Pacific Premier Bank has partnered with ForgiveCo to alleviate $1 million in medical debt for over 300 veterans. This initiative demonstrates the bank's commitment to supporting communities, particularly those who have served the nation.
Pacific Premier Bank has collaborated with ForgiveCo, a public benefit corporation specializing in debt relief, to provide significant relief for veterans. ForgiveCo purchases large debt portfolios at a fraction of their original cost, resulting in substantial debt alleviation for the beneficiaries.
The initiative specifically targets veterans with an average of $3,105 in medical debt. The aim is to improve their financial health and well-being by removing derogatory marks from their credit reports and providing free debt relief services.
In addition to debt relief, the partnership offers complimentary financial well-being resources and counseling. Pacific Premier Bank has collaborated with GreenPath Financial Wellness to provide veterans with the necessary tools and guidance to improve their financial situation.
The partnership between Pacific Premier Bank and ForgiveCo highlights the importance of addressing medical debt, particularly among vulnerable populations like veterans. By providing targeted relief, financial institutions can mitigate the long-term consequences of medical debt and contribute to a healthier economic environment.
This initiative serves as a model for other banks and financial organizations to engage in similar partnerships and alleviate debt burdens for different demographics. The emphasis on community engagement and support for those in need enhances the reputation and social responsibility of the institutions involved.