Debt Collection, Recovery, Negotiation and Credit Control Management

Debt collection is the process of following up on payments due by debtors (businesses or individuals). Organizations specializing in debt collection are known as collection agencies or debt collectors. Collectors work on behalf of creditors to get debtors to clear pending payments, for a fee or commission.

Debt collection and recovery are extremely important because cash flow issues could lead to serious organizational challenges. A point to note is that though debt collection and debt recovery are almost used synonymously, there is a slight difference between the two. It involves the systematic pursuit of payments owed by debtors, whether businesses or individuals. Entities specializing in this process are referred to as collection agencies or debt collectors. These collectors operate on behalf of creditors, aiming to secure payment from debtors, typically for a fee or commission.

Debt collection, recovery, negotiation, and credit control management are vital components of financial management within organizations, ensuring the efficient management of credit policies and the timely recovery of outstanding debts. The "Debt Collection, Recovery, Negotiation, and Credit Control Management" course is designed to equip professionals with a comprehensive understanding of these essential aspects of financial management.

Objectieve

• Gain a clear understanding of debt collection, recovery, negotiation, and credit control management practices.
• Design and implement robust credit control systems and processes to reduce the risk of defaulters impacting the organization’s financial position.
• Develop simple, clear credit policies and guidelines to ensure precautionary measures are understood and consistently applied across the organization.
• Establish strict guidelines for customer onboarding and other finance-related activities to prevent issues related to lending, credit, and financial support.
• Equip participants with the knowledge and skills to train other professionals on best practices in debt collection, recovery, negotiation, and credit control management.