A debt forgiveness company

by DashPathAcademy. Posted on Sep 14, 2020    24    12

We'd buy debt portfolios for pennies on the dollar and instead of collecting the debt we forgive it and ask the people impacted for donations. I found some portfolios that would only have to average 50 cents per person to be sustainable. I'm just imagining the impact this can have on people's lives. Freeing them from debt collection phone calls, medical debts, and increasing their credit so they can start getting ahead again financially. I can't get it out of my head so I'm just going to try it. To help this exist please consider visiting, donating, or just sharing https://www.plumfund.com/charity-fundraising/a-new-type-of-social-good

PM me for questions or to volunteer. I have a web developer already, thanks.


AuriTori 1

I just don't get how you buy debt portfolios? What exactly is that? You buy the debt from other people? How would you finance that, just with donations?? Would love to hear more about it.

  DashPathAcademy 1

I works just like how debt collection agencies do it. But instead we'll do the right thing.

AuriTori 1

Ok I get it. So basically just paying people’s debt. Right? I like the idea but I don’t think there will be enough donations for it. Since it will only run by donations it might just not work. the idea is great, but I think just not doable in real life.

  DashPathAcademy 1

It won't run only by donations. I'm being careful with what I share publicly on how the entire system will work. But once we get the initial portfolio I won't need to rely on donations. It's a little more complicated than just paying their debts because that counts as taxable income.

  DashPathAcademy 1

That's great! Proof of concept

keninsd 1

John Oliver, and others, are doing this now. And, not asking for donations from the people whose debt they bought.

TheChrisRH 2

Love it. Wish this existed for my mom.

  DashPathAcademy 3

It can exist with everyone's help. I'm here to make this happen. Want to lend a hand?

nidamo 3

Nice! I had a similar idea.

One major question, are you registered as a non-profit 501c3, etc.. or as a regular for-profit business?
That will make a difference in how you operate, pay taxes, etc.

  DashPathAcademy 5

Very true. I'm currently taking suggestions on the name of the organization so I have not registered it yet. I would eventually like to fight against predatory lending but a 501c3 is barrred from politics. If it better serves the main mission to register as a non profit then that's what we'll do.

Brucebruce90 2

You're right, a 501c3 is barred, but from what I remember, you can form a separate org, it's like a 501c4, or something similar, and that would be a separate lobbying arm with the political agenda.. and as you said eventually, it's down the line, but it's all very possible, and very doable..

I was curious about these portfolios you were talking about, surviving for 50 cents per person? Where did you find these? Can u acquire, would they sell? Any specific you remember? I was just curious about more info if you were willing to share...

nidamo 6

You might be better off calling your local SBDC branch for advice or even SCORE.

It's more difficult to register as a non-profit (501c3) than it is just a regular for profit business. There is also "not for profit" that is different, but I'm not sure exactly how and something you may want to look up.

I was thinking of it as a business model. Buy debt for small %, then call people and ask them how much they can pay today to have it all wiped clean.

I like the concept of doing it as a legit charity.. you could possibly even get donors who give you money because they like the cause. Maybe offer different levels of support, eg: eliminate $10,000 of someone's medical debt every month for just $25 monthly, etc.