“There are places in this country where you need to fill out less paperwork to start collecting money from peoples’ pockets than you do to collect fish from a fucking lake,” explains Oliver.
He continued: “It is pretty clear by now that debt-buying is a grimy business and badly needs more oversight. As it stands, any idiot can get into it, and I can prove that to you, because I’m an idiot and we started a debt-buying company… And it was disturbingly easy.”For a $50 fee, Oliver and his team registered their new debt-acquisition firm, Central Asset Recovery Professionals — CARP, named after the bottom-feeding fish — in Mississippi, complete with a website that was nothing more than the logo you see here.
“With little more to go on than that website,” says Oliver, “we were soon offered a portfolio of nearly $15 million of out-of-statute (i.e., ex-fucking-spired!) medical debt from Texas.”The asking price was less than $60,000 for $14,922,261.76 in this zombie debt — or around $.004 for every dollar of debt owed. Purchasing the debt would give CARP the names, current addresses, Social Security numbers, and amount owed (or previously owed, as the statute of limitations had expired) for nearly 9,000 individuals.