University students in the UK rack up an average of more than GBP 12,000 in student debt by the time they graduate, leaving them with a significant financial burden to cope with as they begin their professional careers. Do Good 4 Debt was recently founded by one such graduate with a two-pronged purpose: to help relieve some of that debt, and to give companies more control over their charitable contributions.
The premise is simple: debt-burdened students are matched with companies interested in sponsoring them to do charity work. They then choose from among a few different participating charities to work for over a period of up to 6 months following graduation. At the completion of each set milestone during the assignment, the student's corporate sponsor pays off a chunk of the outstanding debt.
The site was founded by recent graduate Ian Wallace, who finished his law studies with GBP 14,000 in debt. While working at a local factory to pay off some of it, Wallace explains, he heard the owner of the business bemoaning the way most charitable contributions never produce visible results for the donor. The proverbial lightbulb went on, and Wallace printed up a brochure explaining his idea. Soon after, he was sponsored by three companies. At the conclusion of his charity assignment, he presented a report to his sponsors to show how his work had helped. Meanwhile, his debts were paid off and he had gained valuable work experience.
Membership costs GBP 16 and is open to anyone struggling with debt—not just students. The maximum amount of debt that can be paid off is GBP 9,000. The site won't launch officially until January, but four companies and 100 students have already signed up—Wallace is aiming for a maximum of 500 to begin with. Currently Do Good 4 Debt serves only the UK, but it hopes to recruit ambassadors in different countries over the next year. It's a concept that sounds like a win-win for everyone involved—one to bring to an area near you?
Website: www.dogood4debt.com
Contact: www.dogood4debt.com/contact.php
Spotted by: Scott Penn
Note: Unfortunately, Do Good 4 Debt's website is currently down. We've contacted Ian Wallace, however he might not be able to respond very quickly: "Ian is currently on a sponsored placement in Rwanda, Africa, helping a local village with various tasks such as teaching, water and crop plantations. Upon returning to the UK in November, he hopes to sign up 500 candidates to the Do Good 4 Debt scheme." An alternative place to leave a note is: www.myspace.com/dogood4debt. — 26 October 2007
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I was also denied the link. But what a great Idea I would love to be a part of it in the US.
I cant get either of the links- would love to know how to contact them as I am in the states
I was denied access to both links. Please provide more information. This is a great idea. I'm in the US
I can not get to the sight, grrrr..
I am on the Board of Directors of a non profit in Washington DC and would love to hear about possibly bringing this idea to the DC area, or to the entire US.
Larry Brown
LuckyLarry@LSBrown.com
703-280-0072
PS: I was denied access to your website, I am guessing you need help, which I can provide. We provide computer training, www.byteback.org
I'd be interested to know more too. I just phoned the internet hosting company in case it was a problem their end. Apparently it's an incorrect setting on the owners hosting account so nothing they are allowed to change to fix it.
Hope its sorted soon!!
Gabriel
What a brilliant idea! Whoever submitted this company, thanks for sharing!
Hi,
I'm interested in this venture. Please contact me.
Thanks
Susan.
It sounds like a great idea. I was denied access too, so please contact me through email. thanks Juliet
greatest idea ever Iam in Africa -KENYA and would love to partner with you to start a Kenyan Chapter since we face similar problem. Iam 22 yrs old university student. Bye
Genius thought.
Willing to participate in Australia.
I'm going to be starting this worldwide very shortly. Interested parties (especially principals) please contact me through the contact form on my website PayFor.com -- thanks
Im going to be starting new businees in anther contry . and Ihave combany now please contact me
through the contat form Email .
thankyou.
Do Good For Debt - link to website denied; also could not get through via Google. is it still up and running?
Viv Croot | October 25, 2007 4:07 PM