What is the goal of Debtless?
Our goal is to cancel as much debt as possible; to help provide financial literacy and independence to people throughout the United States that suffer from the unfortunate burdens of debt.
What kind of organization is Debtless, NFP?
Debtless, not-for-profit, is an Illinois registered 501(c)(3) nonprofit that purchases and cancels debts across the US. We will purchase various types of debt portfolios, including but not limited to, credit card debt, pay day loans, auto loans, student debt, and medical debt. As a nonprofit, we are then able to cancel this debt at no tax consequence to the debtor, affording that individual or family a new chance towards financial independence.
Can you forgive my debt?
Debtless does not purchase and cancel individual debt, but rather we target large portfolios consisting of thousands of debtors. Our core mission is to relieve the debt burden for all, therefore, we purchase debt indiscriminate of individual circumstances of the debtor, in order to reach the maximum amount of people. In our eyes, we believe debt is a burden none should have to bare, however, we target and give priority to debt portfolios and specific types of debt that disproportionally affect disadvantaged populations.
How do you choose what type of debt to forgive?
Debtless selects our portfolios based on a number of facts such as age of the portfolio, type of debt, number of debtors impacted, and cost of the portfolio. Ultimately, the goal of Debtless is to cancel the debt of numerous Americans and provide financial literacy and financial independence to as many people as possible.
Do recipients of debt forgiveness have any adverse consequences?
There are no consequences to the cancelation of debt. Because we are a nonprofit, any cancelation of debt is done out of a “detached and disinterested generosity.” Therefore, recipients of our gift have no adverse tax consequences and Debtless will not file a Form 1099-C with the IRS, unlike other for-profit creditors.
How can I donate?
Donations can be made through our Actblue page.
How much of my donation will be used to cancel debt?
100% of donations will go towards the purchasing of debt and any operational costs associated with our mission.
Is my donation tax deductible?
Yes, as a 501(c)(3) charity, your donation to Debtless is completely and totally tax deductible.
What’s your the EIN?
Our Employer Identification Number (EIN) is 84-1913424.
Don’t see your question answered?
Send us a message at info@debtlessnfp.org and someone on our team will get back to you!