4 days workshop
INTRODUCTION
In order to be an effective collector, you need to have the heart of an entrepreneur. This course will help to provide you with an environment that stimulates proactive behavior in order to achieve greater goals for yourselves and your organization. By creating value for your organization, you will be amazed at the speed of career advancement. Real-current problematic debt cases will be analyzed and scenario solutions will be provided under the guidance of Dr. Steven Liew.
COURSE OBJECTIVES
By the end of this course you will be able to:
Assist the organization in tracing the reason debt occur
Ability to provide solution to the current debt issues
Understand ways of troubleshooting debt
Provide legal advice or measurement that the organization can do to help reducing debt
Understand in dealing With Difficulty Customers via telephone
Applying Collection Skills Via Telephone
Identify the Qualities of An Effective Collector?
Profiling your Customers
Practical debt recovery approaches
Credit Evaluation & Monitoring
Case Studies & Group Discussion
Understanding Negotiation Techniques
Profiling Your Customers
Use Practical Debt Recovery Approaches
Understand Legal Debt Recovery Strategies
Know When To Initiate Legal Actions
Know How To Avoid Futile Effort In Recovery
Review Legal Case Studies
Understanding Bankruptcy (Amendment) Bill 2016
METHODOLOGY
Case Study & Group Discussion. Real-current problematic debt cases will be analyzed and scenario solutions will be discussed within the workshop.
WHO SHOULD ATTEND
Bankers, Accountants, Business Managers, Marketing Managers, Collection Executives, Sales Executives, Finance Executives, Supervisors, Managers, Credit Analysts, Credit Controller & Recovery Officers.
Special Feature: NOTE: Please bring laptop along ( Templates are provided)
PROGRAMME OUTLINE
Day 1
Module 1: Burning issues in debt recovery
Management Bureaucracy
Collectors Are Not Well Recognized
Borrowers Has Multiple Loans Exposure To Other Banks
Unable To Locate Customers
Insufficient Funding For Repayment
Module 2: Know Your Customers
Customer Risk Profile
Assessing Your Risk Factors
Why Customers Are Not Paying You?
Plan your site visit
Focus on collectable & big customers
Module 3: Collection Negotiation Tactics
The building block technique
Silence
Repeat, repeat…
Recess
Divide & rule
Empathy
Re-escalation of demand
“One more thing”
Deadlines
Slicing
Module 4: Negotiation Techniques
Soft Negotiation
Hard Negotiation
Principles Negotiation
Successful Negotiation
Module 5: Profiling Your Debtors
Handling Complaints & Difficult Customers
Focus on Large Customer
Visit your Debtor
Day 2
Module 6: Improve Telephone Skills
Improve Telephone Skills
Collection Skills Via Telephone
Collection Skills Via Telephone
Persistency
Speak Your Customer Language
Profiling Customers
Flow Along With The Customers
Module 7: Credit Evaluation & Monitoring
Importance of Credit Evaluation & Monitoring
Criteria For Approval Or Rejection
Setting the Credit Limit
Monitoring Customer Account
Group exercises
Module 8: Qualities of an Effective Collector
Identify the qualities of an effective collector & rank them
Role play & reverse play on your attributes as effective Collector
Day 3
Module 9: Case Studies & Group Discussion
Case Study 1 (Negotiation Skill)
Case Study 2 (Credit Evaluation)
Case Study 3 (Handling Difficulty Debtor)
Case Study 4 ( Bank Branch Manager Task)
Module 10: Case Studies & Group Discussion
Case Study 5: Head of Credit Controller Task
Case Study 6 (Dealing with NPL borrowers)
Case Study 7 (Detecting early warning sign)
Case Study 8 (Government Accounts)
Recoveries Techniques
Module 11: External Outsourcing to Collection Agencies
When & why Outsource debts to collection agency
Outsourcing Cost
Internal Outsourcing to Staff
Why should outsource to staff & when not to outsource to staff
Module 12: Legal Procedure
What To Do Before Litigation
Contents Of Letter Of Demand
Factors To Consider Before Suing
Preparation For Suing
Preparation For Trial
Enforcement Of Judgments
Day 4:
Module 13: Bankruptcy (Amendment) Bill 2016
Voluntary Arrangement introduced as a new rescue mechanism
Stringent requirements for service of bankruptcy notice and creditor’s petition
Single order of bankruptcy introduced
Minimum debt threshold has been increased
Stronger protection for social guarantors
Leave of court required to commence bankruptcy proceedings against other guarantors
New list of bankrupts to be allowed discharge
Automatic discharge introduced
Establishment of the Insolvency Assistance Fund
Module 14: Put Your House in Order
Credit evaluation & Monitoring ,7cs
Management support & involvement
Clear SOP
Strong credit manpower team
Qualities of an effective collectors
Module 15: Be Flexible, Creative & Think Out of The Box Approach
Outsourcing (collection agency)
Insourcing (staff incentive)
Asset conversion
Business Take over
Revaluation of assets
Module 16: Apply Comprehensive Company Wide Collection Risk Model (Case Study)
Potential risk
Quantify Collection impact
Review Pre-mitigation (Collection impact)
Mitigating Collection strategies & controls
Post Mitigation (collection impact)
Quantify Financial Collection improvement
Quantify possible Cost increase in collection strategies
Quantify Cost/benefit analysis in post collection mitigation strategies
Decision Summary recommended
Calculate ROI
Ranking (priorities collection efforts)