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View Diary: The Interesting Economics of Rolling Jubilee (92 comments)

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  •  5% debt (2+ / 0-)
    Recommended by:
    Killer of Sacred Cows, eyesoars

    means that most likely the debt is either not really owed or the debtor is far beond collection. Anyhow, there are tax issues too - I did a full post on this at the RUN.

    •  I don't believe this is true. (1+ / 0-)
      Recommended by:
      G2geek

      While you can buy debt that is past the statute of limitations or belongs to people who have filed bankruptcy it way cheaper than 5 cents on the dollar.

    •  so then, if you say you know so much about.... (5+ / 0-)

      .... these matters, why not work with these folks at turning this from a (c)4 into a (c)3 organized to provide charitable relief to the poor, whereby no more taxable events are generated than from a food bank giving away food?

      Why just complain when you could be part of the solution?

      We got the future back.

      by G2geek on Fri Nov 16, 2012 at 01:22:25 AM PST

      [ Parent ]

    •  Yes this isn't true (0+ / 0-)

      either way it doesn't matter if you don't really owe the debt if you default at the court appearance which over 90 percent of people do.

    •  Keep in mind the cost of collecting and risk (0+ / 0-)

      A debt with face value of $1000 may ultimately be collected at $700, but $500 in costs will be spent in the collection effort.  So after cost one can make at most $200. So this debt would likely sell for about $100 or 10 cents on the dollar - as the buyer of the debt really does not know much about the debtors situation.

      The most important way to protect the environment is not to have more than one child.

      by nextstep on Fri Nov 16, 2012 at 12:38:04 PM PST

      [ Parent ]

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