County officials said the program will initially eliminate $500 million in debt by using a $5 million investment to purchase medical debt for pennies on the dollar for low-income residents.
When debt isn’t paid off for long enough / they think it’ll be too much work to collect, it’s often sold by those organizations to private debt collectors. Here instead of collecting the debt, they just buy the debt then agree to forgive it
I didn’t know this was a possible. How is this possible. Isn’t the debt owed to corporations?
When debt isn’t paid off for long enough / they think it’ll be too much work to collect, it’s often sold by those organizations to private debt collectors. Here instead of collecting the debt, they just buy the debt then agree to forgive it