3 ms·
It would be interesting had they sent letters to those whose debt they bought and explained exactly what they were doing. Then offer them one of three options:
by biot 13y ago
It would be interesting had they sent letters to those whose debt they bought and explained exactly what they were doing. Then offer them one of three options:
1. Pay 10 cents on the dollar. This covers their family's
debt and they pay it forward for two other families.
2. Pay 5 cents on the dollar. This covers them and they pay
it forward to one other family.
3. Pay nothing. Their debt is forgiven thanks to another
family having paid it forward.
If enough people opted for #1 or #2, the fund could be self-renewing and they could purchase ever-larger amounts of debt and keep it going.
- kansface 13y agoThis could never be self sustaining because it would increase the cost of debt (if the debtors could pay, it wouldn't have been sold).
- avalaunch 13y agoIf the debtors could pay 100% of what they owed it wouldn't have been sold. But the OP is suggesting that some of the debtors might be able and willing to pay 5 cents or even 10 cents on the dollar, which I think is a reasonable assumption.
- e12e 13y agoAlso, with the assumption that the project isn't for profit (ie, everyone choosing #3) -- someone choosing to pay more (donate) -- would help the project. Even if they only did that after a year or two (when the debt would've been defaulted under "normal" circumstances).