A crowdfunding campaign that was launched June 19 has currently raised enough money to wipe out more than $2 million in medical debt for struggling Detroiters.
Detroit Medical Debt Relief Campaign 2020 was initiated by a group of metro Detroiters in partnership with RIP Medical Debt.
More than $20,500 has been contributed to the campaign with a goal of $655,000, which will erase nearly all the qualifying medical debt RIP has available in the Detroit area, currently totaling $66.3 million.
“Debt can be generational and is a systemic obstacle in the application for loans, mortgages, jobs and other life advancements,” said Greg Martin, campaign organizer for Detroit Medical Debt Relief Campaign 2020. “While this campaign is not a fix-all, we believe it’s a small step towards leveling the playing field, and a small tangible step we can take to address systemic racism.”
More information is available here.
Working with third party credit data providers, RIP Medical Debt searches bundled debt portfolios to locate accounts meeting its criteria for financial relief. RIP then negotiates to buy portfolios at a steep discount, on average a penny on the dollar. One dollar donated to RIP relieves approximately $100 of medical debt. Once RIP buys the debt, it is completely forgiven on behalf of the campaign donors.
"It's a pleasure to be working with Detroit Medical Debt Relief Campaign 2020 and its organizers on this impactful initiative" shared RIP's Executive Director, Allison Sesso. "At a time when we as a nation are grappling with systemic racism and inequality, it's heartening to see a group not only call attention to the shocking disparities in healthcare but also do something productive about it.