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'Excellence is not a matter of chance but of choice'

Consumer Credit Control Workshop

This workshop covers a comprehensive number of issues related to the collection, administration and control of consumer debt. The intended audience is all those involved in consumer credit control whether new, or experienced; a controller, supervisor, or manager. Areas covered include: counselling, communication, negotiation and questioning skills; building rapport with clients; collection techniques by telephone, fax and letter; legal matters including the law related to the Consumer Credit Act; tracing absconders; credit vetting; retention of title.

Part One - What is Consumer Credit Control?

  • CONSUMER credit - the essential elements

  • Role and responsibilities of credit control

  • How the credit function fits into the bigger picture

  • Business objectives and the importance of cash flow

  • The ideal Consumer Collector/Controller

Part Two - Measuring Credit Control and Individual Performance

  • Debtor Days - DSO - Average Payment

  • Aged Debt

  • Goals, targets and priorities

  • Monitoring performances - team & personal effectiveness

  • Measuring cash and cash flow

Part Three - Credit Vetting

  • Are your customers ABLE to pay?

  • Are your customers WILLING to pay?

  • The need for credit limits

  • Sources of information

  • Analysing the data available

  • Making the credit decision

Part Four - Effective Collecting

The Telephone Call

  • Probing, open and closed questions

  • Active and passive listening

  • Overcoming objections

  • Gaining commitment

  • Counselling and controlling the conversation

  • Concessions

  • Using words that influence decisions

  • When and how to apply pressure

  • Overcoming excuses

  • Understanding and controlling emotional reactions

  • Reading into and using the signals

  • How to deal with your customers' own stress and frustrations

  • Dealing with customers who can be demanding, awkward and aggressive

Letter Writing

  • Why write letters?

  • What do we want to say?

  • Syntax, structure, headings, text and conclusion

  • Layout, style, wording and appearance

  • Timing of letters - circumstances - getting results

Part Five - Consumer Credit Law

  • The vital elements of the law that consumer credit staff need to/should know before approaching the customer

  • The law related to harrassment

  • Rights of the individual

  • How the law relates to debt collection

  • Retention of Title

Part Six - Tracing Debtors

  • Types of absconders

  • Assessing the absconder

  • The tracing process

  • Getting results