So, you want to be a debt collector?

In 2006, British consumers borrowed almost £14 billion and by the end of March 2007, the levels of consumer debt in the UK had soared in excess of £1.3 trillion. Despite the fact that these figures represent a 10 percent increase over the preceding twelve months, consumers are still flocking to take out loans, credit cards, store cards and various other forms of unsecured debt.

However, while levels of consumer debt continue to spiral out of control, so too does the level of bad debt. Many bad debt accounts wind up with specialist debt recovery agencies - an industry that has seen rapid growth in recent years. As such, vacancies within the debt recovery sector have become numerous as these companies expand to meet demand. So, what does it take to become a debt collector?

A debt collector's task is to reclaim money owed to an organisation by businesses (commercial debt) or individuals (consumer debt). There are around 10,000 people working in debt collection in the UK, and they may collect for their employer or at the behest of a specialist debt recovery organisation. There are no minimum qualifications required for a career in debt recovery, although decent grades in English and Maths are desirable, while qualifications in legal studies, economics or accounting are also highly prized. A background in the legal or law enforcement sectors is also highly sought after, and age is generally no barrier to a successful career in debt recovery.

Debt collectors should possess good oral and written communication skills as the job of a debt collector will involve contacting the debtor either by letter or telephone in order to obtain settlement of bad debts. Debt collectors need to be able to work well under pressure and should be able to relate to people from a wide variety of backgrounds. They should also be polite, tactful, honest and firm in dealing with people and should have good computer and organisational skills as well.

Most debt collection agencies generally operate between 8am and 9pm, Monday to Saturday, although some also operate on Sundays. Collectors are likely to work as part of a shift system, or on a flexible-time basis to accommodate family commitments. Part-time work is also common within the industry.

Debt collectors normally train on the job, but may attend in-house or external courses covering relevant aspects of the law, as well as essential skills in subjects such as telephone techniques and negotiation. The Institute of Credit Management offer professional qualifications for careers in credit control.

Finding a job as a debt collector needn't be difficult, and there are many sources available to people looking to work within the debt recovery sector. Companies like Capquest, for example, list vacancies across several Internet job-sites and also on their own website, while other debt recovery companies also list vacancies on their websites. There are also a number of recruitment agencies who specialise in vacancies within the credit sector.

With experience, debt collectors may be promoted to lead a small team. There may also be opportunities to progress into a management role, or to become a director in a collection agency. Debt collectors may move into other areas of finance, such as sales, debt counselling or bailiff work, while there are also opportunities for individuals to become self-employed and work from home, or perhaps set up their own agencies.

Based in the UK, Capquest Debt recovery is a market leader in the purchase, management and collection of sub-performing consumer debt. Elisha Burberry is an online, freelance journalist and keen traveller and watersports enthusiast. Originally from Scotland, she now resides in London.