Recovery Officer

Key responsibilities

• Identify and contact clients with overdue payments to negotiate payment plans.
• Develop and maintain effective strategies for recovering funds from delinquent accounts.
• Initiate legal actions, such as filing lawsuits or liens, when necessary to recover outstanding debts.
• Review and analyze customer financial situations to assess the risk and determine the best course of action for debt recovery.
• Provide regular updates on the status of overdue accounts and progress in the recovery process to management.
• Work closely with legal and compliance teams to ensure all debt recovery actions comply with relevant laws and regulations.
• Utilize various communication channels to reach out to clients and customers, including phone calls, emails, and letters.
• Investigate and resolve any disputes or discrepancies related to overdue payments.
• Collaborate with internal departments, such as finance and sales, to reconcile payment discrepancies and resolve outstanding issues.
• Maintain accurate and updated records of all communication and actions taken regarding debt recovery.
• Monitor and assess the effectiveness of debt recovery strategies and recommend improvements as needed.
• Provide exceptional customer service while managing challenging and sensitive situations related to debt recovery.
• Stay informed about industry best practices and trends in debt collection and recovery.
• Conduct regular reviews of the organizations debt recovery policies and procedures to ensure compliance and efficiency.

• Bachelors degree in Business Administration, Finance, or a related field.
• Proven experience in debt collection, recovery, or financial services.
• Strong understanding of legal and regulatory requirements related to debt recovery.
• Excellent negotiation skills and the ability to reach mutually beneficial agreements with clients.
• Exceptional communication skills, both verbal and written, with the ability to convey complex financial information clearly.
• Highly analytical with the ability to assess financial risk and evaluate payment solutions.
• Detail-oriented with a focus on accuracy and precision in maintaining records and documentation.
• Ability to handle difficult conversations and manage conflicts professionally and effectively.
• Proficient in using debt recovery software and Microsoft Office applications.
• Knowledge of risk management principles and practices related to debt recovery.
• Demonstrated customer service experience with a commitment to delivering positive outcomes for both the organization and clients.
• Proactive and result-oriented with the ability to multitask and prioritize tasks effectively in a fast-paced environment.
• Familiarity with credit reporting agencies and their processes is an advantage.
• Certification in Debt Collection and Recovery is a plus.
• Ability to maintain confidentiality and handle sensitive financial information with discretion and integrity.