skeeter
I’m just not understanding how the borrower is benefitting. If there was a security interest/collateral such as a car or a house or a farm then the lender would have already taken it. What’s left is this unsecured debt that has almost no chance of being collected. That’s why it’s selling at such a huge discount. This organization isn’t saving someone’s house or farm or car. The irony is this organization is giving money (albeit a small amount of money) back to the lenders, the so called “1%” instead of letting the debt rot away to zero.
I pick and choose my charities carefully. With so many organizations doing amazing things I just don’t see any argument for supporting this “charity.” But to each his own. If you want to give some money back to Wall Street (or the shady debt collector) then go ahead and do it. Not me.