A Recovery Collection Officer is responsible for managing the recovery of outstanding debts, minimizing financial losses, and maintaining positive relationships with clients. They contact customers with overdue payments, negotiate repayment plans, and initiate legal proceedings when necessary. This role often involves maintaining accurate records of all interactions and collaborating with various internal teams to streamline the debt recovery process.
Key Responsibilities:
Debt Collection:
Managing the recovery of overdue payments, including loan recovery and NPA (Non-Performing Assets) management.
Customer Communication:
Contacting customers to discuss overdue payments, negotiate payment terms, and manage repayment schedules.
Record Keeping:
Maintaining accurate records of all communications and transactions related to debt recovery.
Negotiation and Resolution:
Working with customers to find solutions to repayment issues and negotiate payment plans.
Legal Procedures:
Initiating legal proceedings if necessary and ensuring compliance with all relevant regulations and policies.
Collaboration:
Working with other departments like legal, finance, and customer service to ensure a cohesive approach to debt recovery.