I was THRILLED to read the article Occupy Wall Street Is Buying And Paying The 99%’s Debt and I watched the Rolling Jubilee video.
What a fantastic idea! As I’m currently being sued by two debt buyers with one case in the Arizona court of appeals, I really WANTED this to be the real thing. I even “tweeted” about this, my first tweet ever.
I got ready to promote Strike Debt here and started researching.
WHO is buying the debt?
WHO is holding the donated money?
I could not find any information.
Finally my BS detector kicked in. As a regular listener to Webster Tarpley’s radio program I’ve heard my share of rants about the OWS incompetence and disorganization. I remembered the “Debtors’ Revolt” and all kinds of “activism” in the name of PROFITS in recent years. And as I’ve been battling debt buyers in court and covered collection issues here, I realize that there is much to be discussed and planned PRIOR to getting started with purchasing debt. You don’t just call up Bank of America or Chase and buy a million dollars in charged off accounts. Most small debt buyers purchase from brokers and they pay broker fees. The deals are negotiated based on the quality of the portfolio. There’s nothing wrong with paying professionals for their expertise, but considering the LACK of transparency (who controls the money and who makes the decisions?), I conclude that this “activism” is going to make some people some very nice profits.
The Debt Resistors Operations Manual at Strike Debt:
This manual—written by an anonymous collective of resistors, defaulters, and allies from Strike Debt and Occupy Wall Street—aims to provide specific tactics for understanding and fighting against the debt system.
I downloaded the manual and I immediately realized that this “movement” was hijacked (or started by) a credit repair company. Their credit repair manual “is really worth the money if you can afford it ($29.95).” OUCH! A search of the document found SIX references to this credit repair company. Also listed are other FOR PROFIT credit related websites that I wouldn’t recommend to my enemies.
The sample letters and the free advice are AWFUL!
The manual is full of ADVERTISEMENTS for FOR PROFIT credit related services.
I got suckered by the OWS / Strike Debt / Rolling Jubilee. Have to tweet my apologies now.
And if anyone is SINCERE about buying debt to forgive it, I’d love to be involved in such a project!
No, I do NOT need a link to my websites. While I still offer credit services, I’m spending much more time in our gardens and hoophouse, growing organic and GMO free food. I run a gardening club and got involved in all sorts of local activities — trying to make a difference where I can.
One question to the OWS and Strike Debt:
Are you really THAT stupid or are you getting kickbacks from the FOR PROFIT companies you advertise?