Fresh Start After the Storm: Verizon Erases $10M in Debt for Western North Carolina Families with ForgiveCo
Rhea-AI Summary
Verizon (VZ) has partnered with ForgiveCo to eliminate $10 million in consumer debt for 6,500 Western North Carolinians affected by Hurricane Helene. The initiative, announced at Verizon's South Asheville store, targets medical, financial, and other necessity-related debts, with Basketball Hall of Fame coach Roy Williams participating in notifying beneficiaries.
The debt relief program operates on a 'random acts of kindness' model, requiring no applications from recipients. This effort complements Verizon's previous $400,000 donation to United Way of North Carolina post-hurricane. ForgiveCo's approach involves purchasing consumer debt in affected areas and notifying recipients through surprise communications.
The company reported revenues of $134.8 billion in 2024, serving countries worldwide and nearly all Fortune 500 companies.
Positive
- Strengthens community relations and brand image in North Carolina market
- Demonstrates corporate social responsibility with $10M debt relief initiative
- Strong revenue performance with $134.8B in 2024
Negative
- None.
News Market Reaction – VZ
In the trading session that priced this news, VZ declined 0.20%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
CHARLOTTE, N.C., Jan. 31, 2025 (GLOBE NEWSWIRE) -- Verizon is teaming with ForgiveCo to eliminate
Hundreds of North Carolina families are currently learning that Verizon has cleared their medical, financial, and other debts of necessity. The debt relief was implemented by ForgiveCo, whose “random acts of kindness” model purchases consumer debt in the affected areas, with no applications required, and notifies recipients through life-changing surprise letters, emails, and text messages.
As if a phone call learning that your debt has been cleared isn’t exciting enough, Basketball Hall of Fame coach and Asheville (N.C.) native, Roy Williams, has signed on to be the one to share the news with the impacted families.
In a press conference today, at Verizon’s South Asheville store, the organizations announced all applicable debt has been forgiven. No further action is required by the beneficiaries. This random act of kindness is in addition to Verizon’s
Leigh Anne Lanier, Atlantic South Market President, Verizon: “Verizon believes in the power of connection, not only through our technology but through the bonds we build with the communities we serve. To the 6,500 individuals impacted by this initiative and the broader Western North Carolina community, we are with you. We will always stand by you, not just as a business, but as a partner and a neighbor.”
Roy Williams, North Carolina native, resident, philanthropist and Basketball Hall of Fame coach: “Verizon’s random acts of kindness will lift up thousands of North Carolinians that were left vulnerable to Hurricane Helene’s devastation. These are challenging times, but I’ve seen the strength and resilience of this community. Verizon’s support is a powerful reminder that no one is alone, and together, we’ll rise stronger. It’s a privilege to share this message of hope with the incredible people of North Carolina."
Craig Antico, Founder and CEO, ForgiveCo: “Unpayable debt is a heavy burden that causes hardship for countless hardworking Americans. Often triggered by sudden medical events or accidents, the impact of natural disasters can further destabilize families and limit opportunities for generations. Through this effort, Verizon will bring transformative change to the lives of North Carolinians in crisis, leaving a lasting mark on future generations.”
Verizon Communications Inc. (NYSE, Nasdaq: VZ) powers and empowers how its millions of customers live, work and play, delivering on their demand for mobility, reliable network connectivity and security. Headquartered in New York City, serving countries worldwide and nearly all of the Fortune 500, Verizon generated revenues of
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About ForgiveCo:
ForgiveCo provides business advisory services to corporations for acquisition, administration, and cancellation of consumer debt, alongside advisory services in branding, goodwill creation, and bulk debt management – "Transforming debt into goodwill™." They amplify a brand's equity by erasing billions of dollars of debt for millions of people, activating community and hope in individuals. To learn more, please visit: forgiveco.com
Media contact:
Winnie Wright
localmedia@verizon.com
