In Oliver’s case, the $15 million of debt belonged to 9,000 people, and by the end of his show he stood by a big red button, which once pressed, he said would move the debtors’ information to a nonprofit that forgives medical debt. With little more than a website, they received an invitation to buy nearly $15 million in medical debt in the state of Texas for less than half a cent on the dollar – a little less than $60,000 in total.
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The comedian mocked Oprah Winfrey, who held the previous record for a giveaway when she gave away a vehicle to everyone in her audience at a cost of $8 million.
Oliver, host of HBO show “Last Week Tonight”, delivered a 20-minute segment lambasting the debt-collecting industry and politicians who have chosen to keep it largely deregulated. – “or CARP, for the bottom-feeding fish”, he explained.
According to the Federal Trade Commission, debt collectors generate more complaints to their office than any other industry, and while many debt collectors operate within the law, others resort to intimidation and harassment in pursuit of payment.
To further illustrate the lack of regulation and ease at which debt collectors can harass people over money they owe, Oliver said “Last Week Tonight” spent $50 to create its own debt collection agency, based in Mississippi. So Oliver did the only logical thing and made a decision to get into the debt-buying business himself. All of these are valid in their own right, but possibly one of the most badass and generous internet-shattering moments was Sunday night when John Oliver forgave million of medical debt. “The larger issue is, we need much clearer rules and tougher oversight to protect consumers from potentially predatory companies like the one we set up”.
On his latest segment, Oliver tackles debt-more specifically, how debt cripples American households (which have $12.25 trillion in debt as of this year) and leads Nicholas Cage to take a lot of questionable movie roles.
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“Now, clearly, this is only going to help the 9,000 people whose medical debt we bought”.
