OUR SERVICES: COLLECTIONS

Debt Recovery Specialist

What does a Debt Recovery Specialist do?

A Debt Recovery Specialist is responsible for contacting debtors, negotiating payment terms, pursuing legal action when necessary, maintaining detailed records, and ensuring compliance with debt collection regulations. Their primary goal is to recover unpaid debts on behalf of creditors or debt owners efficiently and ethically.

    Tier 1

    .

    		 1 to 2
    years of
    experience

    Tier 2

    .

    		 3 to 5
    years of
    experience

    Tier 3

    .

    		 > 5
    years of
    experience

    ABOUT THE ROLE

    Roles and Responsibilities

    • Debt Collection: Contacting debtors to negotiate payment arrangements, issuing reminders, and following up on overdue payments.
    • Negotiation: Negotiating with debtors to agree on repayment plans or settlements that are feasible for both parties.
    • Skip Tracing: Using various techniques to locate debtors who are difficult to reach or have changed contact information.
    • Legal Action: Initiating legal proceedings, such as filing lawsuits or obtaining court judgments, to recover debts if necessary.
    • Documentation: Maintaining accurate records of communication with debtors, payment agreements, and any legal actions taken.
    • Compliance: Ensuring compliance with debt collection laws and regulations, such as the Fair Debt Collection Practices Act (FDCPA).
    • Customer Service: Handling inquiries and complaints from debtors professionally and courteously while pursuing debt recovery.

    Day-to-Day Duties

    • Contacting Debtors
    • Negotiating Payment Arrangements
    • Documenting Communication
    • Following Up on Payments
    • Responding to Inquiries
    • Researching Debtors
    • Escalating Unresolved Cases
    • Maintaining Confidentiality
    • Collaborating with Team Members
    • Staying Updated on Regulations

    SKILLS AND TOOLS

    Soft Skills

    • Strong analytical skills
    • Strong work-ethic
    • Process-oriented person
    • Customer Service skills
    • Ability to multitask
    • Presentation Skills
    • Time management
    • Strategic thinking

    Hard Skills

    • Negotiation Skills
    • Communication Skills
    • Financial Analysis
    • Problem-Solving
    • Attention to Detail
    • Organization
    • Persistence
    • Computer Proficiency
    • Legal Knowledge
    • Data Analysis

    Tools

    Debt Collection Software 90%
    Legal Resources 70%
    Payment Processing Systems 80%

    Education

    Common Educational Backgrounds and Careers for this Role:

    • Public Accounting
    • Business administration
    • Forensic Finance
    • Legal Studies
    • Criminal Justice
    • Economics
    • Management
    • Finance

    CANDIDATES TESTS

    Tests & Evaluations for Candidates

    QuickBooks

    QuickBooks Online (UK and US version) test to hire

    8/10

    Bookkeepers, accountants, financial clerks, financial managers, business and clerical administrators.

    GAAP

    Use the Financial accounting (US GAAP) test to hire

    8/10

    Bookkeepers, accounts assistants, financial accountants, financial managers, and other roles requiring a good grasp of financial accounting.

    IFRS

    Use the Financial accounting (IFRS) test to hire

    8/10

    Bookkeepers, accounts assistants, financial accountants, financial managers, and other roles requiring a good grasp of financial accounting.