John Oliver buys and forgives $15 million of debt

[Disir]

John Oliver may have just out-Oprahed Oprah.

The Last Week Tonight host announced in Sunday's episode that he legally purchased $14,922,261.76 in outstanding and overdue medical debt, and forgave it all.

Just like when when he started his very own church (RIP Our Lady of Perpetual Exemption), Oliver took his segment on the shady practices in the debt-collecting industry one step further than just educating his audience. He joined the industry.

"It is pretty clear by now (that) debt buying is a grimy business, and badly needs more oversight, because as it stands any idiot can get into it," Oliver said. "And I can prove that to you, because I'm an idiot, and we started a debt-buying company. And it was disturbingly easy."

How easy? Well back in April they spent just $50 to start the company. "We called it Central Asset Recovery Professionals, or CARP, after the bottom-feeding fish."
John Oliver buys and forgives $15 million of debt


Did you guys see this?

 

[Katzndogz]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

 

[Toddsterpatriot]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

Everyone of those people that had their debt forgiven now owes taxes on the debt.

Apparently there is a way to forgive it with no tax ramifications.

 

[Katzndogz]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

Everyone of those people that had their debt forgiven now owes taxes on the debt.

Apparently there is a way to forgive it with no tax ramifications.

No there isn't. There are certain debts that are not taxable. If a debt is taxable nothing will make it not taxable.

Debt collectors who make an offer to compromise the debt always advise of the tax liability. It might be in tiny letters but it's there.

 

[Disir]

Medical debt.

 

[Toddsterpatriot]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

Everyone of those people that had their debt forgiven now owes taxes on the debt.

Apparently there is a way to forgive it with no tax ramifications.

No there isn't. There are certain debts that are not taxable. If a debt is taxable nothing will make it not taxable.

Debt collectors who make an offer to compromise the debt always advise of the tax liability. It might be in tiny letters but it's there.

No there isn't.

Watch the video. At 19:30.

 

[Katzndogz]

Medical debt.

Was the bill itself deductible?

 

[Katzndogz]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

Everyone of those people that had their debt forgiven now owes taxes on the debt.

Apparently there is a way to forgive it with no tax ramifications.

No there isn't. There are certain debts that are not taxable. If a debt is taxable nothing will make it not taxable.

Debt collectors who make an offer to compromise the debt always advise of the tax liability. It might be in tiny letters but it's there.

No there isn't.

Watch the video. At 19:30.

You mean the part where the debt recovery people claim that no one teads the letters?

It is a commendable thing to buy this old debt and forgive it. In reality it doesn't even help. Once the statute has run and the debt fallen off the credit report it no longer exists for all legal intents and purposes. All this kind of debt forgiveness can do is give the IRS a hard on.

 

[Toddsterpatriot]

Everyone of those people that had their debt forgiven now owes taxes on the debt.

A few years ago a group decided to do the same thing and got sued into oblivion.

I certainly hope he contacted these people, advised them of their tax liability and got permission to have that debt forgiven.

Everyone of those people that had their debt forgiven now owes taxes on the debt.

Apparently there is a way to forgive it with no tax ramifications.

No there isn't. There are certain debts that are not taxable. If a debt is taxable nothing will make it not taxable.

Debt collectors who make an offer to compromise the debt always advise of the tax liability. It might be in tiny letters but it's there.

No there isn't.

Watch the video. At 19:30.

You mean the part where the debt recovery people claim that no one teads the letters?

It is a commendable thing to buy this old debt and forgive it. In reality it doesn't even help. Once the statute has run and the debt fallen off the credit report it no longer exists for all legal intents and purposes. All this kind of debt forgiveness can do is give the IRS a hard on.

You mean the part where the debt recovery people claim that no one teads the letters?

No, I mean the part that starts at 19:30

 

[Disir]

Medical debt.

Was the bill itself deductible?

No. This is how he did it:
John Oliver Buys And Forgives $15 Million In Medical Debt: But Is The Forgiveness Taxable?

 

[hjmick]

Let's be clear... The debt was statutory debt. In other words, the statute of limitations had run its course for that debt and there was no way to force any of it to be paid.


Cool stunt otherwise. Damn fine publicity for $60,000.00. The most interesting part was the explanation of the industry itself. Bunch of skeezy fucks.

The Trump U piece that preceded it was good too.

 

[BULLDOG]

John Oliver is still just another short limey that looks a little bit like a weasel with gas, and would probably be selling magazines door to door if it wasn't for Jon Stewart's coat tails, but this is pretty cool.

 

[Toddsterpatriot]

Medical debt.

Was the bill itself deductible?

No. This is how he did it:
John Oliver Buys And Forgives $15 Million In Medical Debt: But Is The Forgiveness Taxable?

Thank you.

 

[Katzndogz]

It still doesn't change the fact that hundreds of people went from owing nothing to owing thousands of dollars in taxes.

 

[Toddsterpatriot]

It still doesn't change the fact that hundreds of people went from owing nothing to owing thousands of dollars in taxes.

Wrong.

 

[Katzndogz]

Medical debt.

Was the bill itself deductible?

No. This is how he did it:
John Oliver Buys And Forgives $15 Million In Medical Debt: But Is The Forgiveness Taxable?

Thank you.

Warch the IRS make these people prove that their debt isn't taxable. Next to the IRS, debt collectors are simply kindly.

 

[Toddsterpatriot]

Medical debt.

Was the bill itself deductible?

No. This is how he did it:
John Oliver Buys And Forgives $15 Million In Medical Debt: But Is The Forgiveness Taxable?

Thank you.

Warch the IRS make these people prove that their debt isn't taxable. Next to the IRS, debt collectors are simply kindly.

Yeah, be sure to ping me.

 

[Pogo]

John Oliver may have just out-Oprahed Oprah.

The Last Week Tonight host announced in Sunday's episode that he legally purchased $14,922,261.76 in outstanding and overdue medical debt, and forgave it all.

Just like when when he started his very own church (RIP Our Lady of Perpetual Exemption), Oliver took his segment on the shady practices in the debt-collecting industry one step further than just educating his audience. He joined the industry.

"It is pretty clear by now (that) debt buying is a grimy business, and badly needs more oversight, because as it stands any idiot can get into it," Oliver said. "And I can prove that to you, because I'm an idiot, and we started a debt-buying company. And it was disturbingly easy."

How easy? Well back in April they spent just $50 to start the company. "We called it Central Asset Recovery Professionals, or CARP, after the bottom-feeding fish."
John Oliver buys and forgives $15 million of debt


Did you guys see this?

Outstanding.

John Oliver fuggin' rocks.