Step aside Oprah, there is a new television giveaway host. John Oliver formed a debt buying company named, Central Asset Recovery Professionals, or CARP for short. Named after the bottom feeding fish, to purchase close to $15 million of medical debt for just under $60,000.
Oprah previously held the record for the largest TV giveaway at $7 million, when she gave all of her audience members cars.
During the 20 minute segment about debt collectors, John Oliver showed how easy it is for debt collecting companies to abuse the less fortunate. At around the 17 minute mark John Oliver announced he started a debt buying company called ‘Central Asset Recovery Professionals’, or CARP for short.
He said “Any idiot can get into it, and I can prove that to you, because I’m an idiot, and I started a debt buying company. And it was disturbingly easy.”
He explains that by spending about $60,000 he was able to purchase almost $15 million of medical debt. He was able to get has hands on 9000 people’s names, addresses, and social security numbers. Instead of using this information to harass these 9000 individuals and make that $15 million he did the right thing and forgave all of it.
While this debt still exist, the debt is so old, you couldn’t take anyone to court over it.
He said “Now, clearly, this is only going to help the 9,000 people whose medical debt we bought. The larger issue is we need much clearer rules and proper oversight to protect consumers from potentially predatory companies, like the one we set up.”
Watch the 20 minute segment on the next page: