Loss Recovery Specialist (Collections)

What will you do?

You will be responsible for providing guidance, instruction, direction, and leadership in all phases of recovery, as well as certain bankruptcy and litigation proceedings involving secured accounts. The Loss Recovery Specialist will manage collection efforts and strategy relating to charged-off deficiency balances and minimize portfolio losses through effective recovery of deficiency balances. The Loss Recovery Specialist will work closely with in-house legal professionals, Collections Manager, Director of Operations, and colleagues in Account Resolution and repossession to successfully accomplish these responsibilities. Additionally, the Loss Recovery Specialist will assist with the remarketing of repossessed vehicles. This position reports to the Manager, Asset Management.

You will work in a collaborative, on-site, office-based environment at our location in Mississauga, Ontario, partnering daily with colleagues and dealer partners to resolve customer situations. We celebrate wins and learn from challenges, transforming together to stay flexible, fast, and customer focused. 

Key Responsibilities:

• Provide recommendations for accounts in recovery, litigation, bankruptcy or related statuses, as well as reviewing accounts to be recommended for charge off.
• Determine severity of accounts and appropriate avenues for collection (Suit worthy, Internal staff, external agency)
• Negotiate settlement offers submitted by the customer or outside counsel and make recommendations/coordinate settlement process for offers.
• Responsibility of maximizing the company’s financial return on Recovery and Bankruptcy accounts. Financial returns will take into account the income and expenses (legal fees).
• Independently manage complex bankruptcy matters, including accept/reject motions, proofs of claim, settlements, charge-off recommendations, and related account recovery strategies.
• Provide performance recommendations to business leaders throughout the organization with analysis on recovery, bankruptcy and loss trends.
• Reviews status of accounts with in-house legal staff, on a continuing basis and provide portfolio quality reports to senior management on a regular basis.
• Manage recovery law firm relationships, including discussions and meetings regarding fee arrangements and develop scorecards regarding recoveries and effectiveness.  
• Provide meaningful feedback to law firms and collection agencies on trends and performance, as well as budgeting and process improvements related to same.
• Generate reports for management and assist in special projects as requested.
• Ensure that all judgment renewals are completed timely and work with Operations colleagues to ensure PPSA filings and all other security perfection instruments are continued and maintained on all collateral as it pertains to the bankruptcy and litigation portfolio and that acceptable insurance is maintained, all in accordance with company policies and guidelines.
• Assist remarketing in the listing and sale of repossessed vehicles.

The above statements are intended to describe the general nature and level of work being performed by people assigned to this job. They are not intended to be an exhaustive list of all duties, responsibilities, and skills required of personnel so classified, and they may change at any time.

What you bring?

Do you dream big? We do too, and we are excited to grow together. In this role, you will bring:

• Bilingual verbal and written in French is an asset.
• BS/BA in finance, accounting or related field, or equivalent work experience in the financial services industry.
• 5+ years of progressive experience in Loss Recovery Litigation and/or Bankruptcy.  Preference given to individuals with experience in heavy truck or equipment financing.
• A working knowledge of the Repair Storage Lien Act, Garage Keepers Lien Act, and the Personal Property Security Act, and provincial and federal laws applying to collection activities and bankruptcy proceedings.
• Working knowledge of procedural issues in Insolvency proceedings, repossessions and disposition of collateral and the collections process. 
• Substantial knowledge of registration and lien perfection laws, as well as recovery and asset disposition (notices of sale) laws and procedures.
• Experience in “commercial reasonableness” and disputes regarding valuation of collateral
• Effective communication and negotiation skills.
• The ability to understand and represent the facts of a case to management and counsel; helping to resolve legal issues through a combination of business acumen, legal knowledge and negotiation skills.
• Innovative problem solving, negotiation and analytical skills.
• Effective written and verbal communication skills.
• Proficient in Microsoft Office Suite (Word, Excel, etc.).

You will be successful in this role if you are good at problem-solving, a critical thinker, thrive in a team environment, and like to look at the big picture.

What’s in it for you?

In addition to being part of a high-performing team in a fast-paced, rewarding environment, our benefits package also includes the following: 

• Competitive compensation package including eligibility for a discretionary company bonus.
• Generous RRSP employer matching contributions.
• Group health, dental, LTD insurance, and EAP program.
• Career development with global prospects.
• A dedicated Health & Wellbeing program.
• Volvo Group University for professional and personal development.
• The opportunity to do truly meaningful work in a supportive, constructive culture that encourages you to make the most of your talents.

Volvo Financial Services is an on-site business, and we understand that you might need occasional or temporary flexibility, which your leader is equipped to manage and as it fits well with our culture, as being together enables us to build upon our innovative and collaborative culture, as well as develop you for continued success.

Your future team:

In VFS, we demonstrate a clear vision to continue Transforming Together, a global mindset and a proven track record of successfully developing people, teams, culture, and leadership. By interacting with each other as an on-site business, we build relationships, which allow us to work together more efficiently and form stronger bonds with our colleagues and customers.