In the wake of the Coronavirus and the global economic lockdown, many European governments have implemented moratorium and provided other economic stimulus in an attempt to circumvent the economic impact that many have felt due to stay at home orders. The fact of the matter is though that even with this state aid, many people have lost their jobs, closed their businesses or have taken a hit to their paycheck, which will inevitably affect their ability to pay back loans and other debt. As states in Europe gear up for the fight against toxic debt, several different ideas are being debated. From a European bad bank to EU banking packages, it is clear that the situation will have to be addressed. From the NPL portfolio acquisition and servicing perspective this will also change up the game. Will a European bad bank be predisposed to sell such portfolios, to whom and for what price? Will buyers and servicers look to alternative financial lenders like fintechs or crowdfunding platforms who aren’t protected by moratorium measures? One thing is for sure, the NPL portfolio acquisition and servicing game is changing.