INTRODUCTION
Credit Control is the system used by a business to make certain that it gives credit only to customers who are able to pay, and that customers pay on time. It is a critical part of a well-managed business that will help reduce bad debts and improve the cash flow in your business.
This five- days Effective Credit Control training course teaches effective chase techniques, how to tackle common excuses for non-payment, and how third parties and the court can help you reclaim debts. It also explains your legal rights regarding charging interest on overdue accounts and what type of relief you can claim if you re left with bad debts. With this knowledge, you ll be able to offer credit to customers with as low a risk as possible and chase overdue payments effectively.
The course provides an in-depth insight to the Credit Control function. It will provide delegates with a thorough grounding in Credit Control covering a variety of areas including performance measurement techniques, collecting difficult debts and taking legal action.
OBJECTIVES
By the end of this Effective Credit Control training course, learners will:
Understand why controlling credit is important and what skills they need to be a good credit controller.
Know how to offer credit to customers in a low risk way, i.e. by using credit application forms and carrying out credit checks.
Recognise their right to charge interest and other costs under the Late Payment of Commercial Debts (Interest) Act.
Learn techniques that enable them to effectively chase payment via phone calls and letters.
Know how to address common excuses for non-payment.
Understand how third parties (including debt collection agencies and solicitors) and the court can help chase payment.
Recognise what further steps they can take if the debtor will still not pay, including sending statutory demands.
Know what type of relief they can claim back if they are left with bad debts.
WHO SHOULD ATTEND ?
Effective Credit Control training course, is ideal for :
Anyone who handles a business s finances and manages customer accounts should learn how to effectively control credit. If you re planning to become a dedicated credit controller who chases payments, this course will be especially beneficial. No previous knowledge is required so anyone at any level of a business can take the course.
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
Introduction to Credit Control
What is credit control?
Why is credit control important?
The abilities of a good credit controller
The responsibilities of a credit controller
Day 2
Creating Contracts and Credit Checking
New customers
Credit checking
Credit insurance
Contracts and invoices
Late payment legislation
Day 3
Collection Procedures
www.lpcentre.com
Communication methods
The chase cycle
Chasing payment: the first call
Common excuses for non-payment
Chasing payment: the second call
Chasing payment: the third call
Chase letters
Example letters
Next steps
Day 4
Third Party Collectors and Legal Action
Debt collection agencies and solicitors
Legal action
Letter before action
Submitting claims to court
Preparing for a court hearing
Further court action
Day 5
Statutory Demands and Other Actions
Statutory demands
Bankruptcy and winding up
Voluntary arrangements
Administration orders
VAT and tax relief
Default accounts
