For every dollar raised, medical-debt-forgiveness-charity can pay off about $100
(KUTV) To hear Craig Antico talk about it, it sounds too good to be true. His charity, called RIP Medical Debt, buys up medical debt for the sole purpose of paying it off.
"We put it in to our debt cemetery," He said.
In his previous life, Craig worked for 30 years as a debt collector. It was his job to call people up and badger them into paying.
“I never really liked it that much to be honest," he said.
In doing so, Craig learned a secret. Bill collectors often buy up debt for pennies on the dollar then collects on the debt for a profit.
Craig still goes out and buys up debt for super-cheap but now he does so for what he calls a "social profit.”
"It uses everything I used to do, but I have a lot more fun with it," he said.
Since 2014, Craig and his team have paid off more than $100 million dollars in medical debt, he says. RIP Medical Debt gets the money to do so from donations.
To prove how it works, KUTV wrote a check for $12,500 and sent it off to New York, care of RIP Medical Debt, with the instruction to pay off as much as we can in Utah.
How far that money went left Get Gephardt stunned!
That $12,500 paid off at least one delinquent medical bill for 555 people. In total, our donation paid off $1,427,692.29.
The average amount we paid off was $1,125.04, but one person will see a debt relief of $33,579.71.
You will know if you're among those whose debt was relieved if you get a letter in the mail from RIP Medical Debt and Get Gephardt.
Due to patient privacy laws, Get Gephardt and KUTV do not get to know whose debt has been paid off but we would like to be able to tell a few of those stories. If you get a pay-off notice, we kindly ask that you call Get Gephardt at 801-839-1250 or email firstname.lastname@example.org.