Medical Debt Purchase Platform

A platform that purchases medical and other consumer debt at steep discounts (pennies on the dollar) to either forgive it or work with debtors on reasonable repayment terms. This leverages the existing debt market infrastructure while providing social benefit.

Key Points:

• Debt Market Dynamics:

  • Debt can be purchased for pennies on the dollar
  • Multiple layers of debt collectors who buy and sell debt
  • Market is relatively shadowy without clear central marketplace

• Business Model Structure:

  • Buy debt portfolios at steep discounts
  • Work with debtors on reasonable repayment terms
  • Option to forgive debt entirely in some cases
  • Learn about debt market operations firsthand

• Market Characteristics:

  • 20% of debt collectors use aggressive tactics
  • 80% are more reasonable and willing to settle
  • Debt gets resold multiple times between collectors
  • No central marketplace or website for debt trading

• Social Impact Focus:

  • Help reduce burden of medical and consumer debt
  • More reasonable approach than traditional debt collectors
  • Potential to scale impact while maintaining profitable model
  • Learn about system to potentially improve it

• Current Status:

  • Still in exploration phase
  • Making connections in debt collection industry
  • Learning about debt purchase processes
  • Evaluating different debt portfolio options