About the Company:
Our client is a long-established, specialist niche bank who focus on supporting UK businesses. They are a forward-thinking and culturally fantastic organisation who genuinely care for their employees. Part of the FTSE 250, our client offers a range of products including Asset Finance.
Candidates must have a minimum of 2 years' asset finance experience.
The core purpose of the recoveries associate role is to ensure the effective and timely collection of asset finance serious arrears by maintaining a proactive collections strategy. Where collection of the arrears is unsuccessful, you will be responsible for terminating the agreement and repossession/ collection of the assets.
Key Duties of the Recoveries Associate
- Responsibility for serious arrears cases in line with the in-house recoveries policy
- Manage your portfolio of customers with larger/more complex arrears making sure that they are contacted in a timely manner to:
- obtain reasons for non-payment
- seek confirmation and commitment to bring the account up to date
- where unsuccessful, arrange termination of the agreement & repossession of the assets
- Telephone serious arrears customers within agreed timescales and obtain comprehensive understanding of the customer situation
- Operate within the company’s Vulnerable Customer policy focussing on appropriate customer outcomes & making sure all Vulnerable customers are logged in accordance with policy
- Assess each serious arrears case and make recommendations to the Recoveries Manager, as to the most appropriate action to resolve the case, protecting the interests of the company and ensuring that we treat the customer fairly
- Adhere to the company Forbearance Policy ensuring the FCA principles of Treating Customer Fairly is always applied
- Liaise with Asset Management to obtain an up-to date valuation & highlight any potential shortfall to the Line Manager, so a provision can be considered
- Support the Collections Executives with cases where necessary, assisting in seeking alternative solutions to resolve the case
- Where collections of arrears are unsuccessful arrange Termination of the agreement & issue notices to the customer & guarantors
- Work collaboratively with Asset Management in relation to the collection & repossession of assets where appropriate
- Where arrears accounts require rescheduling, novation or re-write, undertake appropriate assessment for submission to Credit for consideration and approval
- Ensure all serious arrears cases have clear up to date notes on the lease administration system reflecting the current status & proposed next actions
- Attend and contribute to the Monthly Arrears Review meetings with the Recoveries Manager/Head of Recoveries
- Identify cases to be considered for litigation & liaise with internal Legal Team
- Carry out regular reviews of the 0-60-day arrears cases with the Collections Executives to ensure problem cases are identified early
- Create ad-hoc direct debit payment requests
- Prepare month end and interim arrears reports
- Prepare relevant data/reports for the Serious Arrears meetings & attend where necessary, take minutes, log actions
- Log all customer complaints in line with the company Complaints Policy
- Maintain regular interaction with internal departments to efficiently resolve issues
- Ensure a consistently high quality of customer service to both internal & external customers is provided
- Adhere to company Values & Behaviours and carry out duties in accordance with them.
- To undertake such other tasks as may be reasonably requested
- To adhere to the companies Health and Safety policies together with any other policy or regulatory requirements
Essential Skills required of the Recoveries Associate:
- Minimum of 2 years’ experience of collections or arrears within the Financial Services industry preferably within asset finance
- Educated to GCSE standard (or equivalent). Minimum 5 subjects including English and Maths
- Good working knowledge of the following Microsoft products Word, Excel and Outlook
- Good attention to detail, organised, motivated and accurate
- Highly organised and motivated individual
- Good team player, but equally effective working on their own
- Able to prioritise, manage time effectively and meet deadlines
- High level of systems awareness and controls
- Excellent interpersonal skills
- High level of professionalism with a reliable, positive attitude
- Flexible and able to adapt well to change
- Able to understand the overall objectives of the company
- Excellent written and verbal communications skills
- Strong telephone communication techniques
For more information on the recoveries associate role please apply now!
- Asset Based Finance
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