Meridian Credit Union→
Bilingual Late Stage Collector - Future… at Meridian… · St.…
Skills
Job Description
At Meridianour aspiration is to integrate our purpose into everything we do for people, the planet, and communities. We believe that our greatest opportunity is to create opportunity and meet people where they are.
Who we are!
Meridian OneCap Credit Corp (MOCC) is an equipment and finance company providing a broad range of financial services to businesses throughout Canada. Our parent, Meridian Credit Union, has over 70 years of banking history and is Ontario’s largest credit union. MOCC is a provider of asset financing in the form of capital leases. We are committed to being the best provider of specialized equipment financing services to strategic vendors across Canada. Our service-oriented culture and exceptional group of professionals serves to provide our strategic partners with value-added service and constructive solutions.
Meridian OneCap Credit Corp provides customized leasing solutions both to help companies sell equipment and to companies that have chosen to lease equipment, rather than buy. For manufacturers and vendors, we enable you to provide your customers with a value-added service that helps your customers acquire equipment efficiently and gives your company a competitive edge. And for the end user, we can help you to preserve working capital in your business, while benefiting now from the use of the equipment.
Our team is known as industry leaders. We’ve earned our reputation through consistent delivery of financing programs with the most efficient transaction process and superior customer service. With the largest direct sales force within the Canadian market, it’s no wonder our customer service is unparalleled.
Please note that this job posting will be utilized for future contract opportunities with the possibility to become full-time permanent, depending on the needs of the business
As a senior member of the collections team, the incumbent is responsible for minimizing monthly delinquencies and maximizing recoveries on defaulted assets. This includes regular delinquent account follow-up, taking the lead on managing as well as finalizing larger more complicated defaulted transactions, and dealing with various outsource partners including Bailiffs and other parties such as trustees, insolvency and fraud representatives. The incumbent is also responsible for meeting team targets for delinquency and loan losses as set annually. The incumbent will help to guide less experienced or less knowledgeable staff by providing ongoing training, dialog and assistance with challenges.
What you’ll do:
Late Stage Delinquency
- Contact customers to negotiate payment arrangements on all accounts greater than 60 days past due, accounts greater than 250K or referred for escalation by the Early Stage Collections Team;
- Follow-up with Customer to ensure agreements are met.
- Assess the reason for non-payment and establish an appropriate strategy to resolve it engaging other departments as required
- In situations where payments arrangements are not being met, review the account in detail with particular attention to collateral;
- In situations where size, legal issues or Bankruptcy complicates the recovery of the asset or where the cost benefit assessment is prohibitive to the recovery of the asset refer the file to the Loss Recovery Team.
- Recommend files to be moved to Non-Performing status upon decision to repossess or transfer to Loss Recovery.
- Repossession and Remarketing
- Work through established procedure to repossess the asset using established Bailiff relationships, sourcing new providers as necessary;
- Ensure all legal requirements are met based on provincial regulations to allow the lawful sale of the asset to maximize recoveries.
- Upon the repossession of the asset, prepare the file for transfer to the Loss recovery team to assess further recovery potential.
Complex Transactions
- Manage past due retail and floorplan customers with exposures greater than $250k to resolve any issues causing delinquency and to escalate potential cash flow problems that could result in a significant loss to Meridian OneCap quickly and effectively.
- Prevent and resolve delinquency by reviewing accounts for interest only/extensions for both pro-actively and re-actively
Administration
- Review monthly delinquency reports.
- Escalate internal issues causing delinquency with departmental leads as appropriate
- Issue manual invoices, buy-out quotes, bills of sale as required
- Work with GAIG and Customer service to resolve insurance disputes and claims.
- Reconcile accounts with multiple end users to ensure correct cash applications.
- Process an average of 30-50 activities per day based on assignment.
- Provide status updates on all Early Warning customer files (exposure >250k) serious delinquent accounts including specific recommendation pertaining to non-performing lease status and charge-offs.
- Establish and maintain the relationships with third party vendors including Bailiffs, Remarketers and Auction Houses.
Mentoring of Collections Team Members
- Review files referred by Early Stage Collectors and provide feedback to assist in collecting the past due amounts prior to escalation.
- Assist with New Hire training and team integration.
- Work with and mentor other members to assist, where appropriate, with the development and review of various account resolution strategies proposed by the team members.
Teamwork
- Participate in team meetings and training sessions as required.
- Participate in process improvement initiatives as opportunities are identified.
- Collaborate on initiatives related to positive customer experience and engagement as required.
What you can bring to this Role: Share your credentials, and keep in mind your related experience and knowledge can be just as likely to get our attention. It helps if you have:
Education/Work Experience/Designations:
- Minimum (5-7) years’ experience in the management and collection of delinquent or overdue high-risk accounts in the financial services industry.
- Bilingual Skills (Fluency in both English and French) would be an asset
- Strong grasp of leasing industry products.
- Full understanding of legal and regulatory rules governing account collection and asset disposal.
- Full understanding of security documentation and legal rights therein including working knowledge of Bankruptcy law.
- Highly developed problem solving and negotiating skills.
- Time management skills, ability to identify time sensitive issues.
- Ability to multitask, high attention to detail.
- Strong communication skills both written and oral.
- Completion of a post-secondary education program in finance would be an asset.
- Experience with Microsoft operating systems including Word, Excel, Outlook and the Internet.
How you will succeed:
- Experienced sales leader with exceptional ability to develop and manage inside sales team with, measurable experience in managing and growing a profitable book of business.
- Change leader with demonstrated experience fostering and managing a positive culture of change; ability to identify and move the business quickly to respond to changing needs; willingness to challenge the status quo constantly looking for new opportunities, ways to make processes more efficient, and improving products and services for customers; exceptional execution skills and manages resistance to achieve full adoption to make changes happen.
- Data & Digital Savvy with demonstrated ability to understand customers using data to identify opportunities and optimize customer experience no matter when, where or how they interact with OneCap. In today’s mobile, multi-device and multi-channel world, digital intelligence is the ability to transform digital data into real-time, actionable, customer-centric insights.
This posting is a pipeline requistion for fututure opportunites only. Internal candidates are being considered as part of our standard process.
Salary Range: CAD $70,000 – $75,000 annually
Compensation for this role is based on a combination of skills, experience, and internal equity. Candidates with stronger alignment to the role’s requirements may be placed higher within the range. Your recruiter will share more information about our total rewards package during the hiring process.
Office Location: Toronto, Burnaby, BC, or Montreal Corporate Offices. This is a hybrid opportunity.
Meridian OneCap has a remote work policy that allows flexibility for employees to work remotely but also requires our employees to attend the office minimum one day per week. The intention is for purposeful meetings to collaborate, innovate and build effective relationships with your team, your colleagues and your leader which is important to us.
What's in it for you?
- We have an inclusive and collaborative working environment that encourages creativity, curiosity, and celebrates success!
- We provide you with the tools and technology needed to delight your candidates and clients!
- You'll get to work with and learn from diverse industry leaders, who have hailed from top organizations around the world
- Hybrid work arrangements with in-person office time to collaborate, innovate and build relationships with your colleagues
- This isn't your typical "corporate" job. We work hard and we have fun!
Our Commitment To You
Meridian OneCap is committed to promoting an inclusive, accessible environment, where all employees and customers feel valued, respected and supported. We are dedicated to employing a workforce that reflects the diversity of our communities and Members in which we live and serve.
Qualified applicants will receive consideration without regard to race, color, religion, sex, national origin, age, sexual orientation, gender identity, gender expression, or disability.
Please note that due to the volume of applications, only those under consideration will be contacted for an interview.
Thank you for your interest in Meridian OneCap.
Follow us on Twitter at