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Instead of operating this as a charity (doesn't scale), why not sell the debt back to the original lendees at face value. (Buy back your $15k loan for $500.) I

by SeoxyS 14y ago

Instead of operating this as a charity (doesn't scale), why not sell the debt back to the original lendees at face value. (Buy back your $15k loan for $500.) I guess that wouldn't be legal, though?

malandrew 14y ago
Personally I think they should try to recoup the face value from the debtor. If my debt was among the debt bought by OWS and they contacted me giving me the option to pay it off at face value so they could move forward with helping others, I'd pay it off in a second.
- lmm 14y ago
  Which means you're probably not the kind of person who gets into this kind of debt.
  - malandrew 14y ago
    Actually I am. In fact, you'd be amazed at how many people are in this kind of debt who has learned their lesson and would love to be able to get out the debt once and for all.