Careers in debt collecting.Byline: By MICHELLE MICHELLE Mid-Infrared Echelle Spectrograph RUSHTON What does a career in debt collecting involve? Debt collectors are responsible for the recovery of bad debts or late payments. They may work with consumer or business clients, trace missing debtors or administer legal collection procedures. They initially make contact with the debtor by phone or letter to highlight the arrears, and negotiate a settlement through an agreed payment plan. Debt collectors either work in the credit control department of a business or work with third party collection agencies. They may need to make field visits to debtors' homes to collect consumer debt from individuals. Debt may be recovered through legal proceedings. During proceedings, a debt collector's role is to service court orders and follow a legal framework. They may work with solicitors and bailiffs, where appropriate. What personal skills do you need? The main skill you need to be a debt collector is to be assertive yet tactful in your approach and to be able to stay calm under pressure. You will need to be a good negotiator and to be numerate nu·mer·ate tr.v. nu·mer·at·ed, nu·mer·at·ing, nu·mer·ates To enumerate; count. adj. Able to think and express oneself effectively in quantitative terms. with have good communication skills to explain payments, financial terms and credit services. Other skills include being able to understand relevant legislation and court procedures and work to strict deadlines. What training do you need? Agencies normally provide initial on-the-job training and in-house courses on telephone techniques, litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and insolvency. Some debt collectors may attain qualifications awarded by the Institute of Credit Management (ICM ICM Intercom ICM Integrated Crop Management ICM International Congress of Mathematicians ICM Information Classification and Management ICM Intelligent Contact Management (Cisco) ICM International Creative Management ), or the Credit Services Association (CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. ). The CSA Diploma in Credit Management (awarded by City and Guilds) covers areas such as debt collection, credit services, law, tracing techniques and commercial debt and can enhance career prospects. Other relevant courses for credit controllers and managers include: ICM Foundation Award in Credit Management - an introductory qualification ICM Certificate in Credit Management - modules include accounting and business law ICM Diploma in Credit Management - modules include legal proceedings and insolvency Foundation Degree in Credit Management BA (Hons) Degree in Credit Management. What is the potential for career advancement? There are opportunities for promotion into a supervisory or management post. Some move into credit management, sales or bailiff work. Many debt collectors, particularly field collectors, are self-employed or work freelance. Some debt collection managers may develop their own debt collection businesses. What is the salary? Starting salaries for debt collectors are between pounds 9,000 and pounds 13,000 a year rising to pounds 16,000-pounds 22,000 with experience. Managers may earn between pounds 20,000 and pounds 25,000 a year. More information Financial Services Skills Council (FSSC FSSC Fleet Surveillance Support Command (US Navy) FSSC Financial Services Solution Center FSSC Financial Services Supervisory Commission (Taiwan) FSSC Fleet Surveillance Support Center ) Tel: 020 7216 7366 www.fssc.org.uk Credit Services Association Tel: 0191 286 5656 www.csa-uk.com Institute of Credit Management Tel: 01780 722900 www.icm.org.uk learndirect advice line Tel: 0800 100 900 www.learndirect.co.uk |
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