Loans Officer / Credit Controller / Debt Recovery Officer
Job Title: Loans Officer
Location: Barrow-in-Furness, LA14
Salary: £10 per hour
Job type: Part time (27.5 hours per week)
The Organisation is an ethical, not for profit, financial co-operative which serves their members in Barrow and South West Cumbria with savings and loans facilities. They offer an ethical alternative to high-profit lenders and a lifeline to those who struggle to access financial services.
Their aim is to stamp out loan-sharks and doorstep lenders in their area by offering affordable and manageable credit that works for you. They are owned by their members, backed by their community, and have no external shareholders to pay.
Led by a volunteer Board of Directors, they presently have two paid staff who manage a day-to-day team of volunteers.
The Loans Officer will primarily be responsible for implementing the Credit Union's loan and credit control policies and procedures. The role is key to the Credit Union's ability to safeguard its members' savings by ensuring a robust loans process and thereafter managing missed payments, loan arrears, and bad debt.
The Loans Officer will therefore contribute to the effective operation of the Credit Union's lending practices, through liaison with the Operations Manager and the Board and support with all aspects of lending administration.
Working with the Operations Manager:
- Ensure all loan policies are up to date and are functional and approved by the Board
- Assess loan applications as and when necessary
- Ensure all credit control records, correspondence and members' accounts are compliant, accurate and up to date
- Ensure all credit control transactions are made in accordance with agreed policy
- Conduct regular reviews of all loan repayments and contact late payers informally and or formally to negotiate receipt of overdue payments
- Instigate formal procedures with agreed agencies and authorities to recover debts from members
- Assist members facing difficulty in meeting loan repayments by negotiating alternative repayment schedules in line with policy
- Follow up defaults with calls, letters, emails as required in line with policy
- Provide the Operations Manager and the Board with regular updates on loan activity, bad debt ratios at and of loans of particular concern
- Make recommendations to the Operations Manager and the Board on debt recovery, write off of bad debt, granting loans and other processes
- Investigate new and more effective and efficient options to improve credit control
- Prepare and provide accurate and timely updates and reports to the Operations Manager and the Board
- Ensure that adequate provision for bad debt is made in the accounts and reported to the Board
- Prepare and assist with the write-off of loans and expulsion of bad debtors on a quarterly basis and as part of the annual external audit
- Assist the Board, staff and volunteers in their duties and responsibilities as reasonably possible
- Dealing with member queries about payments and credit facilities
- Provide support, training and supervision to volunteers
- Ensure accurate and compliant information and /or returns concerning bad debt are prepared and submitted on time to the Regulator, DWP, ABCUL and other authorities as required and requested
- Make suggestions/recommendations to improve the loans/credit control process
- The post holder will undertake such other duties as may be reasonably required
- Previous experience in the financial services sector
- Good understanding of loans and credit control processes
- Experience of working with volunteers
- Able to work flexibly, including some evenings, as required
- Excellent ICT skills
- Excellent verbal and written communication skills
- Display outstanding organisational qualities
- Will show a confident and positive attitude
Please click the APPLY button to send your CV and covering letter for this role.
Candidates with the relevant experience and job titles of; Loan Assistant, Loan Advisor, Loan Adviser, Loan Administrator, Collections Advisor, Debt Recovery, Negotiations Officer, Negotiations Advisor, Debtor management, Collections Officer, Collections Advisor, Customer Advisor, Negotiations, Collections, Debt Collections, Recovery Advisor, Collections Negotiator, Collections Agent may be suitable for this role.