Debt Collection and Credit Management

INTRODUCTION

Debt management is the process of establishing and executing a strategy for managing debt in order to realize the initially expected revenue. This helps in reducing organizational financial risks while meeting the required cost objectives and other debt management goals. This course provides an overview of debt and credit management by explaining concepts in a user-friendly language, avoiding mathematics and using simple illustrations and practical examples.

DURATION

5 Days

COURSE OBJECTIVES

Upon completion of this training course, participants will be able to:

• Communicate with a creditor after careful planning in order to handle objections from the debtor and deal with queries.
• Identify negotiating strategies in order to reach payment agreement from the debtor.
• Demonstrate effective communication as a debt collector.
• Understand the importance of recording all communications and discussions made between the debtor and the debt collector.
• Implement the negotiation steps and processes and understand the need thereof.
• Implement effective debt collecting strategies according to the code of conduct.

COURSE OUTLINE

Module 1: 

Understanding company credit and debt

• Reviewing the credit cycle from application to payment
• Identifying possible causes of outstanding payments
• Assessing the impact of outstanding debt on your company's financial results
• Identifying ways in which you can motivate your customers to pay their outstanding debts

Module 2:

Debt collection as a vital financial activity

• Completing debtor reports as an effective debt management tool
• Setting definite and realistic debt collection targets
• Comparing your debt collection results to your initial objectives
• Analyzing the return-on-investment of your debt collection activities

Module 3:

Planning and preparing for effective debt collection

• Classifying your debtors to enable a well-targeted approach Understanding the essential elements of debt collection correspondence
• Paraphrasing the "pay up or else" threat in a more effective and customer friendly fashion
• Acquiring essential skills for compiling debt collection letters, telegrams, e-mails and faxes
• Addressing your correspondence to the correct person to guarantee results
• Using the debtors classification to analyze the potential risk each debtor poses to your company
• Drawing up a collection checklist to facilitate systematic collections
• Making use of a customer card system as a comprehensive record of all debtors' histories
• How do you decide whether to collect the debt by telephone or by letter?

Module 4:

Ensuring the success of your debt collection correspondence

• Understanding the essential elements of debt collection correspondence
• Paraphrasing the "pay up or else" threat in a more effective and customer friendly fashion
• Acquiring essential skills for compiling debt collection letters, telegrams, e-mails and faxes
• Addressing your correspondence to the correct person to guarantee results

Module 5:

Essential telephone techniques

• Ensuring that you are sufficiently prepared before dialing the debtor
• Understanding professional telephone procedure
• Dealing with angry customers and excuses
• Overcoming personal and company objectives
• Turning promises into commitments to pay
• Using agreed payment dates and reminders to ensure that the debt is paid
• Learning how to close calls amicably

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TRAINING CUSTOMIZATION

This training can also be customized for your institution upon request. You can also have it delivered your preferred location.

For further inquiries, please contact us through Mobile: +254 732 776 700 or Email: [email protected]  

REQUIREMENTS

Participants should be reasonably proficient in English.  During the trainings, participants should come with their own laptops.

TRAINING FEE

The course fee covers the course tuition, training materials, two break refreshments, lunch, and study visits.

ACCOMMODATION

Accommodation is arranged upon request. For reservations contact us through Mobile: +254732776700

or Email: [email protected]  

PAYMENT

Payment should be transferred to FineResults Research Limited bank before commencement of training. Send proof of payment through the email: [email protected]  

CANCELLATION POLICY

• All requests for cancellations must be received in writing.
• Changes will become effective on the date of written confirmation being received.