ThomasGokey

4 ms·

1.
by ThomasGokey 14y ago
> If somebody took the money, the money have to come from somewhere. If you allow people to take money and not repay it, this money have to come from somewhere. Actually that's not the way it works. The banks don't have to back up their
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by ThomasGokey 14y ago
I'd like to give a full response but I'm afraid it would be too long. Long story short: I'm hoping to use this debt forgiveness project as a way of building momentum for a large scale debt strike/debt refusal campaign.
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by ThomasGokey 14y ago
In the 48th and 49th year lenders would make loans that would be much smaller and more realistically paid off in the short term. There is no way that debtors can force lenders to lend if they don't think it's a good deal. As you get closer
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by ThomasGokey 14y ago
Right, we aren't making money off this. We'll be transparent as to how much we raise and where it all goes.
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by ThomasGokey 14y ago
Just to clarify, the $100,000-$500,000 is collective debt from many different debtors ranging from a few hundred to a few thousand dollars each. This isn't forgiving one single person's giant debt.
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by ThomasGokey 14y ago
In most societies there have been some form of "release valve" to keep everyone from ending up in permanent debt. Without such release valves everyone would end up as slaves to one person (or a very small group of people). When this happens
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by ThomasGokey 14y ago
Sorry everyone, I took down the original link because I wasn't sure everyone in our conversation about debt forgiveness/debt strike would feel comfortable having a wider audience read it. But I've added all the relevant info about our proje
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by ThomasGokey 14y ago
But wouldn't this be great? I think it would be fantastic if we could some how organize so that people could buy their own debts for pennies on the dollar. It seems difficult for several reasons. Collection agencies often have a wide range
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by ThomasGokey 14y ago
Student debt is different. Because it is backed by the federal government there is no incentive for private lenders to sell defaulted debt. In fact they end up making even more money off of defaults. There are some student loans that are ma
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by ThomasGokey 14y ago
My understanding is that this is different than a COD. From the perspective of the credit reporting agencies it will be considered the same thing as paying the debt in full. From the perspective of the government it will just look like some
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by ThomasGokey 14y ago
My understanding is that reporting that the debt should be considered "paid in full" will be reflected positively in a person's credit score. It's not going to completely undo all the damage from earlier reports of missed payments, etc., bu