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Debt Collector

Do you want to become a Debt Collector? Here is some information to help point you in the right direction:

Job Description - Print Page

Debt collectors are responsible for collecting money owed to companies or individuals.

• The first stages of debt collection involve making phone calls, or writing to debtors, to ask them to pay the debt back.
• Some organisations use field collectors who contact debtors and collect repayments in person.
• Collectors try to negotiate repayment plans that debtors can manage.
• It may be necessary to take legal action if persistent efforts fail.

Hours of work may be 9am to 5pm, or shifts between 8am and 8pm. Some debt collectors work on Saturdays and do evening work. Part-time work is common.

Many debt collectors work in offices, contacting debtors by phone or mail. Field collectors are likely to work from home, going out to visit customers' homes or businesses.

Salaries range from £9,000 to £30,000, plus bonuses and commission.

Debt collectors should be:

• good communicators
• able to stay calm under pressure
• numerically confident.

There are about 20,000 people employed in debt collection. Many debt collectors, particularly field collectors, are self-employed.

There are no set academic entry requirements, although most people have some GCSEs/S grades. Debt collectors can train on the job by doing qualifications through the Institute of Credit Management (ICM) and the Credit Services Association (CSA).

Maturity is an advantage in this kind of work. Some financial companies employ retired people as debt collectors.

This is a service industry, and prospects for promotion could be in supervisory or credit management work on a broader scale.

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