Loan Collections Manager

The Loan Collections Manager will oversee the management of delinquent accounts, ensuring efficient recovery of outstanding debts. Develop and implement collection strategies, negotiate payment plans, implement effective collection methods, and lead a team of collections staff.

Job Summary

The Loan Collections Manager assumes responsibility for the Collections Department, overseeing staff, and effectively minimizing the company’s debt while ensuring collection targets are consistently met through timely payment receipts and the reduction and containment of the delinquency ratio. Collaborating closely with the General Manager, the Loan Collections Manager will spearhead implementing strategies to optimize collection performance. This role involves developing and executing best practices and procedures to enhance the recovery of delinquent accounts. The Loan Collections Manager must be analytical, have great report writing skills and continuously find ways to improve the company’s debt recovery.

General Duties and Responsibilities

• Manage delinquency ratio to meet the predetermined KPI.
• Manage the collections agents ensuring targets are met, providing coaching, monitoring and feedback

• Setting and achieving payment collection goals and targets for the department in a timely manner
• Contacting and negotiating with delinquent customers who are non-paying, not adhering to payment plan and non-compliant.
• Following up on negotiated payment arrangements and ensuring payments are made according to plan
• Ensuring collectors get and communicate updated delinquent customer information such as contact number, address, place of employment, banking information, references etc  if different from system information.
• Conducting research on chronically delinquent cases and making recommendations to the general manager or managing director for reduction and write offs.
• Ensuring collectors log appropriate notes on the system at every interaction with customer accounts whether successful or unsuccessful
• Authorize settlements with people who owe large amounts.
• Handle delinquent customer complaints and difficult calls.
• Performing audits of delinquent accounts
• Training new employees and hold regular training reviews and meetings for established employees
• Identifying areas of the collections process that need improvement, implement training and monitoring of staff members to enhance the process to help collectors be more effective.
• Monitor vehicle usage and success rate of visits to client
• Ensuring effective, efficient and respectful customer communication from collections officers
• Lead and motivate the department towards meeting KPI’s successfully
• Instituting, initiating and directing legal action of delinquent clients ensuring the entire process is followed through in its entirety.
• Preparing monthly feedback reports on payment collections for analysis and collectors incentive.
• Improve and maintain a culture of professionalism, success and good corporate citizenship
• Providing related reports as deemed necessary to evaluate the performance of the department.

• Creating and implementing strategies, policies and procedures to decrease delinquency improve the department's performance and enhance efficiency
• Monitor performance metrics of collections rate, dollar value collected, delinquency rate and time management

• Analyze collection data to identify trends and opportunities for improvement.
• Collaborate with other departments to resolve customer issues

Qualifications

• Bachelor’s Degree in Business Administration or a related field
• At least 5 years of managerial experience leading a minimum team size of 10 staff

• At least 5 years of Collections experience preferably in a similar field with knowledge of delinquency management..
• The ability to work accurately and independently.
• Excellent verbal and written communication skills.
• Ability to operate and lead a team in target driven environment.
• Excellent analytical skills and an eye for detail.
• Outstanding leadership, and managerial skills; the ability to manage employees ethically and fairly while still being firm and enforcing company rules
• Strong time, multitasking and people management skills.
• Strong negotiation and persuasion skills
• Strong problem-solving and decision-making skills
• Must have good critical thinking skills and exercise sound judgment
• Must be able to effectively prioritize task
• Ability to work to strict deadlines
• Exceptional interpersonal skills
• Excellent computer skills

Application Deadline May 18, 2024

We thank all applicants for apply, only shortlisted applicants will be contacted