Non-performing asset

7

Hypothecation of the assets purchased

High net worth individuals

Bank established DMP

Money laundering is the process of concealing the source of money obtained by illicit means such as gambling, corruption, extortion, drug trafficking, human trafficking, etc., Money is moved around the financial system again and again in such manner that its origin gets hidden. It is the process of making dirty money clean.

Here the recruiter wants you to answer what all experience you have as a debt collector, so while answering this question please make sure you don't over-explain it and try to keep your response to the point. like for instance refer to the example below.
"As a debt collector, I have over 6 years of work experience. Inclusion to experience, I am well-versed in strategizing ways to connect with debtors and solicit payment. The last 4 years that I have worked as a debt collector, I have been successful in closing all the accounts assigned to me. I can assure you that I will be a great addition to your organization."

From contacting debtors through telephone, creating lists of delinquent accounts and sorting them to prioritize clients, sending out reminders, ensuring that all payments are properly logged so that accounts can be closed out, and email and in person to solicit payments from them, are some of the main duties I expect to be performing as a debt collector.

Although if you see the entire work of a debt collector is challenging. But what I find most exasperating is once the debtors go in concealing, making the process longer than expected.

To investigate the whereabouts of debtors is the part of the work do a debt collector. I have great investigative skills which make it easier for me to locate clients, by going through official and unofficial channels.

The work is fascinating as it offers so many challenges. There is very little boredom, as every day is always a new one.

When I started working as a debt collector with time i analyzed that my follow-up skills are excellent. This incorporated with an inherent interest to do something challenging on a daily basis is what made me choose this work, and make a career out of it.

Yes not just a way there are few ways to recover your debt from a customer:
By direct communication with the debtor
Filing a lawsuit against the debtor
By selling customer property or taking custody of the property
By hiring debt collection service

A bill collector usually issues a "letter of demand” to the customer, stating about the filing a lawsuit if the debtor does not make the payment in the given period.

Bill collectors can
Make at least three or more contacts per week by phone or letter
In one month can make more than 10 contacts by any other mean like e-mail
Make a face to face contact more than once a fortnight

This Procedure involves a few steps:
Contact the customer for reminding them about their pending payment politely
Contact with an overdue payment reminder
And if the customer still fails to pay the payment as per the terms of the payment, then send them a final notice
Even after sending a final notice if still there is no response from the customer, try to make direct contact and ask for payment again
After failing all options, if the customer still resent from payment then send a formal letter of demand. This could be the last option so far as it may spoil your relationship with the customer.

A bill collectors should be good in communication and negotiations skill as they have to deal with customers who are in stressful financial condition.

Responsibility of bill collector includes
Identifying customers with back due accounts and notifying them by email or telephone
Negotiating repayment plans, maintaining electronic account and collection records
Referring customers to referrals to professional debt counsellors
Forwarding customers' statement to legal bodies to take actions