Credit Management and Credit Control

This comprehensive and practical course concentrates on the credit control process, successful cash collection over the phone, and the use of appropriate techniques for collections, to assess the credit risk and the process of credit management. It will enable delegates to get the complete pictures and improve their skills at spotting the warning signs through the use of exercises, role play, quizzes, discussions, case studies and facilitation lectures.

This training program provides participants with a comprehensive understanding of credit management and credit control practices, equipping them with the skills to minimize financial risk while supporting business growth. Participants will learn how to assess creditworthiness, extend credit safely, and implement effective credit control procedures.

The course covers key legal frameworks, including rights under the Late Payment of Commercial Debts (Interest) Act, and practical techniques for chasing overdue payments through communication, negotiation, and the use of third parties such as collection agencies and legal channels.

Objective

• Understand the importance of credit control and the essential skills required to be an effective credit controller.
• Learn how to extend credit to customers safely, using credit application forms and conducting thorough credit checks.
• Be aware of their right to charge interest and other costs under the Late Payment of Commercial Debts (Interest) Act.
• Master techniques for effectively pursuing overdue payments through phone calls, letters, and other communication methods.
• Develop strategies to handle common excuses for non-payment.
• Understand how third parties, including debt collection agencies, solicitors, and the courts, can assist in recovering outstanding debts.
• Recognize further options if a debtor continues not to pay, such as issuing statutory demands.
• Know the types of relief available for unrecoverable debts and the significance of effective credit management.
• Appreciate how their role in credit management contributes to improving company profitability and minimizing financial risk.
• Understand the key elements of a contract and the legal framework supporting it.