Collections & Recoveries Specialist

As a Collections & Recoveries Specialist at iwoca, your responsibilities include managing a high volume portfolio of customer accounts in arrears, handling communication through calls and emails, building relationships with customers, negotiating repayment solutions, collaborating with various teams, and ensuring compliance with regulations. You will work towards the best outcomes for both clients and the company, making a significant impact in our mission to support small businesses.

To be successful as a Collections & Recoveries Specialist at iwoca, you should have at least two years of experience in debt recovery, ideally in a commercial setting. We look for individuals who display empathy, professionalism, and strong communication skills. A background in finance is advantageous, but we welcome candidates who can demonstrate innovative thinking and a genuine enthusiasm for helping small businesses.

At iwoca, we understand the importance of work-life balance, which is why we offer flexible working options for our Collections & Recoveries Specialists. This hybrid role allows you to split your time between the office in Leeds and remote work, giving you the freedom to manage your personal and professional commitments effectively.

The culture at iwoca is vibrant and inclusive. We are rapidly expanding and value ideas from every team member. As a Collections & Recoveries Specialist, you will find yourself in a collaborative environment where innovation and support are key. Regular team events, access to learning resources, and a commitment to inclusivity help create a workplace where everyone can thrive.

iwoca offers a comprehensive range of benefits for Collections & Recoveries Specialists, including medical insurance, generous holiday allowance, emotional health support, and a learning and development budget. Additional perks like company retreats, paid volunteering days, and a cycle-to-work scheme further enhance your experience while contributing to a healthy work-life balance.

When dealing with difficult customers, it's essential to remain calm and empathetic. Begin by actively listening to their concerns, ensuring they feel heard. Use your problem-solving skills to find common ground, while also clearly communicating the policies and terms of agreements. Focus on building rapport to encourage cooperation.

In preparation for this question, consider a situation where you negotiated a repayment plan with a client. Explain the challenges faced, your approach in understanding their situation, and how you reached a mutually beneficial agreement, highlighting your communication and interpersonal skills.

To effectively manage a high volume of accounts, I prioritize organization and time management. Utilizing tools like spreadsheets or CRM software helps keep track of each account's status. Setting specific goals for follow-ups and implementing a structured plan allows me to stay on top of correspondence and recovery tasks efficiently.

I stay informed about relevant laws and regulatory guidelines and ensure that all procedures I follow align with compliance requirements. Regular training and consultation with legal resources help me maintain adherence to rules and ensure that I act in the best interests of the company and customers.

When addressing breaches of agreements, my approach is to first understand the customer's situation thoroughly. I engage in open and honest communication to explore their challenges, then propose feasible repayment solutions that reflect both their circumstances and the company's interests.

In answering this question, think of a specific situation where collaboration with cross-functional teams was necessary to resolve a complex case. Describe the team dynamics, your role, and how collective efforts led to success, emphasizing your communication and teamwork skills.

When responding to this question, express your enthusiasm for iwoca’s mission and values. Highlight aspects such as their commitment to small businesses, innovative technology, and inclusive work culture that resonate with you and make you excited about contributing to the team.

Managing stress in a fast-paced environment involves maintaining a balanced approach. I prioritize self-care and practice techniques like mindfulness or regular breaks to recharge. Setting realistic goals helps me focus effectively, and I communicate openly with my team whenever support is needed.

Key qualities for a successful Collections & Recoveries Specialist include strong communication skills, empathy, problem-solving abilities, and resilience. The capacity to handle diverse customer circumstances and effectively negotiate solutions while maintaining professionalism is also important.

Share any CRM systems, spreadsheet software, or specific debt recovery tools you have experience with. Highlight your proficiency with those tools and how they have helped you efficiently manage accounts and record activities, showcasing your technical skills alongside your problem-solving abilities.