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Job description: Collections Associate

When loans or payments are due, banks and other financial organisations need someone on call to visit customers to make sure they're paid. As a Collections Associate, you'd be their helping hand to make sure payments are made.

As a Collections Associate it's your responsibility to have qualities like tact and assertion to recover late payments. You'll be in charge of talking to individuals and chasing up debts to make sure no one avoids paying what they owe.

Your day would vary depending on the situation. You could be sorting out payment plans, recording payments and organising customer files. Other days, you'd have to chase debtors.

In many cases, you'd work for a third party collection agency, collecting debts from businesses (commercial collection) or individuals (consumer collection). Alternatively, you could be a credit controller in a company's finance department, chasing late payments from suppliers and customers.

When other ways of collecting debt have failed, you will follow court procedures and strict legal routes to get payment. You'd have to work closely with solicitors and bailiffs when dealing with insolvency cases or legal proceedings.

Hours and environment

Working hours would vary. Either you'd work Monday to Friday from 9 to 5, or you might work shifts including evenings and weekends, to contact people who work during the day. Part-time work is also available.

In many jobs, you'd be based in an office or a call centre, although work from home and travel to visit clients at their home or business is also possible in some roles.

Skills and interests

good spoken and written communication skills
calmness under pressure
an organised and methodical approach
the ability to work to strict deadlines
good negotiation skills
good mathematical skills
administrative and computer skills

Entry

It's not necessary for you to have any particular qualifications for the role, but employers will expect you to have a good standard of general education and some may ask for GCSEs (A-C), including maths. Check with individual employers about the qualifications and experience you need for each job.

Computer skills and experience of office and customer service work would be a helpful asset. And qualifications in book-keeping or accounts would also be an advantage to you.

Training

Most of your training would be on the job, learning as you go. This may include in-house courses covering telephone techniques, credit law, litigation and insolvency.

There are also qualifications from the Credit Services Association (CSA) or the Institute of Credit Management (ICM) you could take. Holding CSA or ICM qualifications would help you to progress into more senior Collections Associate jobs. Qualifications include:

CSA/City & Guilds Diploma in Debt Collection
ICM Level 3 Certificate in Credit Management - an introductory course
ICM Level 5 Diploma in Credit Management - a more advanced course that includes legal proceedings and insolvency
ICM Foundation Degree in Credit Management.

Opportunities

You could work for commercial businesses of all kinds directly, such as a bank, or for an outside agency. Alternatively, you could be self-employed and work freelance.

With experience, it's possible to be promoted to a managerial position. Alternatively, you could start your own agency - see the Credit Services Association website for advice about how to set up an agency.

Annual income

Your starting salary would be around £12,000 to £15,000 a year and this would rise to between £16,000 and £22,000 a year with experience.

As a manager, you could earn between £20,000 and £30,000 a year. Bonuses and commission may be available, and some employers offer a car and fuel allowance.