Debt Recovery Associate

Debt Recovery Associate

Debt Recovery Associates pursue payments of debts owed by individuals or businesses to an organization, taking reasonable steps to secure payment from those who are legally bound to pay or repay money they owe to the organization, yet have been delinquent.

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Due to ongoing economic instability, demand for Debt Recovery Associates remains steady, particularly those who speak multiple languages.

Diploma
Education & Credentials
*
Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills
*
Desktop area Work Environment

Office or contact centre, regular or flex hours; irregular work hours common

ROLE-AT-A-GLANCE
Binoculars
Demand Outlook
*

Due to ongoing economic instability, demand for Debt Recovery Associates remains steady, particularly those who speak multiple languages.

Diploma
Education & Credentials
*
Data chart
Quantitative Skills Required
*
Group of people
Interpersonal Skills & Relationship Management
*
Multiple devices Specialized Technology Skills *
Desktop area Work Environment

Office or contact centre, regular or flex hours; irregular work hours common


WHAT IT IS

Key Role Dimensions

Contributing to the recovery of debt owed to the organization: Apply established debt recovery procedures, advise clients of strategies for debt repayment and negotiate debt repayment schedules.

Identifying and implementing optimal debt recovery solutions: Consider client needs, respond effectively to identify the root cause of delinquency and mitigate risk to the organization.

May operate under a referral process: Rather than directly engage in debt recovery, Debt Recovery Associates In larger organizations may negotiate payment arrangements for products and services at various stages of delinquency and refer past-due amounts to a specialized collections recovery division.

Focus Areas

Debt Recovery Associates focus on contacting clients to recover debt owed to the organization. Overdue products and services may include credit cards and lines of credit, loan payments, mortgages, car payment and/or insurance premiums.


WHAT IT TAKES TO SUCCEED

Key Job Accountabilities

Debt Recovery Associates generally:

Maximize recovery of assigned client accounts beyond the organization’s past-due tolerance:

  • Contact clients by telephone to notify them of delinquency and determine the cause.
  • Discuss concerns, ask questions to determine the cause of the issue and conduct investigative work as required (e.g. review credit reports, conduct property searches, review internal files, etc.).
  • Negotiate resolution within area of responsibility (e.g. repayment schedules, consolidation of debt into one account) while providing customer service.

 Recommend referrals to collection agencies, litigation and/or repossession:

  • Determine when to refer a situation to a specialized recovery group (e.g. client inability to pay, bankruptcy, refusal to pay, contact lost).

Knowledge, Skills & Experience

Must-haves:

  • Customer Focus: Consistently deliver high-quality service
  • Processing and/or Reconciliation of Information or Data: Ability to analyze clients’ financial situations and identify the root causes of delinquencies
  • Knowledge of products/services offered by the organization
  • Awareness of the organization’s debt-recovery policies and procedures, and related regulatory and legislative requirements
  • Interpersonal and conflict management skills to resolve issues that arise

 Nice-to-haves:

  • Previous experience in financial counselling, customer service or dispute resolution

Education & Credentials

Entry-level positions typically require:

  • College diploma 
    or
  • Undergraduate university degree in any field.

WHERE IT CAN TAKE YOU

Career Pathways

There are a number of pathways open to Debt Recovery Associates through:

  • Increased Seniority: You may move into more senior roles within Accounts Receivable, both at the individual contributor and first-time supervisory/management levels.

  • Lateral Career Move: You may move into financial counselling or other customer service-oriented roles.

Future Trends & Impacts

There are several external factors that can influence the demand and qualifications for this role:

  • Regulations & Legislation: Insolvency laws, privacy laws, lending laws and laws regarding collection and repossession of assets all have a direct effect on the role.

  • Technology: Mobile banking and other technical money movement capabilities offer more dynamic repayment and recovery options. Debt Recovery Associates must keep up-to-date on these developments to be able to clearly explain the options available.


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