WATCH: John Oliver Bought & Voided $15M Worth Of Americans’ Medical Debt

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Published

June 6, 2016

‘Last Week Tonight’ has long been one our favourite late night talk shows, and John Oliver has long been one of our favourite comedians and late-night hosts.

His biting and sarcastic brand of comedy is subversive and easy to follow, but he always speaks on topics of great importance and value. You feel slightly more educated after you’ve just cacked yourself laughing, y’know? It’s great.

But now, he’s managed to really top himself, with a segment on the USA‘s terrible ‘debt buying’ industry, which a capitalist win but severely harms minorities and the poor.

“The less fortunate being hurt by a major facet of a capitalist environment?!” you cry – “I for one am JUST SHOCKED, this NEVER HAPPENS!”

Basically, the trillions of dollars of personal debts from banks and unpaid fees in America can be sold off for a small percentage of the original cost, but the debt buyer can come after the person for the original amount. If they can’t get the money, they can sell on that debt to another company for even less, and that company can AGAIN come after the person for the original amount of debt.

WE KNOW, RIGHT.

So what did John Oliver go and do to prove his point? He purchased $15 million of medical debts of everyday Americans for a pittance, then got the fuck rid of it all for them.

He started his own debt buying company (a process that he called “disturbingly easy”), then purchased the $15 million medical debt portfolio for just US$60,000.

“With power vested in me, as chairman of the board of CARP, we will commence the debt forgiving process. So what do you say, are you ready to make television history?

Clearly this is only going to help the 9000 people whose medical debt we bought. The larger issue is we need much clearly rules and tougher oversight to protect consumers from potentially predatory companies like the one we set up.

“In the mean time it seems the least we can do with this debt I cannot fucking believe we are allowed to own, is to give it away.”