I don’t think he can run very fast now though 🤔
At the risk of being downvoted here is what an LLM says for someone based in the UK. It looks like there are some regulatory licenses we would need to but I am down to try this.
Setting up a debt acquisition company in the UK to buy and forgive debt is a noble idea, but it involves navigating some legal, financial, and regulatory challenges. Here’s a step-by-step guide to get started:
1. Incorporate Your Company
• Structure: Register a private limited company (Ltd) through Companies House. This structure limits your personal liability.
• Name and SIC Code: Choose a unique company name and use an appropriate SIC code (e.g., 64999 for financial intermediation not elsewhere classified).
• Directors and Shareholders: Appoint at least one director (can be you) and determine share distribution.
2. Register for Financial Regulation
• FCA Authorisation: You’ll need authorisation from the Financial Conduct Authority (FCA) since debt purchasing and management are regulated activities. Apply via the FCA website and expect a fee.
• Consumer Credit Licence: Obtain a consumer credit licence if you’ll be dealing with consumer debts.
3. Develop a Business Plan
• Mission Statement: Clearly state your goal to buy and forgive debt.
• Funding Strategy: Determine how you’ll finance the purchase of debt (e.g., donations, grants, or investor backing).
• Debt Acquisition Strategy: Focus on purchasing heavily discounted debt, often found with collection agencies looking to offload defaulted accounts.
4. Secure Funding
• Donations or Crowdfunding: Platforms like GoFundMe or Kickstarter can help raise funds.
• Grants: Research grants for non-profits or social enterprises.
• Investors: Look for impact investors interested in social good.
5. Buy Debt Portfolios
• Debt Brokers: Contact brokers who sell distressed debt. They usually sell for pennies on the pound.
• Types of Debt: Focus on unsecured consumer debt (credit cards, medical bills) for easier acquisition and forgiveness.
• Due Diligence: Review the legality and status of debt portfolios before buying.
6. Forgive the Debt
• Notification: Inform debtors in writing that their debt has been forgiven with no tax consequences.
• Debt Registry: Ensure the debt is marked as resolved or forgiven in credit bureaus if applicable.
7. Tax Implications
• Corporation Tax: Even if forgiving debt, you may still owe tax on donations or other income.
• Gift Aid: If you register as a charity, you can benefit from Gift Aid on donations.
8. Compliance and Reporting
• Annual Returns: Submit financial statements and annual returns to Companies House and the FCA.
• GDPR Compliance: Handle debtor information in line with GDPR regulations.
9. Marketing and Transparency
• Website: Create a transparent website detailing your mission and impact.
• Impact Reports: Publish reports on debt forgiven to build credibility.
Would you need more detail on any of these steps?
I mean it should be feasible. Once you work out what the costs involved in setting up a company. There is a likely a process where you bid against other companies to buy debt. Then you just get to send people nice letters saying you won’t chase the debt or you’ll write it off.
Only cost him £100,000 too. He started debt acquisition company so you buy debt for pennies on the pound.
The article also says:
Sheen said he did not have £100,000 to "throw around" and therefore wanted the project to be "effective"
I already don’t use Amazon and I think I might actually have them at a net loss as I used to say things didn’t arrive back when they would do anything to make you happy.
Upvoted because everybody should stop using Amazon.
I wouldn’t want to generalise everybody but I honestly can’t comprehend how anybody would want to act like that.
Like my views are based on what I believe is right and what a society should be based on my morals and not just the opposite of some other people. I find it odd.
I don’t even know if I believe conservatives to be bad people and more I assume they’ve been lied to and it’s hard to get them to see the truth.
Just curious as to why you would want to shop there now because of this boycott? Not judging just curious.
Like it seems you didn’t shop there but now it’s contrarian to do you want to.
I can’t relate to this at all.
We use windows machines as software developers at work and really have no issues at all. Never had a bluescreen in these two years.
I use windows at home to play Factorio, Minecraft, and RDR2. Again, never had an issue. No blue screens. I turn it on open steam and play my games then turn it off when done.
I tried Linux again cause I got sucked in by this echo chamber and that did not go well at all. I explicitly said I don’t want to have to be a nerd in my free time to manage Linux which I was assured isn’t the case. Then one day I turn it on and have no sound and no idea why it just died. I swiftly removed Linux and went back to windows.
I do use Linux for servers for Jellyfin and stuff and I like it for those things, but me personally have had a better experience using windows and I can’t understand all these people against it.
But they said they wanted to watch it in the cinema. Confused by this reply.
You want to free the dude that just killed 29 of their colleagues, who also made other inmates fight?
Yes. Send me £32,000 and I will leave.
We gatekeeping now?