Job Summary

The Debt Recovery Officer’s primary responsibility is to maintain a complete debt collection portfolio using the EFC support framework, learn EFC policies and procedures for accessing loans files, source the required information in scheduling requirements to achieve successful recovery and holding the percentage of delinquency at EFC standards.

Maintain a business relationship as a profitable partnership for clients and EFC, determine the reasons for the late payments and make recommendations on how this can be improved and provide recommendation on loan recovery activities.

Essential Duties and Responsibilities

• Display a professional manner while selling, coaching and showing the borrowers and/or guarantors .
• how to pay their loans in full within a timely manner will benefit them as well as EFC.
• Ensure that an action plan for cases in PAR 90 days and above/written off is prepared and recommendation made to the Debt Recovery Manager.
• Debt Recovery Officer should prove able to work unsupervised after the initial probation period by holding the percentage of debt recovery on the collection desk at EFC standards.
• Minimize losses while cost effectively estimating probability of successful recovery and implementing decisions on a course of action.
• Negotiate payments while continuing to build a relationship with borrowers and guarantors.
• Locate and notify delinquent borrowers and guarantors by personal visits, telephone or mail in order to solicit payment or seize loans collaterals.
• Maintain telephone and direct contact with borrowers and guarantors according to established guidelines and standards to ensure prompt payment.
• Manage collection efforts with a high level of persuasiveness & professionalism.
• Maintain positive customer relationship and minimize bad debt exposure.
• Using the verbal skills and communication techniques taught to manage people to the point public opinion remains in favour of our clients.
• Support the credit officers in the collection activities
• Establish contacts to facilitate the quick sale of confiscated assets
• Develop and maintain the reputation of EFC in matter of rigor and business like fashion during collections.
• Locate and monitor overdue accounts, as directed by superiors.
• Record information about financial status of borrowers and status of collection efforts.
• Advise borrowers and guarantors of necessary strategies for debt repayment.
• Persuade borrowers and/or guarantors to pay amounts due on loans, damage claims, or unpaid checks, or to return collaterals on loans.
• Trace delinquent borrowers and guarantors to new addresses by inquiring at post offices, telephone companies, credit bureau, or through the questioning of neighbours.
• Receive payments and post amounts paid to borrowers accounts according to EFC policies.
• Confer with borrowers and guarantors by telephone or in person to determine reasons for overdue payments and to establish the terms of reimbursement plan
• Notify Debt Recovery Manager, recommend and/or precede collaterals repossession or report to the police, and turn over account records to attorneys when borrowers and/or guarantors fail to respond to collection attempts.
• Recommend to his/her supervisor debt repayment or establish repayment schedules, based on borrowers and/or guarantors’ financial situations.
• Deliver warning letters to defaulting clients.
• Confiscate and liquidate assets confiscated.
• Negotiate and recommend credit extensions when necessary.
• Sort and file correspondence and perform miscellaneous clerical duties such as answering correspondence and writing reports.
• Perform various administrative functions for assigned accounts, such as recording address changes and purging the records of deceased borrowers.
• Undertake any other related tasks assigned by the superior.

Qualifications

• Diploma in Business Administration, Accounting, Finance, Banking, a related field, or equivalent work experience;
• 3 years of relevant working experience in the financial sector; among which 2 years should be in credit risk analysis;
• Knowledge of credit policy/procedures and governance, and regulatory requirements related to Debt Recovery management;