Credit Control and Debt Management
INTRODUCTION
When customers don't pay you, it affects your ability to pay your own bills. The Credit Control & Debt Management course details what's required to implements the legal recovery processes through the courts and other means of getting the money in. Insolvency and Bankruptcy are explained, and the means of ensuring you are able to follow the legal process. In order to get the highest dividend from administrators and receivers in the unfortunate event, one of your customers falls into this area.
There is practical advice on using factoring services or invoice discounting, engaging bailiffs and private debt collection companies, and how to communicate with customers who claim to have payment difficulties. Credit Control and Debt Management training course gives you a solid grounding in effective credit control and debt management. Which will help you understand what processes and tools are available to proactively avoid financial problems.
OBJECTIVES
At the end of the 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 OUTLINE
Day 1
Credit
Cutting down on credit; Bad debts; and Sales discounts.
Day 2
Is My Customer Credit Worthy?
Credit application form;
Trade references; Bankers references; Credit checks; and Credit insurance.
Day 3
Credit Control Routines
Terms and conditions of sale; Interest; Invoices and Aged debt analysis and debt turn.
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Day 4
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.
Day 5
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.
Day 6
Factoring Companies
A history of factoring; an explanation of how their products work; The services they can offer.
Day 7
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;
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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?.
Day 8
Telephone Communication
Telephone skills;
Handling problems and objections;
Dealing with difficult customers and controlling anger; and How to gain commitment to pay.
Day 9
Written Communication
When to choice 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).
Day 10
How to Deal with Customer Responses
Common responses and excuses; How to reply to customer responses; and How to gain commitment
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