John Oliver Forgives Nearly $15 Million in Medical Debt on ‘Last Week Tonight’
Debt-buying is considered to be a grimy industry, one that needs more regulation and attention. John Oliver and Last Week Tonight took on the debt-buying industry, where companies can purchase delinquent debt from other entities for pennies on the dollar. “In fact, the largest, Encore Capital Group, tells investors that one in five consumers either owes them money now or has owed them money in the past,” explained Oliver, adding, “Which is incredible. That means, statistically, one member of Evanescence owes or has owed Encore money.”
The industry has little oversight over how the debt is collected. And even more frightening is how easy it is to start a debt collection company, as demonstrated by Oliver. Many states don’t require a license for debt collection, so Oliver and the Last Week Tonight team created their own company for it in Mississippi. Calling themselves Central Asset Recovery Professionals (aka CARP, like the bottom feeding fish), they were offered nearly 15 million dollars in medical debt for a half cent on the dollar, amounting to around $60,000. What Oliver did next was historical. He forgave all of the debt for upwards of 9,000 patients, the largest giveaway in television history.
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