JAMAICA CAREER: Debt collector, Collection Agent

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QUESTION: Dear Legal Wiz,
Good morning. My secretary recommended that I get collection agent for my loan company in Jamaica. I want to know more about this. What are the functions and skills should I look out for.
Tonja Morris.

RESPONSE: Dear Tonja,
Debt collector/ collections agent
SUMMARY OF TASKS
• Contacting borrowers on the telephone to give options for repayment
• Documenting outcomes of conversations
• Researching to determine location information
• Evaluating and assessing credit and financial situations
• Meeting monthly performance expectations
• Performing other duties as requested, directed or assigned

EXPECTED TASKS
 Recovering money from people who have taken out loans.
 Working with Credit Controllers to contact debtors to pursue payment.
 Making outbound collection calls to debtors.
 Reducing the outstanding debt owed to a company.
 Responding to telephone inquiries using standard scripts and procedures.
 Working with debtors to work out payments.
 Following up clients on previous payment arrangements.
 Locating and establishing contact with debtors.
 Maintaining accurate, up-to-date customer account information.
 When necessary liaising with solicitors and bailiffs.
 Daily banking and processing received cheques and cash.
 Reviewing the arrears of clients.
 Negotiating settlements with clients.
 Taking ownership of debt collection cases.
 Maintaining appropriate and comprehensive records of all customer discussions.
 Reporting daily progress against targets to the Team Leader.

KEY SKILLS AND COMPETENCIES

Debt Collecting
 Knowledge of proper and ethical debt collection techniques.
 Ability to quickly build a picture of a customers’ personal circumstances and needs.
 Strong negotiating, counseling, and problem solving skills.
 Experience of collecting first and third party accounts.
 Working knowledge of Microsoft Office Suites Word, Excel and Access.
 Ability to be discreet while working with confidential information.
 Able to work well as a team and on own initiative.
Personal
 Strong attention to detail. Having a keen sense of urgency.
 Excellent listening ability and superb questioning techniques.
 Always accurate and on time in completing duties.

AREAS OF EXPERTISE
Debt Collection
Issue Resolution

ACADEMIC QUALIFICATIONS
CXC Subjects will do, but must include Maths, English

PAY
Well this varies from company to company and the contract. Here are a few findings:
There are companies in Jamaica hiring a collection agent full time and pay $80,000.00 net salary per month after tax. The agent gets a bonus and benefits. There is at least one company that imposes the duty of going to Court in addition to the roles above.
There are companies who contract a part time collection agent/ debt collector on a monthly basis. In addition to the roles above, the agent goes to Court and follow up cases filed on behalf of the company. The agent is paid a monthly sum and additionally given a percentage of the earnings.
There are freelancers who sign per delinquent account. They sign a contract to take 20,000 – 30,000 per account to as priority go to court on the creditor’s behalf and then follow up when the Court order is obtained. When the monies are paid, they then take at least 25 per cent of the winnings.
There are some freelancers who hold a retainer account to cover expenses such as travel and phone calls, and then charge a percentage from the monies paid.

So its up to you to negotiate with the right person.

All the best.

Legal wiz

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DISCLAIMER:
The above does not constitute legal advice. The responses are prepared and published by inhouse senior journalists after research and discussion with attorneys-at-law and other specialists, as necessary.
The Legal Wiz networks professionals from all fields to serve the interest of all Jamaicans and persons relating with Jamaicans.

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