Michael Sheen writes off £1,000,000 worth of debt for 900 strangers using his own money

Michael Sheen has been praised for writing off £1,000,000 worth of debt for 900 people.

The Twilight Saga actor, 56, spent £100,000 of his own money to start a debt acquisition company to help out Welsh people who have been struggling financially.

Take a look at the actor explain how it works:

New documentary Michael Sheen’s Secret Million Pound Giveaway will reveal how the people of Port Talbot are dealing with the closure of their last blast furnace, marking the end of traditional steelmaking in south Wales.

"I’ve always wanted to do something big to expose the unfairness of the system," he said in the teaser.

"I want to see if I can help people going through a tough time, and at the same time I want to do something that gets people’s attention."

During an interview on BBC's The One Show, Sheen explained how the transaction worked.

"£100,000 to buy one million worth of debt seemed like a good deal to me," he began.

"I didn’t have £100,000 to throw around. So I wanted it to be effective.

Michael Sheen has been praised for writing off £1,000,000 worth of debt for 900 people (BBC)

"But when I realised I could do this, get £1million worth of people’s debt and just write it off, it seemed like a good thing to do."

It took Sheen two months to get the licence which had to be kept secret for the documentary.

The Special Relationship star from Newport continued: "People’s debt gets put into bundles. Then debt-buying companies can buy those bundles, and they can sell it on to another debt-buying company at a lower price.

"So even though the amount of people who owe is still the same, the people who own the debt, can sell it for less and less money.

"So I was able to set up a company and for £100,000 of my own money buy £1mill worth of debt, because it had come down in value, because they don’t think there’s as much chance to get the money back. I had no idea this happened."

New documentary Michael Sheen’s Secret Million Pound Giveaway will reveal how the people of Port Talbot are dealing with the closure of their last blast furnace, marking the end of traditional steelmaking in south Wales (Channel 4)

Sheen doesn't know the names of the people he has helped, but he is aware of what area they are from.

This comes after his doubts about the business were put to bed after he was down filming in Port Talbot.

"It was the day the last shipment came in for the steelworks at Port Talbot, and the woman who worked in a cafe told me the story of men who were losing their jobs sitting in tears," the film star said. "Then it really hit home.

"People are going through unexpected events like an illness or a washing machine breaks down or a car. Or even just Christmas. You need some help to get through these times.

"People are getting into spirals of debt, and once you get underwater it’s very hard to get out again."

Ahead of the release, viewers have praised Sheen for his generosity, as one person wrote on X: "Really moved by this man who works tirelessly to help people and to spread kindness and awareness, using his platform for so much good. He’s a real inspiration."

"He’s too good for this world. His kindness, his empathy, his sense of justice, his desire to fix things, certainly seem like things from another world," another added.

Michael Sheen’s Secret Million Pound Giveaway is set to air on Channel 4 on 10 March at 9pm.