1 Day

Synopsis

Slow payments and bad debts can have a serious impact on the profitability of a business. The course explains the true cost of credit and how this cost can be reduced, together with an overview of how new legislation affects the credit function. The Data Protection Act 1998 must be complied with by October 2001 and has significant impact on all businesses. We look at how the new Act works, whether your business complies, and the penalties for failure to comply.

Course Content

Account Opening: Effective procedures, credit assessment sources, account opening documentation that complies with the legal requirements, ensuring that your terms are enforceable and accepted.

Terms of Trade: What can be included? Do your terms comply with the law? The right to interest, retention of title, time frame for queries, the ‘quality’ of goods and ‘unfair terms’.

Account Collection: Available collection ‘weapons’ and ‘sanctions’, effective collection procedures, forms and ‘one call collection’, call planning and closing and dealing with ‘difficult’ customers.

Telephone Collection: The impact of Data Protection legislation, how to make effective calls – the ‘one call collection’, call planning and closing and dealing with ‘difficult’ customers.

Developing a Credit and Its content and form, making a start, implementing the Policy, creating a Collection Collection Policy: Programme

Final Collection Action: New Court Procedures – New Insolvency Law, how to maximise the benefits of the changes, effective enforcement procedures.

For Further Information

For details of dates when this course will be running, or to arrange a similar in-house programme, click here.