Debt Recovery Agent (DRA) is responsible for collecting overdue payments from borrowers on behalf of banks and other financial institutions. Their duties include contacting debtors, negotiating payment plans, and ensuring timely payments while adhering to regulations.
Here's a more detailed breakdown of the responsibilities:
Core Responsibilities:
Debt Collection:
Contacting debtors through various authorized channels (phone calls, letters, etc.) to negotiate repayment arrangements and recover outstanding debts.
Maintaining Records:
Accurately documenting all interactions with debtors, including payment agreements and follow-up actions.
Compliance:
Adhering to all relevant debt collection laws, regulations, and ethical guidelines.
Reporting:
Preparing regular reports on collection progress, challenges, and successful recoveries for management.
Negotiation:
Working with debtors to establish manageable payment plans and resolve disputes.