Effective Debt Collection Strategies

Course Description

“Effective Debt Collection Strategies” is a comprehensive course designed to equip debt collectors, credit managers, and financial professionals with the skills and knowledge needed to recover debts efficiently and professionally. This course covers the latest industry best practices, laws, and regulations governing debt collection, including communication strategies, negotiation techniques, and risk management.

CHAPTER I TERMINOLOGY USED IN DEBT COLLECTION

CHAPITER II DEBT COLLECTOR ACT

II.1 THE AIMS OF THE ACT

II.2 DEFINITION OF DEBT COLLECTOR

II.3. PERSONS PROHIBITED FROM PERFORMING CERTAINS ACTS

II.4 IMPROPER CONDUCT

II.5 RECOVERY MONEY

II.6 WHERE DOES MONEY GO TO

FORMATIVE ACTIVITY: DEBT COLLECTORS ACT

CHAPTER III. NATIONAL CREDIT ACT

III.1. DEFINITION

III.2. OVERVIEW OF THE ACT

III.3. IMPORTANT NOTE

III.4. THE PURPOSE OF THE NCA

III.5. WHICH UNDESIRABLE PRACTICE DOES THE NCA WANT TO ELIMINATE?

III.6 THE NCA CREATED THE FOLLOWING BODIES TO ASSIST TO REGULATE THE CREDIT MARKET

III.7 OF THE CONSUMER AS PER NCA

III.8. RIGHTS OF CREDITS PROVIDERS

III.9. DEBT COLLECTION

III.10 RECKLESS CREDIT

FORMATIVE ACTIVITY: NATIONAL CREDIT ACT

CHAPTER IV PRESCRIPTION ACT

IV.1 DEFINITION

IV.2. CATEGORIES OF PRESCRIPTION

IV.3. PRESCRIPTION BEGINS TO RUN

IV.4. DELAYED ON PRESCRIPTION

IV.5. PRESCRIPTION INTERRUPTED

IV.6. FORMS OF INTERRUPTION

CHAPTER V LSDA (LIQUIDATION, SEQUESTRATION, DEBT REVIEW & ADMINISTRATION)

V.1. LSDA STATUS

V.2. DISPUTE AND DISPUTE HANDLING

· ACCOUNT SETTLED

· BALANCE ENQUIRY

· NEVER OPENED AN ACCOUNT

V.3. NEGOTIATION

V.4. PAYMENT OPTION

V.5. PAYMENT METHODS

5.6. HANDLING THE PTP REMINDER OR CHANGE OF PTP

V.7. EDUCATING DEBTOR

V.8. UPDATING THE DETAILS

V.9. PROFESSIONALISM

V.10. ENDING OF THE CALL

CHAPTER VI DEBIT ORDER AND DEBT ORDER CALL SCRIPT

VI.1. INTRODUCTION

VI.2. DEBIT ORDER IN DETAILS

VI.3. COMMON SALARY DATES

VI.4. HOW AND WHEN SHOULD WE CLOSE A DEBIT ORDER?

VI.5. BENEFITS OF SELLING DEBIT ORDER

VI.7. DEBIT ORDER SCRIPT

CHAPTER VII COST GENERATION & RECOVERY

VII.1. DEFINITION (COST)

VII.2. WHAT DOES THE LAW SAY?

VII.3. WHAT DOES THE COUNCIL SAY

VII.4. EXPENSE AND FEES

VII.5. ALL ABOUT COST

VII.6. DEBTOR OWN PHONE NUMBER – WHEN?

VII.7. NOT TO DEBTOR OWN PHONE NUMBERS – WHEN?

VII.8. NECESSARY CONSTRUCTION

a. ACKNOWLEDGEMENT OF DEBT

b. CLEARANCE LETTER

c. STATEMENTS

VII.7. COST AS MOTIVATION

VII.8. COST MEASUREMENT

CHAPTER VIII NEGOTIATIONS

VIII.1. WHAT IS NEGOTIATION

VIII.2. PREPARING FOR A SUCCESSFUL NEGOTIATION

VIII.3. STEPS IN THE NEGOTIATION PATHWAY

VIII.4. STYLE IS CRITICAL

VIII.5. NEGOTIATION SUCCESSFULLY

CHAPTER IX. SOFT SKILLS

IX.1. INTRODUCTION

IX.2. WHAT ARE CORPORATE SOFT SKILLS?

IX.3. WHAT AND WHERE TO START

a. WHAT TO DO, WHERE TO START

b. SOFT SKILLS IN THE CONTACT CENTRE

IX.4. POSTURE

CHAPTER X EFFECTIVE COMMUNICATION

X.1. INTRODUCTION

X.2. COMMUNICATION IN THE WORK PLACE

X.2.1. INTERACTION (WHAT DOES THIS CONSIST OF?

X.2.2. THE CORPORATE GREETING

X.2.3. OUTBOUND CALL

a. INTRODUCTION

b. WHAT IS THE SECURITY CHECK?

c. THINGS TO CHECK ON THE SECURITY CHECK

d. HANDLING OF THE CALL

e. BODY

f. SOLUTION TO THE PROBLEM

g. SUMMARIZE YOUR CALL

h. END THE CALL

i. HANDLING OBJECTIONS OFF RAMPS

CHAPTER XI DAYBOOK MANAGEMENT

XI.1. OUTCOMES

XI.2. COLLECTION TECHNIQUES

XI.3. MAXIMIZING PROCESS

a. PROMISE TO PAY (PTP)

b. ALLOCATION

c. INSTALMENT

d. REPAYMENT PLAN

e. WHEN WORKING WITH FAILS

· NON PAYMENT

· DID NOT HONOR INSTAMENT

· IF THE PAYMENT WAS LATE

f. CLOSE PARTY CONTACT

g. WRONG PARTY CONTACT

XI.4. LET US DIVIDE MANAGING WORK LOAD INTO FIVE FUNCTION

XI.5. ALLOCATION AND COST

XI.6. PROBLEM SOLVING

XI.7. OUTGOING & INCOMING CALLS

XI.8. LISTEN

a. LISTENING – WHEN YOU ARE NOT LISTENING TO ME ?

b. WHEN YOU ARE LISTING TO ME

c. LISTENING HAS TO DO WITH ATTITUDE

d. THINGS TO DO WHEN CALLING

XI.9. USING THE HOLD FUNCTION

XI.10. CONFIRM UNDERSTANDING

XI.11. BUILD YOUR PERSONALITY

a. BE COMPETITIVE

b. HOW TO BEGIN

XI.12. RIGHT PARTY CONTACT

a. DELAY AND DISPUTE: WHAT TO DO

b. DIVIDING MY DIARY

c. SELLING IT

d. HANDLING DIFFICULT CALLS

CHAPTER XII. QA SCORE CARD

CHAPTER XIII. DEBT COLLECTION CALL GUIDE

XIII.1. CALL STRUCTURE

XIII.2. NEGOTIATION MATRIX – FOLLOW IN ORDER OF BEST OUTCOME

a. NEGOTIATION 1

b. NEGOTIATION 2

c. NEGOTIATION 3

d. NEGOTIATION 4

e. NEGOTIATION 5

f. NEGOTIATION 6

g. NEGOTIATION 7

XIII.3. CONFIRMATION OF ARRANGEMENT

XIII.4. UPDATING & CLOSING

CHAPTER XIV. INTRODUCTION TO A CALL

XIV.1. REASON FOR CALL

XIV.2. NO TO PAYMENT ARRANGEMENT

XIV.3. OBJECTIONS TO PAY DUE TO:

a. UNEMPLOYED

b. UNDER DEBT REVIEW

c. SEQUESTRATION AND ADMINISTRATION

d. DISPUTE ACCOUNT

CHAPTER XV COMPUTER SKILLS

XV. INTRODUCTION TO COMPUTER SKILLS

XV.2. KNOW YOUR KEYBOARD

XV.3. MICROSOFT WORD RE-FRESHER

XV.4. THE MICROSOFT OFFICE BUTTON

XV.5. THE USE OF YOUR MOUSE

CHAPITER XVI. HANDS IN PRACTICE (LAB)

a. CV & INTERVIEW

b. CALL MODEL :

– RPC (WORKING/NOT WORKING)

– RPC (WORKING BUT UNDER DEBT REVIEW, PRESCRIPTION, SEQUESTRATION OR ADMINISTRATION) OR RAISED QUERIES

– CPC

– WPC.