Recovery Officer at Advans

Main Responsibilities
Recovery Management:

• Assess the situation of late payment to facilitate speedy customer payment.
• Ensure that 50% of clients in the Par 1-90 portfolio are contacted.
• Ability to conduct proper portfolio handover.
• Ensure that all correspondence/information is requested and received from responsible Client Officers and kept in the client's file.

Asset Seizure / Sales:

• Ability to successfully conduct asset seizures independently.
• Ensure proper documentation of the seized items and immediate storage of the same.
• Maintain good communication with the Head of Recovery if challenges occur during seizures and work with him to fix prices of the items in line with the bank's policy.
• Ability to coordinate seizures systematically with sales to ensure that the sales of the items can cover the total outstanding debt.

Arrears Portfolio Management:

• Conduct portfolio segment analysis to identify risky segments and potential methods of debt recovery.
• Follow up on pending payment agreements with default clients and reach negotiated agreements with them.
• Identify challenges in own portfolio and discuss with the Head of Recovery to overcome the challenges and recover the debt.
• Identify and analyze the portfolio to determine root causes of default and propose the best method of loan recovery.
• Ensure that very difficult cases (at least 5 per week) are brought to the attention of the weekly arrears committee meeting for a concerted effort towards debt recovery.

Reduction of Loan Restructuring, Loan Refinancing, and Loan Write-offs:

• React proactively to unhealthy and risky portfolios, thereby saving the institution from losses.
• Conduct prompt follow-up with all parties leading to a jointly negotiated settlement and reduction of losses.
• Look for innovative ways to get loan repayment other than restructuring, refinancing, and write-offs.
• Reduce write-off projections for own portfolio by 30% monthly.

Generic Responsibilities:
Quality Control and Production Arrears Management:

• Ensure the recovery of written-off loans.
• Monitor customer files and late payments in arrears.
• Perform reminders by telephone, mail, or in the field for late payments by customers.
• Apply debt collection procedures to unpaid installments.
• Maintain close contact with customers when necessary and feasible.
• Achieve given recovery targets.
• Negotiate a new schedule in case of actual difficulty of the customer.
• Ensure recovering unpaid installments is in accordance with the bank's policy.

Controls:

• Checking past due notices, other client correspondence, and letters.
• Monitoring customers’ compliance with the timeline.

Experience Required:

• Minimum of one (1) year experience as a collection recovery officer, preferably in a financial institution.

Education Level

• HND / B.A. / B.Sc in any related discipline, and must have completed NYSC or possess an exclusion certificate.

Special Training

• Debt Recovery Training will be an added advantage.