Recovery Executive

Job Title: Collection and Recovery Executive Location: New Delhi Position Type: Full-time Salary: As per Industry standards Job Summary: The Collection and Recovery Executive is responsible for effectively managing and executing debt collection efforts in collaboration with the Accounts, Credit, and Legal departments. This role involves developing and implementing debt collection strategies, negotiating with debtors, conducting research to locate defaulters, maintaining records, and initiating legal actions when necessary. Key Responsibilities: 1. Collaboration: Collaborate closely with the Accounts, Credit, and Legal departments to coordinate and enhance debt collection efforts. 2. Strategy Development: Develop and implement effective debt collection strategies and plans to maximize recovery rates while maintaining a customer-centric approach. 3. Communication: Contact debtors via telephone to initiate and negotiate debt recovery, discussing repayment options and terms. 4. Research: Conduct thorough research using publicly available databases, including Credit Bureau information, background checks, and loan documents, to track down defaulting customers. 5. Payment Negotiation: Work with debtors to prevent repeated payment delinquency by negotiating manageable debt repayment plans and settlement agreements. 6. Settlements: Negotiate settlements with debtors to secure payment on a specific percentage of the debt owed. 7. Record Keeping: Maintain meticulous hard copy and electronic records of all communications, payment plans agreed to, and amounts paid by debtors. 8. Reporting: Send regular statements of delinquencies and satisfied debts to the Credit Bureau, and ensure accurate record purging when debts are satisfied. 9. Legal Action: Initiate legal and repossession proceedings as a last resort if debt recovery efforts fail to yield results, ensuring compliance with all applicable laws and regulations. Qualifications: - Bachelor's degree in Finance, Business, or a related field (preferred). - Previous experience in debt collection and recovery is highly desirable. - Strong negotiation and communication skills. - Knowledge of relevant laws and regulations governing debt collection. - Excellent attention to detail and organizational skills. - Proficiency in using collection software and database tools. - Ability to work independently and collaboratively in a team environment. - Ethical and professional conduct when dealing with debtors.