At the Forums International forums there are regular discussion points that run through the fabric of all our forums and that is, ‘What is best practice’? The answer to that question is ever changing and constantly evolving. So that’s why it’s important to share the latest updates, tips and techniques with our members, credit professionals and credit industry personnel on a regular basis.
The beauty of the forums we run is that our members constantly have their finger on the pulse and are at the forefront of best practice.
As part of our regular forum discussions with regards to debt management, our members have compiled a short digestible list of best practices when it comes to collecting a debt. Here is their latest thinking.
1. Know your debtor – research who you are pursuing
2. Overcome any disputes early on
3. Ascertain any reasons for non-payment
4. Establish dialogue and clear lines of communication
5. Remain persistent – Assertive yet pleasant
6. Have set procedures in place – Prelegal cycle etc.
7. Be realistic. Be open to payment plans – work with the debtor
8. Look at the contractual terms – ensure you can recover as much as possible
9. Don’t make empty threats – always follow through
10. Work in a professional and approachable manner
This list has been borne out of hands on experience from the Forums International Forum members. These experiences get shared around the room and with the members and on a wider basis so that everybody can benefit from real life scenarios that our members have encountered and learn from them. That’s the real benefit of attending one of our Forums. Real-life hands-on experiences that you can use in your business.
The above list may sound simple but it’s a good road map and should be underpinned by your credit policy and in this case your debt recovery procedures.
This is only one of the many best practice subjects we have covered. Some other examples:
Opening a new account
- What to look for in a credit report
- Reading and understanding Financials
- Collecting debts
- What “not” to do when collecting debts
- Tips & Tricks
Why join Forums International?
Some of our members have been attending for over 10 years or more, so that says a lot about the quality, benefit and value our Forums provide. Our Forums have always been held in high esteem within the industry and the value that our members receive from our Forums in now being widely recognised at the highest level. A lot of companies are now seeing the forums as a high value knowledge pool, essentially adding more value at less cost than a lot of training courses.
Prospective members are invited to attend their first meeting free of charge and without obligation, to assess the benefits of membership for themselves.
If you join. Quote CCR1 to receive a 10% annual subscription discount
You can also find a full list of the Forums we run, with dates and times on our website www.forumsinternational.co.uk
Alternatively you can give us a call on +44 (0)1246 555055 to join the Forums family.
July – September Forums
23 July** – Pharmaceuticals & Medical Devices Credit Forum – Stratford upon Avon
12-13 Sep** – International Telecoms Risk Forum – Lisbon
24 Sept** – Export Credit Forum – BDO, London
24 Sept** – Information, Communications, Technology & Electronics Forum – London
25 Sept** – Fraud Prevention Network – London
** = Virtual Access (from your desk) Available