Consumer Collections

This intermediate award provides an understanding of the concepts, processes and techniques that underpin best practice within consumer credit management.

Syllabus topics

1. Principles of consumer collections (18%)

Evolution of debt collection as a function
Identification of why customers fall into arrears
Collection life cycle
Key systems and technology
Common debt repayment arrangements

2. Regulation and industry frameworks for consumer collections (9%)

Risks associated with consumer collections
Legal, regulatory and industry frameworks
Impact of frameworks on collections work

3. Commencement of consumer collections (12%)

Types of financial and non-financial information required
Validation of accuracy of customer information
Locating missing information
Customer segmentation

4. Consumer collection contact (22%)

Plan for outbound calls
Appropriate methods of building accurate picture of customers’ situation
Techniques for identifying vulnerable customers
Communicating with and supporting vulnerable customers
Establishing repayment plans
Disputes and conflicts.

5. Action in response to continued non-payment (9%)

Taking appropriate action toward non-payment
Affordability of repayment plans
Negotiation of revised repayment arrangements.