Whenever you take out a loan or get a service that you don’t pay for in advance, you owe someone money. If you don’t pay, they chase you down looking to get their money. For many of these people who are owed money, they want to spend their time performing services for people, not chasing down delinquent payers. So for a fraction of the total price of the debt, they sell the right to collect the money to some third party. That way they get some of their money back (more than they would without a bunch more effort chasing down the people who haven’t been paying).
So now the third party who specializes in chasing these people down will try to find the people who haven’t paid and get them to pay. What John Oliver did was buy the right to collect these debts, just like these third parties do, but then forgive the debts- tell the people who owe money that they don’t have to pay him back.
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