Debt Recovery Manager
A Debt Recovery Manager is responsible for overseeing the process of collecting unpaid debts from individuals or businesses, negotiating payment plans, and ensuring compliance with laws and regulations.
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Sample Job Descriptions for Debt Recovery Manager
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
The Debt Recovery Manager is responsible for overseeing and facilitating the recovery of debts owed to the company. They work closely with customers to negotiate payment plans, and with legal teams to ensure compliance with laws and regulations.
Required Skills
- Conflict resolution
- Data entry and management
- Negotiation and persuasion
- Problem-solving
- Time management and prioritization
- Customer service oriented
- Proficiency with debt collection software and databases
Qualifications
- Bachelor's degree in Finance, Business Administration, or a related field.
- Strong understanding of debt recovery laws and regulations.
- Excellent communication and negotiation skills.
- Basic knowledge of financial analysis and accounting principles.
- Ability to remain professional and courteous with customers in difficult situations.
Responsibilities
- Maintain an accurate record of outstanding debts and the recovery status of each case.
- Negotiate payment arrangements with debtors while adhering to company policies and guidelines.
- Work collaboratively with the legal department to address any legal actions related to debt recovery.
- Analyze debtor's financial situations and propose plans that are beneficial to both the debtor and the company.
- Regularly report to upper management regarding recovery statistics, potential risks, and suggested improvements.
- Stay informed of changes in debt recovery laws and regulations.
- Train and supervise junior staff in debt recovery processes and techniques.
Intermediate (2-5 years of experience)
Summary of the Role
The Debt Recovery Manager will be responsible for overseeing the operations within the debt recovery department, ensuring efficient and effective collection of outstanding debts. The role includes the development and implementation of debt recovery strategies, managing a team of collections staff, and liaising with clients and legal bodies as necessary to facilitate the recovery process.
Required Skills
- Strong negotiation and conflict-resolution skills
- Excellent leadership and team management abilities
- High level of integrity and professionalism
- Good analytical and problem-solving skills
- Effective communication and interpersonal skills
- Ability to work under pressure and meet deadlines
- Proficient in the use of debt recovery software and databases
Qualifications
- Bachelor's degree in Finance, Accounting, Business Administration or relevant field
- Proven experience in debt recovery or credit management
- Knowledge of relevant legal requirements and best practices in debt collection
- Experience managing a team in a target-driven environment
Responsibilities
- Develop, implement, and monitor strategies for the collection of outstanding debts
- Lead and motivate a team of debt recovery professionals in achieving collection targets
- Negotiate repayment plans with debtors in line with company policy
- Maintain accurate records of all collections activities and correspondences
- Ensure compliance with all legal requirements and ethical standards in the recovery process
- Liaise with attorneys and other external bodies when necessary to escalate the collection process
- Provide regular reports to senior management on the status and progress of recovery efforts
- Continuously seek to improve recovery rates through process improvements and staff training
Senior (5+ years of experience)
Summary of the Role
The Debt Recovery Manager is responsible for overseeing the debt recovery processes within a financial institution. This role involves strategizing, managing teams, and ensuring compliance with relevant laws and regulations. The ideal candidate will have a history of reducing outstanding debts and optimizing the recovery of financial assets.
Required Skills
- Excellent negotiation and communication skills.
- Strong leadership and team management abilities.
- Ability to analyze financial data and make informed decisions.
- Proficiency in using debt recovery software and tools.
- High degree of professional ethics and integrity.
- Good problem-solving skills and the ability to handle difficult situations calmly and effectively.
Qualifications
- Bachelor's degree in Finance, Business Administration, or related field.
- A minimum of 5 years of experience in debt recovery or a related financial role.
- Proven track record of improving debt recovery rates.
- Strong understanding of debt recovery laws and regulations.
- Experience in managing and leading a team.
- Professional certification in debt recovery or financial management is advantageous.
Responsibilities
- Develop and implement effective debt recovery strategies.
- Manage and train debt recovery staff to ensure that they are effective in their roles.
- Maintain compliance with all applicable laws and regulations related to debt recovery.
- Evaluate the financial status of debtors to propose personalized repayment plans.
- Negotiate settlements with delinquent account holders.
- Monitor and report on the progress of debt recovery efforts.
- Coordinate with legal departments or external lawyers as required.
- Utilize data analysis to improve debt recovery processes and increase overall efficiency.
- Collaborate closely with other departments to align debt recovery strategies with broader company objectives.
- Handle escalated cases and disputes with high-level negotiation skills.
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