Two former banking industry debt collectors had a change of heart following the Occupy Wall Street movement. Now, they spend their days forgiving debt for those with outrageous medical bills through their company, RIP Medical Debt.
As reported by Truth-Out, former debt collectors, Jerry Ashton and Craig Antico, are buying medical debt on the open market and then abolishing it with no strings attached. The duo has already reportedly gotten rid of about $400,000 worth of medical debt for those in need. Now, they are aiming to raise another $177,600, which will reportedly get rid of $17.6 million worth of medical debts.
“You don’t wake up one morning and decide to have a $150,000 mastectomy,” Ashton told Truth-Out. “This is not elective debt,” he continued. “These outstanding bills [are] not just as unpaid, [they’re] ultimately unpayable.”
Ashton and Antico have been working with hospitals and other medical facilities to find people who need help the most when it comes to paying high bills. Desirable candidates are those earning two times less than the national poverty level or those whose payments total five percent or more of their income.
According to Truth-Out, the duo raises money and,
“buys the debt for around one percent of the amount it’s worth (when debtors settle directly with collection agencies, they pay an average of 60 percent of the loan.) Then, they forgive it.”
The collection industry treats debts as commodities by buying them low and selling them high. In 2013, medical debt accounted for almost almost 60 percent of United States bankruptcies.
What do you guys think about Ashton and Antico’s company RIP Medical Debt? Would you support them?