Learn the debt collection process, so you can understand the steps needed to recoup the money you’re owed.

This course gives learners an in depth look at the Debt Collection Process and its components. It explains the various stages of the Debt Collection used by many Debt Collection Agencies.

The Unit provides Learners with knowledge and understanding of the Debt Collection process. This Unit gives learners an in depth look at the Debt Collection Process and its components. It explains the various stages of the Debt Collection Process used by many Debt Collection Agencies, by taking the candidate through every stage. This will allow the candidate to design a well-timed Debt Collection campaign, to meet their individual business needs.  We will walk each learner through the structure, type and contents of Debt Collection Telephone calls. How to Use, format and determine the content of a well drafted letter, from a Reminder, Debt Collection Letters or Letter of Demand. The psychology behind drafting each letter, reminder, collection letter to demand letter. Learners will also examine the Pre-Action Protocols required for drafting and sending a Letter of Demand 

What will I learn?

1. Overview of the Debt Collection Process; The role of The Debt Collection Process, its structure and individual components of each stage of the Debt Collection Process. The purpose of each stage and how the RECOUP module fits within Collection Process. 

2. Use of Psychology in debt collection; the role and importance of prompts and cues; definition of prompt; rules for prompting; types of prompts to elicit the response required; physical prompts; verbal prompts; the use of questioning and prompting to elicit responses 

3. Debt Collection Telephone Skills; telephone collections; types of telephone collections; voice projection; steps in a collection call; planning the telephone call, identifying outcomes; the telephone call structure, the use of silence; establishing authority; telephone collections; negotiating skills; dealing with different types of customer

4. Debt Collection Letters; formal letters style and structure; drafting the letter, tone, content, consequences and negotiation; use of electronic means of communication; negotiating skills; dealing with different types of customer; overcoming objections and resolving disputes through letters. Adhering to the Pre-Action protocols when drafting letters and the letter of demand. 

5. Demands for payment and final demands and Tricks of the trade. The purpose of demands and final demands; the language of final demands; tricks of the trade; envelopes and their effect on the debtor.  

Objective

Venue detail for course: