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Josh Allen helping folks get out of debt.


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This is an example of doing the right thing, in helping his fellow country men, women and children, Joshua Allen is shining the light of altruism, an example to others, that they may do likewise in their own way.  
 

 

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2 minutes ago, Don Otreply said:

This is an example of doing the right thing, in helping his fellow country men, women and children, Joshua Allen is shining the light of altruism, an example to others, that they may do likewise in their own way.  
 

 

When it's all said and done, I'm glad we got the QB we have representing our team compared to a good deal of others.

 

 

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Actually it looks like the it’s 200K for Allen to relieve $10M in debt. I could be misreading. 
 

but i think it is something along the lines of the relief with eliminate the current debt but the benefit is counted as all the interest and such that is saved.

Edited by iccrewman112
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3 hours ago, iccrewman112 said:

Actually it looks like the it’s 200K for Allen to relieve $10M in debt. I could be misreading. 
 

but i think it is something along the lines of the relief with eliminate the current debt but the benefit is counted as all the interest and such that is saved.

 

Yes, it's a combination of (1) the "magic of compound interest" (the 8th wonder of the world, according to Einstein), (2) lien-holders wanting to get out of bad loans, and (3) the philanthropic work by organizations [many large churches do this locally] like the one Josh is aligned with.

 

Basically, the lien-holder sells the bad (uncollected) loan to the organization for pennies on the dollar--the price is negotiated and is driven by how eager lien-holder is to get the bad loan off their books. Through this transaction, the 3rd party buys and now owns the asset and the related loan. As owner, they now can do with it what they want. In this case, they forgive the loan and transfer ownership to the customer.

 

So your investment of $10K to buy a bad $100K loan and forgive it, is a $90 investment return or gift (on the books).

 

Done the right way, it is wonderful way to make a powerful tangible difference in the lives of people. The key is having the right vetting process and administrative system that helps to be sure the process is working the right way.

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What a terrific gesture by Josh.  This will impact many, many lives.  

 

Down here in Fla, former Bucs RB Warrick Dunn partners with Habitat for Humanity and completely furnishes new homes for single moms for his "Homes for the Holidays" program.  He also gives out scholarships and other charitable activities.

 

I love seeing players like Josh and Warrick giving back to their communities so generously.

Edited by Billsfansinceday1
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2 minutes ago, eball said:

Why am I not surprised?  I don’t care how much he’s spending…he’s doing something (for which he gets no significant tangible benefit) that will help folks in need.

 

17 is the real deal.

 

Well I just read Tom Brady's (& Giselle's) charitable foundation gave out very little and some of the bigger sums were given to Yoga Studios...  So yes I do care where Allen's goes and the amount. 

 

 https://nypost.com/2022/11/17/tom-brady-and-gisele-bundchen-foundation-gave-less-than-1-of-their-worth-to-charity-from-2007-2019/

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