Credit Control & Debt Management

Study House

The course is designed for home study or distance learning and is comprised of comprehensive printed course notes presented in an A4 ring binder, together with course assignments and study guide. Tutor support and a student helpline facility are integral to the course, and students have a full 12 months in which to complete their studies. Actual study time will be of the order of 90-100 hours.

The course is divided up into three study units, each with one tutor marked assignment to be completed. Each assignment contains approx 8-10 written tasks to be completed which are then submitted to a subject tutor for marking. Where required assignments can be re-submitted after amendment in the event that the assessment standards are not full met on first submission

The course units and topics are as follows:

Unit 1 – Credit Control

Credit

• Cutting down on credit
• Bad debts
• Sales discounts

Is my customer credit worthy?

• Credit application form
• Trade references
• Bankers references
• Credit checks
• Credit insurance

Credit control routines

• Terms and conditions of sale
• Interest
• Invoices
• Aged debt analysis and debt turn

Debt recovery through the courts

• The Courts and their powers of collection
• 3 track system – Full description in unit 2

Statutory demands, Insolvency and Bankruptcy

• Statutory demands
• Insolvency
• Winding up petitions
• Voluntary arrangements
• Administration orders

VAT and Tax relief for Bad debts

• What VAT relief is available?
• How to claim relief
• Tax relief

Unit 2 – Debt Management Agencies

Credit checking agencies

• An explanation of what credit checking agencies do
• The information they hold
• How to use their services.

Factoring companies

• A history of factoring,
• an explanation of how their products work
• The services they can offer.

Specialist Legal Services

• What services are on offer
• How to use their services effectively

The Courts

• How and when it is appropriate to use the courts
• Advice on applying for legal resolution
• The 3 track system
• Small Claims Track
• Fast Track
• Multi track
• Costs verses Settlement – Is it worth it?

Debt Collection Agents

• Bailiffs
  
  • What are they?
  • What are the costs involved?
  • What are their collection powers?
• Sheriffs
  
  • What are they?
  • What are the costs involved?
  • What are their collection powers?

• Private Debt Collections agents
  
  • What are they?
  • What are the costs involved?
  • What are their collection powers?

Unit 3 – Communication

Telephone Communication

• Telephone skills
• Handling problems and objections
• Dealing with difficult customers and controlling anger
• How to gain commitment to pay

Written Communication

• When to choice written forms of communication
• Email verses letters – When is each format appropriate?

• Sample letters
  
  • Request for payment
  • Demand for payment
  • Legal demand for payment

How to deal with customer responses

• Common responses and excuses
• How to reply to customer responses
• How to gain commitment

The course is designed for people in an administrative, business or finance role which includes responsibilities for managing and credit accounts, and ensuring that debt is managed promptly and efficiently.

There are no study pre-requirements as the course is intended for learners who have not studied this topic beforehand.

The course is intended for learners following an administrative, business or finance career route and is relevant to a variety of roles where the responsibilities include credit control and debt management.