Effective Credit Control and Debt Recovery - 55th Run

Debt collection plays an essential role in any business. All personnel - be they accounts receivables, credit control, sales & marketing staff or even business owners themselves - who are involved in debt collection must be trained to assess the chance of recovery within the first few minutes into the conversation with the debtor. More importantly, to preserve a good business relationship, they must be diplomatic, tactful and well-versed in psychological concepts. Legal action is often the last resort as it is not only costly but also time-consuming.

The Effective Credit Control & Debt Recovery workshop will impart skills to help companies minimise bad debts and improve profits through the use of a simple collection tool: the telephone. The workshop is case-based, interactive and highly practical.

Key Topics

Lowering your risk factors - Developing & maintaining a credit control process & system

• The importance of having a credit control system
• Causes of delinquency (external & internal factors) in receivables
• Establishing policies
• Examples of general collection policies

Knowing your legal rights - Understanding Singapore’s Courts civil claims procedures

• Learn the different functions of the Small Claims Tribunal, State Courts & High Court
• The process of a civil claim from the Writ of Summons right up to a winding-up/bankruptcy order

Attributes of an effective collections person - The different characteristics required to make a collections person effective

• Different characteristics a collections person can adopt to be more effective during a collections encounter

Collection techniques - Simple, practical & effective techniques to adopt during a face-to-face or telephone collections call

• “Taboo” words never to use during a collection call/visit
• The art of being in control of a conversation

Understanding the various debtor profiles - Know the different types of delinquent debtors & how to deal with them

• Identifying the different types of delinquent debtor profiles & how to manage them

Handling excuses & objections, gatekeepers etc. - How to tell the difference between an excuse or a real objection & how to counter them

• “I’ve already sent out the cheque”; “The boss is not around to sign the cheque...” Learn how to differentiate between an excuse and a genuine objection to non-payment & how to counter them
• How to get past receptionists, secretaries or personal assistants etc. who are a barrier to getting to the correct person