Intensive Debt Collection & Negotiation

Course overview

Debt collection is the practise of pursuing overdue payments from debtors (individuals or corporations). Collection companies or debt collectors are businesses that specialise in debt recovery. For a fee or commission, collectors operate on behalf of creditors to persuade debtors to make all outstanding payments.

Debt collection and recovery are crucial because poor cash flow can generate major organizational problems. Though debt collection and debt recovery are sometimes used interchangeably, there is a little distinction between the two.

You will gain comprehensive knowledge and information on debt collection, recovery, negotiation, and credit control management through this TraineeBee training course.

Introduction

Debt collection, recovery, negotiation, and credit control management are all important aspects of a successful business. Debt collection is the process of obtaining money owed to a business by customers or clients. It involves contacting customers to make payment arrangements and may include legal action if necessary. Recovery involves the process of recovering money owed to a business by customers or clients. This may involve using debt collection agencies, filing a lawsuit, or seeking a court-ordered judgment. Negotiation is the process of reaching an agreement between two or more parties on a particular issue. This can include negotiating payment terms or the amount of debt owed. Credit control management is the process of monitoring and managing a company’s credit risk. This involves setting credit limits, monitoring customer accounts, and taking steps to reduce the risk of bad debt.

We are The Training Bee, a global training and education firm providing services in many countries. We are specialized in capacity building and talent development solutions for individuals and organizations, with our highly customized programs and training sessions.

Learning Objectives

Upon completing Intensive Debt Collection & Negotiation, participants will be able to:

• Possess a thorough understanding of credit control administration, negotiation, and debt recovery.
• Create simple, clear credit policies and other guidelines to make sure that the necessary precaution is understood and followed by all employees across the organisation. Create and implement effective credit control systems and procedures to lower the likelihood of defaulters having an adverse financial impact on the organisation.
• To avoid issues with the issuance of loans and other support, strict criteria for onboarding clients or other finance-related duties should be established.
• Instructing other professionals in credit control administration, debt collection, and other best practices.

Our Unique Training Methodology

This interactive course comprises the following training methods:

• Role-playing – Participants will take part in several roleplays and understand practical ways of solving issues.
• Journaling – This consists of setting a timer and letting your thoughts flow, unedited and unscripted recording events, ideas, and thoughts over a while, related to the topic.
• Social learning – Information and expertise exchanged amongst peers via computer-based technologies and interactive conversations including  Blogging, instant messaging, and forums for debate in groups.
• Project-based learning
• Interactive sessions – The course will use informative lectures to introduce key concepts and theories related to the topic.
• Presentations – Participants will be presented with multimedia tools such as videos and graphics to enhance learning. These will be delivered engagingly and interactively.
• Group discussions – The course will incorporate group discussions and debates to encourage active participation and collaboration.

Training Medium

This Intensive Debt Collection & Negotiation training is designed in a way that it can be delivered face-to-face and virtually.

Course Duration

This training is versatile in its delivery. The training can be delivered as a full-fledged 40-hour training program or a 15- hours crash course covering 5 hours of content each day over 3 days

Pre-course Assessment

Before you enroll in this course all we wanted to know is your exact mindset and your way of thinking.
For that, we have designed this questionnaire attached below.

• What experience do you have working in the debt collection and credit control industry?
• What strategies do you use to identify and manage overdue customer accounts?
• How do you handle customer disputes and negotiations?
• What steps do you take to ensure compliance with relevant laws and regulations?
• How do you stay informed of changes in the industry and best practices?
• How do you utilize technology to maximize the efficiency of your collection process?

Course Modules

This Intensive Debt Collection & Negotiation covers the following topics for understanding the essentials of the Agile Workplace:

Module 1 – a variety of debt collectors

• First-party firms
• Third-party firms
• Selling debts

Module 2 – Process of Recovering Debt

• Consultation phase
• Creating a letter of demand
• Awaiting feedback and discussing

Module 3 – Measures to Reduce the Recovery of Bad Debt

• Thorough investigation of client history
• Safe credit limits for customers
• Products are released upon payment clearance
• Shipment of goods following direct transfer of funds

Module 4 – Successful Debt Collection Techniques

• Alternative, yet adaptable, terms of payment
• Activities focused on customers
• Current communications
• The use of analytics
• Systems for centralised debt collecting

Module 5 – Operational Challenges in Debt Collection

• Increased regulatory focus
• Inefficient methods for collecting debt
• A poor method of client segmentation
• Lack of suitable tools

Module 6 – Functions of Debt Collection Agencies

• Locating the debtor
• Negotiating
• Systematic monitoring
• Preserving records

Module 7 – How Debt Collection Companies Recover Debt

• Locking up accounts
• As collateral, property
• Garnishment of wages

Module 8 – Components of an effective credit policy

• The sale’s terms
• Extension of the credit
• Collections of policy

Module 9 – Cash Flow Regulation

• Cycle of Cash
• Increasing inflows of cash
• Forecast for cash flow
• Cash flow shortages and surpluses

Post-course Assessment

Participants need to complete an assessment post-course completion so our mentors will get to know their understanding of the course. A mentor will also have interrogative conversations with participants and provide valuable feedback.

• What strategies have you used to improve debt collection, recovery, negotiation, and credit control management?
• How do you handle difficult conversations with customers when attempting to collect overdue payments?
• How do you prioritize accounts when determining who to contact first?
• What strategies have you used to reduce the amount of bad debt?
• How do you identify and prevent fraudulent activities related to debt collection?
• How do you stay up to date on regulatory changes in the debt collection and credit control management industry?

Lessons Learned

The most important lesson learned from Debt Collection, Recovery, Negotiation, and Credit Control Management training is that effective communication is essential to ensure successful debt recovery. By effectively communicating with customers and being proactive in providing payment solutions, debtors can be more likely to pay their debt in a timely manner. Additionally, by understanding the legal implications of debt collection and credit control, debt collectors can ensure their processes are in compliance with relevant laws and regulations. Lastly, negotiation skills are paramount in order to reach a fair and mutually beneficial agreement with debtors.

“ If you employ the right recovery techniques, you won’t ever lose out again. “