Sweden now has a new, officially-recognized religion: File-sharing. The government agency, Kammarkollegiet, has finally registered the Church of Kopimism as a religious organization.
No one was more surprised than Thomas Carpenito with the credit-card invitation that landed in his mailbox earlier this year.
The 27-year-old deli owner from White Plains, N.Y., had about $10,000 in old debts and a credit rating 200 points below “good.” He recalled thinking the post office had delivered the letter to the wrong house.
Far from a mistake, the offer was part of a controversial and growing partnership between debt collectors and banks that profits both. To get the new credit card, Mr. Carpenito agreed to repay $400 on a seven-year-old debt that had expired under New York’s statute of limitations.
But if a debtor agrees to make even a single payment on an expired debt, the clock starts anew on some part of the old obligation, a process called “re-aging.”
Why is it that debt collectors are able to buy debts for pennies on the dollar, but the debtors aren’t offered the same deal? They should pass a law saying that a debt can’t be sold without giving the debtor right of refusal on the same terms. That would stop these vultures in their tracks.
This video, shot at lake Saarijärvi in Vaala (Finland), will get you confused.. But it’s a joy to watch when you understand.