Assess debtor’s financial situation

Assess the defaulter’s pecuniary circumstances by evaluating the personal income and expenses, and the balance sheet which includes the value of the house, bank account, car and other assets.

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appraise defaulter’s financial situation
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check defaulter’s financial situation

skill/competence

cross-sector

Assess debtor’s financial situation is an essential skill of the following occupations:

Credit adviser: Credit advisers offer guidance to customers related to credit services. They assess the customer’s financial situation and debt issues arisen from credit cards, medical bills and car loans in order to identify optimal credit solutions for customers and also provide debt elimination plans to adjust their finances if needed. They prepare qualitative credit analyses and decision-making material in respect of defined customers in conformity with the bank’s strategy on credit policy, ensure the credit quality and follow up on the performance of the credit portfolio. Credit advisers also have expertise in debt management and credit consolidation.
Foreclosure specialist: Foreclosure specialists revise documentation related to properties that are under foreclosure. They assist clients whose property has been reclaimed by banks due to non-payment of their mortgage by assessing the owner’s possibilities for saving the property.
Tax compliance officer: Tax compliance officers collect fees, debt, and taxes on behalf of government institutions in cities, municipalities and other jurisdictions. They perform administrative duties and communicate with other officials and institutions to ensure operations are correct and compliant with policies.

Assess debtor’s financial situation is optional for these occupations. This means knowing this skill may be an asset for career advancement if you are in one of these occupations.

Financial planner: Financial planners assist people dealing with various personal financial issues. They are specialised in financial planning, such as retirement planning, investment planning, risk management and insurance planning, and tax planning. They advise a strategy tailored to the client’s needs. They ensure the accuracy of bank and other financial records while maintaining a customer-orientated approach and following ethical standards.
Mortgage loan underwriter: Mortgage loan underwriters ensure compliance with underwriter guidelines. They participate in the implementation of new underwriting guidelines. They also review closed and denied loans.
Billing clerk: Billing clerks create invoices and credit memos, issuing them to customers by all necessary means, and updating customer files. They issue invoices to customers and monthly customer statements, update customer files, process credit memos, enter and submit invoices, etc.

References

1. Assess debtor’s financial situation – ESCO