Does COVID-19 Stop Debt Collectors?

TL;DR

Debt collection has not slowed down during the COVID-19 pandemic, with junk debt buyers increasing their collection efforts.

Transcript

• Hey, everybody. This is John Skiba and in this video, I'm going to share with you some of my thoughts on whether the collectors and junk debt buyers are taking the foot off the gas a little bit when it comes to debt collection during the COVID-19 pandemic but if this is your first time here on my YouTube channel, go ahead and click Subscribe that... Read More

Key Insights

• 🐢 Debt collection has not slowed down during the COVID-19 pandemic, with debt buyers increasing their collection efforts.
• 🪈 Some debt buyers have reported record profits during the pandemic.
• ❓ The availability of cash from government stimulus payments and reduced spending has motivated debt buyers to be more aggressive in their collection activities.
• ❓ Settlement negotiations with debt collectors have become more difficult during the pandemic.

Questions & Answers

Q: How has debt collection been affected by the COVID-19 pandemic?

Initially, there was speculation that debt collection may slow down, but it has actually increased. Debt buyers have reported record profits and are filing lawsuits to collect debts.

Q: Why have debt buyers intensified their collection efforts during the pandemic?

Debt buyers see the increased cash availability from stimulus payments and reduced spending as an opportunity to collect debts aggressively. They believe they should benefit from this "perfect storm" of cash availability.

Q: Has the pandemic made it easier to negotiate settlements with debt collectors?

No, it has actually made settlements more difficult. Debt buyers are less willing to negotiate because they believe people have more cash on hand.

Q: How can individuals deal with aggressive debt collectors during the pandemic?

It is important to arm yourself with knowledge of your legal rights and strategies to push back against debt collectors. There are resources and tips available to help individuals deal with these collectors.

Summary & Key Takeaways

• Debt collectors and junk debt buyers have not let up on their collection efforts during the COVID-19 pandemic, despite initial speculation that there may be a slowdown.

• Some debt buyers have reported record profits during the pandemic and are aggressively filing lawsuits to collect debts.

• The increase in cash availability due to government stimulus payments and reduced spending has encouraged debt buyers to intensify their collection activities.