Actor Michael Sheen has bought £1 million of his neighbours’ debts and written them off using £100,000 of his own money.

Actor Michael Sheen has bought £1 million (C$1.86 million) of his neighbours’ debts and written them off using £100,000 (C$186,000) of his own money.

Sheen, best known for his roles in “The Queen,” “Frost/Nixon,” “Masters of Sex” and “Good Omens,” first embarked on his “debt heist” two years ago, with the twin aims of helping 900 people in his native South Wales and spotlighting the perils of a debt industry that demands sky-high interest rates on short-term loans.

“People’s debts get put into bundles and then debt-buying companies can buy those bundles and then they can sell it on to another debt-buying company at a lower price so … the people who own the debt can sell it for less and less money,” he explained in an interview on BBC TV’s “The One Show” last week.

“I was able to set up a company and for £100,000 of my own money, buy £1 million of debt because it had come down in value like that.”

  • Mr_Dr_Oink@lemmy.worldEnglish
    7·
    1 day ago

    After reading through all of these comments, i am struggling to see the part where you proved anything that you have claimed.

    You keep saying it’s money moving around at the top. Please prove this.

    You keep sayingit’ss not bringing people out of poverty. Please prove this.

    You keep saying it’s not saving any lives. Please prove this.

    If you can’t find and show any evidence to prove your claims, then you need to crawl back into whatever sweaty hole you were excreted from.

    As someone who has previously fallen into the trap of pay day loans. When wonga went into administration and my debt was cancelled, i felt saved. I felt freed from the trap of constant debt. I never took another payday (or any type of) loan after this. My financial situation and mental health improved drastically.

    You dont know shit mate.

    And arguing that poverty isn’t relative is the dumbest take I’ve ever heard. What if you reverse the logic and say being rich isn’t relative. If i can buy a mansion in one country for the same amount, it costs me to buy a 1 bedroom mould infested flat in another country, and then clearly all wealth is relative.

    You being a moron doesn’t change that.