Oprah one-upped

[bullwinkle]

I really miss this guy. I don't have HBO so I haven't seen him since he left the Daily Show and can only catch bits as they appear on the net. sigh!

John Oliver Just Gave Away Nearly $15 Million (By Forgiving Medical Debt in Texas)

 

[strollingbones]

he is just wonderful..raising all that money then buying peoples debt to get them out from under hard core interest payments..cheaper to go to a loan shark than a pay day lending

 

[Katzndogz]

Wait until these people get notices from the IRS that they owe thousands in taxes. As soon as that debt is forgiven it becomes income and taxable.

Debt settlement is the same thing. These debt collectors buy old debt and try to settle for pennies on the dollar. The debtor is responsible for taxes on the difference between the amount paid and the amount of debt, including accumulated interest.

The minute Oliver forgave this debt he has to file financial statements giving the name and social security number of the debtor and the amount owed. That person's income just grew by the amount of debt.