John Oliver makes talk show history after buying $US15 million of medical debt

Last Week Tonight with John Oliver: Scientific Studies (HBO)

Move over, Oprah, John Oliver just stole your thunder.

John Oliver breaks Oprah"s record

Talk show host John Oliver has bought $15million worth of debt, and in doing so broken the record for the largest TV give away of all time.

On Sunday"s episode of Last Week Tonight,the comedian staged what may be the largest giveaway in TV history by forgiving some $US15 million ($20.3 million) in medical debt.

The stunt capped an in-depth segment about the abuses of the debt-buying industry. As Oliver explained, Americans collectively owe $US12 trillion in debt, and $US436 billion ($591 billion) of that is seriously delinquent - i.e., 90 days or more past due.

Last Week Tonight host John Oliver made history after forgiving $US15 million of bad medical debt.Photo: HBO

This has led to an explosion of debt-buying companies, which buy and often resell debt for pennies on the dollar. Many of these companies are predatory, using deceptive and in some cases illegal tactics to collect money owed. (Think: threatening voicemails.)

"It is pretty clear by now debt-buying is a grimy business and badly needs more oversight," Oliver said, noting that "any idiot" can get into the industry.

In a process he found "disturbingly easy," Oliver started his own debt-buying company. As he explained, Last Week Tonightspent a whopping $US50 ($67) to incorporate a debt-acquisition company online in Mississippi - "incidentally, over the internet is the best way to experience Mississippi," he joked.

The company was named Central Asset Recovery Professionals, or CARP,"after the bottom-feeding fish" and Oliver named the chairman of the board.

John Oliver slammed the debt buying agency.Photo: HBO

Before long, CARP was offered a portfolio of just under $US15 million ($20.3 million)of out-of-statute medical debt - i.e. debt that people are no longer legally required to pay. In exchange for a fee, CARP would receive personal information on nearly 9000 people.

So Oliver bought the portfolio for a price of $US60,000 ($81,000) which, Oliver said, "is absolutely terrifying." But rather than hiring a team of employees to start making harassing phone calls, Oliver decided to forgive the debt by transferring it to a nonprofit organisation which specialises in writing-off medical debt.

"On the one hand, it"s obviously the right thing to do," he said. "But much more importantly, we"d be staging the largest one-time giveaway in television show history."

The stunt surpasses Oprah Winfrey"s famous "You get a car!" moment from 2004, when the daytime host gave away 276 cars, valued at a total of $US8 million ($10 million), to audience members.

"With power vested in me, as chairman of the board of CARP, wewill commence the debt forgiving process," Oliver said to roars from the audience. "Sowhat 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 rulesand tougher oversight to protect consumers from potentially predatorycompanies like the one we set up.

"In the mean time it seems the least we can do with this debt I cannot f---ing believe we are allowed to own, is to give it away."

Los Angeles Times

Source: http://www.brisbanetimes.com.au/entertainment/tv-and-radio/news-and-current-affairs/john-oliver-makes-talk-show-history-after-buying-us15-million-of-medical-debt-20160606-gpd1pb.html