Practical Debt Recovery Course

• Understand the effect of a good credit management or lack of it has on immerse consequences on both profit and liquidity of a company;
• Review your organisation’s credit and collection policies and identify areas for improvement;
• Realise the important of a sound collection policy for effective monitoring and collecting of debts;
• Learn practical approaches to effective debt recovery;
• Profile your Customers for effective and efficient efforts;
• How to manage Problematic Debt and avoid futile efforts in debt recovery
• Learn who Debt Collection Agencies are;
• Understand Legal Processes for recovery through legal actions;

COURSE CONTENT

Introducing Credit and its impacts

• Cost of credit
• Effect on Profits
• Effect on Liquidity
• Effect of bad debts

Why need Credit Management

• Credit Management
• Its objectives

What is a Credit Policy?

• Policies and Procedures

Credit Assessment

• Assessment Policy

• Establishing Creditworthiness

-  Basic information sources

- In-depth information sources

- Customer Visit

- Credit Limits

- Credit terms

• Credit Limit Review

- Credit limit appraisal form ~ 3Cs of Review

Sales and Credit Relationship

• Resolve Conflicts

Cash Collection

• Collection Policy

Effective Collection Skills

• Negotiation

How to improve the outcome of your debt collection negotiations?

- Right attitude

- Hire right person

- Assertive communication

- 11 essential techniques

- Listening skills

- Telephone Collection skills

How to make your collection calls get results?

- Questioning and probing skills

-  Reminder letters

- Personal visit

- Post-mortem of bad debts

Explore external collection methods

• Outsource to Debt Collection Agencies

- Third party Collectors

- Cost effective

• Debt recovery through Legal Proceeding

- Planning Stage

- Legal Process

Filling of writ in court

Service of summons

Entry of appearance

Entry of defense

Obtaining Judgement

-  Legal remedies

Writ of Seizure and Sales

Garnishee Proceedings

Judgement Debtors Summons

Bankruptcy

Winding up

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.