding debt to somehow setup a company, and find and somehow buy his own debt and forgive himself?
#18
Drifting
late to the party but this was Epic!
#19
Senior Moderator
Yeah I remember something about those Oprah car winners in that some of them couldn't afford to win the cars because of taxes on a new car (not to mention since this is a high value gift....not sure if recipients have to file their taxes with increased income equivalent to car's value in this case...but then again gift taxes are usually paid by the giver...ie Oprah...)
But yeah Oliver and his team are definitely smart enough to work with specific organizations so the debt relief doesn't incur taxes on those people as he mentioned in the show.
edit:
On another note, I showed this to a friend and he posed a very interesting question: if you can buy medical debt for pennies on the dollar and it's disturbingly easy to do so...is it possible for an individual saddled with mountains of outstanding debt to somehow setup a company, and find and somehow buy his own debt and forgive himself?
But yeah Oliver and his team are definitely smart enough to work with specific organizations so the debt relief doesn't incur taxes on those people as he mentioned in the show.
edit:
On another note, I showed this to a friend and he posed a very interesting question: if you can buy medical debt for pennies on the dollar and it's disturbingly easy to do so...is it possible for an individual saddled with mountains of outstanding debt to somehow setup a company, and find and somehow buy his own debt and forgive himself?
Now, "prizes" is the key word. I would have to believe that they can be gifted, but that may only be tax free up to a certain amount. It would be interesting to know if Oprah really did "gift" her audience.