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.

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Study this course with either Virtual Classes, Learning Support Service or completely independently