COVID-19 pandemic creates a new sense of urgency for one firm determined to help the less fortunate clear their oppressive medical debt.
Momentum Factor has purchased $1.8 million worth of medical debt currently in collections via a national charitable debt relief organization, RIP Medical Debt. Over the next few weeks, hundreds of Austin-area families will receive notices in the mail that their debt has been abolished.
“A family oppressed by medical debt is not only dealing with financial issues, but health issues as well,” said Momentum Factor CEO Jonathan Gilliam. “With the COVID-19 outbreak spreading across the country this will only get worse. Our goal was to clear as much existing debt for Austin-area residents as we could.”
Beneficiaries will soon receive yellow envelopes in the mail stamped with “Your Medical Debt Has Been Forgiven Through a Charitable Donation from an Austin-area Donor”, along with a letter and information on the recipient’s outstanding medical debt(s) that have been relieved by Momentum Factor’s effort.
Through its donation, the company was able to pay off $1,805,032 in Austin and Travis County for residents in need.
Nearly one-fifth of all Travis County residents owe medical debt that is in collections. “Medical debt is especially vicious as people are already hurting, quite often literally, when the debt collectors come after them. Add in the pandemic-induced healthcare crisis and for many families it’s truly a catastrophe,” Gilliam continued. “We felt this was the most direct way to help.”
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