Default Judgment - How Debt Collectors Get Your Money

TL;DR

This video shares tips and strategies obtained by an attorney who went undercover at a debt collection training seminar, including how debt collectors search for information and tactics they use to collect money.

Transcript

• Hey everybody, John Skiba here. And in this video, I'm going to share with you some tips and strategies that I obtained when I went undercover at a debt collection training seminar. But if this is your first time here to my YouTube channel, go ahead and click subscribe, check on that little bell. That way you'll get notified each and every week w... Read More

Key Insights

• 💁 Debt collectors search for information by reviewing canceled checks, payments, and contact information provided by debtors.
• 🔨 Social media is a valuable tool for debt collectors to gain insight into a debtor's financial situation.
• 💁 Public record searches and hiring private investigators are additional methods used to gather information for debt collection.
• 👻 Post-judgment discovery allows creditors to request more information from debtors after a judgment is entered.
• 💁 Debtors should be mindful of their online presence and review privacy settings to limit the information accessible to debt collectors.
• 💳 Credit reporting agencies sell trigger reports to creditors, informing them of changes in a debtor's credit report, which can prompt increased collection efforts.
• 🥺 Tailoring settlement offers based on the debtor's perceived assets and financial situation can lead to more successful negotiations.

Questions & Answers

Q: What strategies do debt collectors use to find information about debtors?

Debt collectors search for canceled checks, payments, and contact information provided by the debtor. They also conduct internet searches, use public record searches, and may hire private investigators to gather information.

Q: How can debt collectors use social media against debtors?

Debt collectors search social media to gain insight into a debtor's financial situation. They look for signs of vacations, expensive purchases, and job information. Debtors should review their privacy settings to limit the information available to creditors.

Q: What information can debt collectors find through public record searches?

Debt collectors use public record searches to find property ownership, tax liens, and other information that could be used to collect debts. Debtors can also access these records online to see what information debt collectors may find.

Q: What is post-judgment discovery and how does it allow creditors to gather more information?

Post-judgment discovery allows creditors to request additional information from debtors after a judgment is entered. This can include bank statements, tax returns, and pay records. Debtors may also be required to participate in judgment debtor exams, where they have to provide detailed information under oath.

Summary & Key Takeaways

• The attorney attended a debt collection continuing education program taught by debt collection attorneys to understand their tactics.

• Debt collectors search for information by looking at canceled checks, payments, and contact information provided by the debtor.

• They conduct internet searches on social media and use public record searches to gather information for collecting debts. They may also hire private investigators.