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WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles! Description
WeTransfer and Headspace are asking for your help in abolishing $35 million of debt in the city of Los Angeles. Los Angeles is our home, and we have the chance to help 15,000 of our citizens with debilitating medical debt.
It’s estimated that 57.1 percent of U.S. personal bankruptcies are due to medical bills, making it the leading cause of the financial calamity that can often precede homelessness. $35 million of debt abolished is $35 million in renewed credit access. It’s young families able to save for a house, or their children’s college tuition. It’s $35 million dollars back into the economy allowing people to live their best lives instead of worrying about the heavy burden of medical debt encountered through no fault of their own. The fact that we can access $35 million of this debt for 100x less than it’s face-value makes us feel like we simply have to do this. It’s within our grasp. Please join us today!
RIP Medical Debt’s Solution: 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 visit www.ripmedicaldebt.org for more information.
Contact: Annie Malarkey at email@example.com
Esther Ahne Bradfield donated $5,000.00 to WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles!
$1,000.00 was donated to WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles!
Mike TeeVee USA donated $10,000.00 to WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles!
donated $50,000.00 to WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles!
Marcy Carsey donated $15,000.00 to WeTransfer & Headspace: Wipe Out $35 Million in Medical Debt for Los Angeles!
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RIP Medical Debt FAQ
Who is RIP Medical Debt? RIP Medical Debt (RIP) is a national 501c3 nonprofit organization with a mission to empower donors to forgive the billions of dollars in oppressive medical debt at pennies on the dollar. RIP locates, buys, and abolishes destructive medical debt for individuals, veterans, and families. Since inception in 2014, RIP has relieved more than $450 million in medical debt for individuals across the U.S., impacting over 250,000 individuals.
How Does RIP Medical Debt Work? RIP, working with third-party credit data providers, searches through large debt portfolios to locate accounts meeting their criteria for relief. RIP then negotiates to buy millions of dollars of this debt at a steep discount, usually a penny or less on the dollar.
Facts about Medical Debt
- More than $100 billion in unpaid medical debt every year has an adverse impact on debtor patients, physicians, and hospitals.
- 6 in 10 of both insured and uninsured people say they have difficulty in paying other bills as a result of medical debt. Over a third were unable to pay for food, heat, or housing because of medical bills.
- Nearly two-thirds of U.S. adults under age 65, or 116 million people, had medical bill problems or debt, went without needed care because of cost, were uninsured for a time, or were underinsured—insured but had high out-of-pocket medical expenses or deductibles relative to income.
- Medical debt contributes to more than 60% of the bankruptcies in the US. Until satisfied, debt
lingers on a person’s credit report to negatively impact their ability to buy a home, get a loan or evengain employment.
Whose unpayable medical bills does RIP forgive?
- Individuals who make less than 2 times the federal poverty level
- Individuals with financial hardship - a debt that that is 5% or more of their annual income
- Individuals who are insolvent (debts greater to their assets)
Why Donate to RIP Medical Debt?
- Your dollar goes a long way! On average, $1 abolishes $100 of debt.
- 100 percent of your donation goes towards abolishing medical debt.
- RIP Medical Debt is a 501c3 nonprofit organization, and our EIN number is 47-1442997. Donations are tax-deductible as allowed by law.
- We have specific programs for veterans and active service members of the US military.
- There are no tax consequences for those whose medical debts are forgiven. The forgiveness is a gift from a detached and disinterested third party (RIP) is an act of generosity, so forgiveness of the debt does not count as being income to the gift recipient.
RIP Medical Debt's Federal Tax ID: 47-1442997
Disclaimer: In the event that a campaign is unable to meet RIP Medical Debt's local campaign contribution goal, all funds will be designated to wherever they are needed most.