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Jobs at Meridian Credit Union Limited Talent Network
Senior Bilingual Loss Recovery Specialist
Job Description

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 (formerly Roynat Lease Finance) 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

Who we are!
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.

Purpose of Job
As a senior member of the collections team, the Loss Recovery Specialist is responsible for minimizing monthly delinquencies and maximizing recoveries on defaulted assets.  This includes regular delinquent account follow-up, taking the lead on managing and finalizing larger more complicated defaulted transactions, and dealing with various outsource partners including Legal, Collection Agencies, Bailiffs and other parties such as trustees, insolvency and fraud representatives.  The Loss Recovery Specialist is also responsible for meeting team targets for delinquency and loan losses as set annually.  The incumbent is experienced and knowledgeable and will help to guide less experienced or less knowledgeable team members by providing ongoing learning, dialog and assistance with challenges.

Key Responsibilities

Late Stage Delinquency

  • Contact customers to negotiate payment arrangements on all non-performing accounts or referred for escalation by the Early and Late Stage Collections Teams;
  • 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;
  • Recommend files to be moved to Non-Performing status once approved for 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.
  • Once asset is recovered work with remarketing partners on the prudent sale of the asset, ensuring proper documentation, and maximum sale proceeds. 
  • Upon the sale of the asset, determine the recovery strategy for any remaining deficiency.
  • Deficiency Collections
  • Contact customers to negotiate payment arrangements on accounts where the asset is sold, abandoned or unrecoverable.
  • If unsuccessful, perform a cost benefit analysis to determine best option to pursue the deficiency.  Methods include litigation, agency, in house.
  • If no further collections are possible, recommend files for write-off.

Agency Management

  • Monitor agency performance to ensure that recoveries are maximized and the files are being worked effectively.
  • Report on agency performance as it relates to files placed a cash collected.
  • Perform annual audits of agency performance and cash management.
  • Review and approve agency invoices for payment as required.


  • Work with established law firms to maximize recovery through litigation.
  • Prepare files for assignment to lawyers ensuring the law firm has all information required for success.
  • Review affidavits and other court documents for accuracy and sign them as required.
  • Act as a witness in court cases and coordinate internally other witnesses as required.
  • Review invoices for accuracy, process for payment or negotiate with provider for reduced cost.


  • Manage all forms of insolvency proceedings to ensure equipment is recovered and recoveries maximized.
  • Resolve trustee disputes related to secured/unsecured claims.
  • Participate as required in creditor voting related to CCAA/Receiverships and proposals as required.
  • Review and action all inbound correspondence related to insolvency.


  • 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 SSIS 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 and Late 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.


  • 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

Education/ Work Experience/Designations

  • Completion of a post-secondary education program in finance would be an asset.
  • Minimum seven to ten (7-10) years’ experience in the management and collection of delinquent or overdue high risk accounts in the financial services industry.
  • Bilingualism Fluent in both English and French is required.
  • 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.
  • Experience with Microsoft operating systems including Word, Excel, Outlook and the Internet.

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 clients!

  • Did you know our leadership team has worked in the Canadian finance industry for a combined 120 years?

  • Dress for your day! Be comfortable when you can!

  • This is not your typical "corporate" job. We work hard and we have fun!

  • We offer a competitive total rewards package that includes base salary, a performance bonus, vacation, personal & sick days, personal development funding, paternity/maternity leave top-ups and much more.

    Meridian is committed to providing accommodations for people with disabilities. Should you require an accommodation, we will partner with you to meet your needs.

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Job Requirements


Company Overview

Meridian is Ontario’s largest credit union, helping more than a quarter of a million Members grow their lives and businesses.

As a credit union, we are 100 percent owned by our Members. We work only for them, with profits returned to our Members in the form of the best products and services we can offer.

We get to know our Members so that we can proactively advise them on ways to save money, how to invest for the future and what financial solutions are in their best interest.

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