Consumer Credit Control

CONTENTS

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.