Credit Control and Debt Management
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Credit Control and Debt Management Course
Introduction:
When customers fail to make payments, it has a direct impact on your ability to meet your own financial obligations. The Credit Control & Debt Management course provides comprehensive guidance on implementing legal procedures for recovering outstanding debts through court processes and other methods. It covers topics such as insolvency, bankruptcy, and the necessary steps to ensure compliance with the legal framework. Moreover, it equips you with strategies to maximize returns in case one of your customers becomes insolvent or goes bankrupt.
The course offers practical advice on utilizing factoring services or invoice discounting, engaging bailiffs and private debt collection agencies, and effectively communicating with customers who claim to be facing payment difficulties.
By undertaking the Credit Control and Debt Management training course, you will gain a solid foundation in the principles of effective credit control and debt management. This knowledge will enable you to proactively prevent financial problems by understanding the available processes and tools.
Course Objectives:
At the end of this Credit Control and Debt Management, you will be able to :
- Learn methods of controlling credit
- Investigate methods of credit checking
- Examine the use of the courts and debt management agencies in recovering debt
- Describe how to collect debt by letter and telephone
- Have a thorough understanding of principles and practice of controlling credit
Who Should Attend?
Credit Control and Debt Management training course, is ideal for:
- Those who want to gain an understanding of the principles and practice of controlling credit & managing debt.
- People in an administrative, business or finance role which includes responsibilities for managing and credit accounts, and ensuring that debt is managed promptly and efficiently.
Course Outlines:
Credit
- Cutting down on credit;
- Bad debts; and Sales discounts.
Is My Customer Credit Worthy?
- Credit application form;
- Trade references; Bankers references;
- Credit checks; and Credit insurance.
Credit Control Routines
- Terms and conditions of sale; Interest;
- Invoices and Aged debt analysis and debt turn.
Debt Recovery Through the Courts
- The Courts and their powers of collection; and 3 track system
- Statutory Demands, Insolvency and Bankruptcy
- Winding up petitions;
- Voluntary arrangements; and Administration orders
VAT & Tax Relief for Bad Debts
- What VAT relief is available?
- How to claim relief; and Tax relief.
- Credit Checking Agencies
- An explanation of what credit checking agencies do;
- The information they hold and how to use their services.
Factoring Companies
- A history of factoring; an explanation of how their products work;
- The services they can offer.
Specialist Legal Services
- What services are on offer; and how to use their services effectively?
- The Courts: How and when it is appropriate to use the courts;
- Advice on applying for legal resolution;
- The 3-track system; Small Claims Track;
- Fast Track; Multi track; and Costs verses Settlement and Is it worth it?
Telephone Communication
- Telephone skills;
- Handling problems and objections;
- Dealing with difficult customers and controlling anger; and How to gain commitment to pay.
Written Communication
- When to choose written forms of communication;
- Email verses letters and When is each format appropriate Sample letters (Request for payment)
- Demand for payment and Legal demand for payment).
How to Deal with Customer Responses
- Common responses and excuses;
- How to reply to customer responses; and how to gain commitment