Actor Michael Sheen: write off £1m debt for 900 people, using £100,000 of his money.
 

[Michael Sheen has taken it upon himself
to write off £1m of debt for 900 people,
using £100,000 of his own money.

The actor 55, who has been making
headlines for his kind gestures recently,
started a debt acquisition company
to help people in South Wales.

The actor forked out of his own pocket
to aid others, and according to
The BBC, it has all been documented
in new Channel 4 show called
Michael Sheen's Secret Million Pound
Giveaway, due to air next week.]


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https://www.dailymail.co.uk/tvshowbi...tivemenubutton

Well that sounds on, the face of it, very impressive

How do you wipe £1m with £100k. I don’t get it.

That's brilliant. What a fantastic thing to do

So in short;

Let's say a person owes a company £1000, and the company thinks they're never getting it back, they can SELL that debt to a debt collector for a reduced price - often a vastly reduced price - e.g. £100.

The idea is that the debt collector can then pursue that debt and so long as > 10% of people pay up, they make a profit. The rest will likely default and have their credit ****ed.

So (I assume) by setting up one of these companies... he can buy £1 million of debt from creditors for £100k, but instead of pursuing people for the full debt, he just writes it off.

But yeah that's how, basically. Predatory debt collectors make profit off of unpaid debts.

…Michael Sheen is such a truly excellent human being/an angel personality …:lovedup:…he’s a wonderful activist and patron and ambassador for so much charity work…he’s been a not for profit working actor for some time now so that he can help fund charity projects that he has special interest in…I know that he sold some of his properties a few years ago to help to fund the homeless World Cup in Cardiff…

Really admirable.
Incredible gesture.

Fair play to him I guess.

think its a great idea

He's a great actor and such a good man. I admire people who are so selfless.

…Michael Sheen has made a Channel 4 program on this and explaining how some other actors could do the same in buying debt and writing it off…it’s called Secret Million Pound Giveaway…

https://www.channel4.com/programmes/...pound-giveaway