I consider this the story of our future - it's what unity consciousness looks like on the ground, the nuts and bolts of how our awareness is changing what we do and how we do it. Incredibly innovative and enterprising, the Rolling Jubilee project, spear-headed by Occupy Wall Street, is helping those who suffer financial burdens. Once again, Occupy Wall Street is alive and well and discovering creative and sensible ways to side-step the status quo and find solutions on its own. -S.C.-
By Matthew Sparkes, The Telegraph
November 9, 2012
http://tinyurl.com/aj5eup6
From the2012scenario.com
The Rolling Jubilee project is seeking donations to help it buy-up distressed debts, including student loans and outstanding medical bills, and then wipe the slate clean by writing them off.
Individuals or companies can buy distressed debt from lenders at knock-down prices if the borrower is in default or behind with payments and are then free to do with it as they see fit, including cancelling it free of charge
As a test run the group spent $500 on distressed debt, buying $14,000 worth of outstanding loans and pardoning the debtors. They are now looking to expand their experiment nationwide and are asking people to donate money to the cause.
David Rees, one of the organisers behind the project, writes on his blog: “This is a simple, powerful way to help folks in need – to free them from heavy debt loads so they can focus on being productive, happy and healthy.
“Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program live and nationwide, buying debt in communities that have been struggling during the recession.”
A video released to promote the project says: “We shouldn’t be forced into debt to cover basic needs like healthcare, housing and education. We need a jubilee, a clean slate. The math is on our side; a little bit of money goes a long way. If we can raise $50,000 we can buy a million dollars worth of debt and abolish it.
“We bailed-out the banks and in return they turned their backs on us. We don’t owe them anything, we owe each other everything. It’s time for a bail-out of the people, by the people.”
If the debts are really invalid, why pay anything at all? I repudiated almost $20K in credit card debt, and a friend $100K. The banks and collection agencies were unable to show us any valid contracts that we had signed, and eventually they just gave up. Another friend is challenging her student loan. She just told them that she is suspending payments until they can show her the contract. So far, they have been unable to show her a contract, and it has been 10 weeks. In general, you have the right to see the ORIGINAL contract, and not just a photocopy.
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