badgenome on 18 September 2014
| Mr Khan said: Equally, this undercuts the predatory collection agencies by taking some of their business away. |
That's almost like saying collectors are taking the bank's business away, though. Banks have given up by the time they actually sell debt to collectors (vs. just hiring the collectors to collect), and those collectors have given up by the time they are willing to sell it to other collectors at this low of a rate.
So this gets a few people off the hook, but probably only the most dedicated of deadbeats, which I'm not sure is such a good thing. And the number is so insignificant that it does nothing at all to undermine the system in practical terms since getting your bad debt forgiven by OWS is about as likely as winning the lottery.
