$10 Million of Debt Forgiven
How one company paid off the debt of 8000 people in 2020
Okay, so 2020 has been a dumpster fire for many of us. You may be wondering how anyone could find anything to be happy about. But recently, 8000 people were randomly selected and notified that some of their debt from two collection agencies were forgiven.
Many of these people don’t even know it yet
Of the 8000 recipients about 100 have returned voicemails, some may never know. The Ramsey team encountered disconnected phone numbers; some recipients were fearful it was a scam. If someone called, you and told you they paid off your car what would you think?
That’s exactly what happened to Sandy.
Ramsey team member Julia called Sandy to inform her that her debt was forgiven. I had the opportunity to speak with Sandy later.
Sandy used to call the collection agency. The agent knew everything about her, every excuse that she had. When Sandy’s family wouldn’t enable her any longer, she told them to come to get her car. She didn’t have a license so what’s the point of keeping it?
After years of substance abuse, Sandy joined a 12-step group on July 27, 2018. Hers is a story of hope she told me. Every day, she thanks God in advance. She explained that she now has her dream job, and unexplainable things are happening in her heart.
When she got the call from Julia, she declined the call. She picked up the second time, and Julia said you really want to take this call. She found out $7,000 for the car was paid in full.
Sandy called the collection agent to verify it was real. Yep, paid in full.
This is how one company paid off the debt of 8000 people in 2020
I interviewed Megan McConnell Director of Public Relations at Ramsey Solutions.
“The 8,000 people were randomly chosen based on the collections agencies we worked with. We forgave debt as big as $64,000 all the way down to 7 cents.”
“A majority of the calls we made went to voicemail. Even when we were able to speak with the recipient, telling someone, “We’re completely forgiving your debt,” sounds like a scam, so a lot of people were skeptical and didn’t believe us — rightfully so! Either way, the debt is paid, and every recipient is receiving a letter as proof.”
Did you make any of the calls yourself?
“Yes, each team member got to call 8 people to tell them their debt has been forgiven!”
Here are a few other stories that Megan shared with me:
A post from social media from a woman whose medical debt we paid: “I’m in debt up to my eyeballs after losing my husband. What a wonderful, wonderful thing that y’all are doing for people… taking the burden off of me and ending all the phone calls I’ve been getting. I ended up $175,000 in debt because of my husband had dementia and after he died there was no way I could have paid it off. This came right it a great time, so again thank you all so, so very much…Just when I thought things were at the worst and they can’t get any better, God’s there to take care of me.”
One gentleman with $1,700 medical debt was out of work and liquidating stuff. He said it was the best call of the year!
We’re also working on getting permission to share the story from a woman in Houston whose medical debt from a miscarriage we paid off… she posted a really sweet video on Facebook when she learned she was a part of this debt forgiveness.
We found this post on Facebook from someone’s debt that we forgave
“Woke up to a voicemail from someone that works for Dave Ramsey, and they called to tell me I was selected as one of the 8,000 people to have their debt forgiven. They paid my debt and I have nothing else I need to do and will receive a letter in the mail in the next couple weeks to show the closed account. This was no contest, and you are not able to enter or submit for it. I am humble and grateful. It was actually a lot of medical debt from a dark time and suicide attempt from years ago. I find it so amazing, as I try to help others with their own mental health that I got this incredible gift. I feel you really get what you put out into the world.”
One gentleman with $365 of debt had gone through Financial Peace University and was speechless. His wife called us back to confirm it was real!
We talked to a woman with $484 in medical debt. She lost her job due to COVID and can’t go back to work because her kids’ school hasn’t returned in person. She was so grateful.
How Would This Experience Change you?
How would you feel if one of your debts were suddenly paid off by a stranger? Do you think it would give you encouragement to pay off the next bill, and then the next?
I’ve seen firsthand that you can be debt-free. But you have to want it and do what it takes to make it happen. Stop using credit cards and pay cash or debit card. We’ve been working at this for about eighteen months, and we’ll be debt-free except for our house by March 2021.
When the pandemic began, we had an emergency fund in place. I was fortunate to have a job and continue working. We didn’t panic, and we continued to pay down debt. When you follow the plan and pay down debt, you can reduce the stress in your life.
The Takeaway
Maybe no one paid anything for you? Me either. But I have bought dinner for the car behind me in the drive-through, several times. Just because I can. When my son or daughter asks to borrow money, I say no. If I have it to give, it’s not a loan.
When several companies were freezing cost of living raises and hiring, one company stayed authentic to its mission.
“We did this solely to show the love of Jesus — no strings attached. Of course, we hope our Ramsey content resources and tools can help ANYONE who’s struggling financially, but we forgave $10M of debt as an overflow of God’s generosity towards us this year.”
They are authentic to what they teach, pay off your debt, build wealth, and give generously.