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RIP Medical Debt
80 Theodore Fremd Ave.
Rye, NY 10580

Earmark your donation for this campaign by including a note or by writing "CapAlt PR" in the memo line of a check.

About this Fundraiser:

Abolish Puerto Rico Medical Debt

Join scores of fellow Act 20/ Act 22 and other Friends of Puerto Rico in making a difference.

The Problem: In the past thirty years, medical costs have doubled, insurance copays and deductibles have spiked, and bankruptcy rates have quadrupled creating an avalanche of destructive medical debt. In particular, Puerto Rico has suffered due to low incomes, an aging population – and a plague of natural disasters. 

One unexpected trip to the hospital can leave someone thousands of dollars in debt, even if they have insurance. Medical debt can easily lead to a lifetime of working nights and weekends just to keep up with interest payments. Bad credit can deny someone a loan, an apartment, or even a job, often making the debt cycle nearly inescapable.

So, I am going to propose we remove medical debt in Puerto Rico! Or at least make a start. I have identified up to $3 million in debt owed by individuals who meet strict criteria for low income eligibility. We will bulk purchase this debt for pennies on the dollar. People across the island will receive a letter that their debt is gone. No taxes. No penalties, no more bad credit. Just like that, they're free of medical debt. And they won't have tax liabilities or further credit report burdens.

You can help thousands of families throughout the island, by wiping out $3 million of harmful medical debt in our community. Let's rally together to create hope, and to help thousands of Puerto Ricans build brighter, healthier futures.

It will cost about $30K to buy this debt. Then it will be forgiven and we will notify more than 1,000 families that it is gone  – from their credit reports and from their lives. An easy process with a widespread impact on the island.

Captive Alternatives will pledge $5K to start the ball rolling.

I am working with RIP Medical Debt (NYS Chartered 501(c)(3)) who will manage the debt buying process and fulfillment of forgiveness letters. If this is successful, not only will it provide a wonderful doing-good story, but we can adjust the selection criteria to find another tranche of buyable debt and keep it going. 

When debt relief recipients open the yellow envelope from RIP, they are told that their debt has been bought by a third party and erased with no strings attached. They owe nothing on the debt and face no tax penalty. A recent beneficiary wrote, saying:

"I read my letter over a few times to make sure it was the real thing. Receiving this debt relief renewed my faith that I can get back on track. It jump-started it – that we can do this – I can get back in the game! It's unheard of what RIP does, and it's a game changer in the medical world. It's a game changer for me."

 — Reagen, RIP Medical Debt Recipient of Debt Relief

Join the movement to abolish $3 million in Puerto Rico medical debt this year: Every dollar you contribute is a $100 investment in Puerto Rico towns and villages. Money will stay in the community instead of being taken by out-of-state debt collectors. On average, $21 can abolish the medical debt of an entire family on the island allowing them to invest in housing, schooling, or retirement. 

Who We Are: RIP Medical Debt is a national 501(c)(3) nonprofit organization that locates, buys, and forgives medical debt. We empower donors to relieve oppressive medical debt in their community for individuals who are below twice the federal poverty line, have debts greater than their assets, or have debts greater than 5% of their annual income. 

Some key FAQs:

  • Act 20/22 donation? At this time, this will be a non approved charitable giving for PR purposes. It will still qualify as a deduction on any US or PR taxes you must file for. We are looking at the Act 20/22 charity approval process but it may take awhile.
  • Effect on a Credit Rating: All sellers that we purchase debt from are contractually obligated to report to the credit bureaus that the delinquent accounts have been "paid in full" and derogatory marks are removed. Debtors are then offered help to improve their rating. 
  • Effect on taxes: The debt forgiveness is a gift from a detached and disinterested third party (RIPMD) as an act of generosity, so forgiveness of the debt does not count as income to the debtor.

What to Expect When we Reach our Target

  • Once we reach our target, RIP can move forward with purchasing this debt. RIP will then require the debt sellers to update debtors' credit accounts. Then RIP will be sending letters out so people can be notified of this wonderful gift. This usually takes 3-7 weeks.
  • RIP will provide a final report to CapAlt showing the total amount of debt abolished and the number of individuals impacted.

Who Is RIP Medical Debt?

RIP Medical Debt uses donations to purchase bundled medical debt portfolios that have gone through collection agencies for months or years. Using third-party credit data providers, it targets debt incurred by people facing financial hardship, and then forgives it. On average, $1 is leveraged to abolish $100 in medical debt.

Please see the full FAQ below and visit www.ripmedicaldebt.org for more information. 

RIP Medical Debt's Federal Tax ID is 47-1442997.

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