Actor Michael Sheen has used his own money to write off £1m-worth of debt for 900 people in South Wales.
The incredible act of generosity is the subject of a new Channel 4 show called Michael Sheen’s Secret Million Pound Giveaway.
It follows the Hollywood actor as he starts his own debt acquisition company to help people in South Wales.
The show aims to reveal how some banks and finance companies profit from society’s most vulnerable.
In 2021, Sheen declared himself a “not-for-profit” actor, and vowed to use all the money he earns for good causes.
On this occasion, he used £100,000 of his own money to set up his debt acquisition company, the BBC reports.
Speaking on the One Show on Tuesday, Sheen explained the system works by bundling people’s debt together, which a debt-buying company can then buy at a lower price.
Although the money owed by people remains the same, the companies that own the debt can then sell them for less and less money.
So, Sheen was able to buy the £1m worth of debt because it had come down in value.
The Frost/Nixon star said the system was “bizarre” and he initially had “no idea” how it worked.
He explained he had to be at “arm’s length” from the company – which wasn’t set up in his name – and that he never knew the identity of the people’s debts he paid off.
The only information Sheen knew about the people was where they lived and the kind of debt it was.
Sheen said: “I would never know who they are – I still don’t know who they are.”
Michael Sheen’s Secret Million Pound Giveaway will air on Channel 4 on Monday, March 10.
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