No business can stay afloat without a firm grasp of how much money they’re owed, and from whom - and if customers don’t pay, this can have a seriously negative impact on long-term financial health.
This level 3 course in credit management is specially designed for those who’d like to gain a full understanding of the principles and practices of controlling credit and managing debt in commercial organisations, and the legal avenues that are available when customers fail to pay. You’ll discover how to maximise your chances of recovering money owed to you, and more importantly, how to pro-actively avoid financial problems. This Credit Control and Debt Management Level 3 course is ideal for small business owners, and no prior experience or education is required to enrol.
What you'll learn
Unit 1 - Credit Control
Credit control can be tricky for any business – how do you know which customers are credit worthy? In this unit, you’ll discover the answer to this question, along with common credit control routes, and how to pursue debt recovery through the courts. You’ll also learn about VAT and tax relief for bad debts, as well as statutory demands, voluntary arrangements, and administration orders.
Unit 2 - Debt Management Agencies
In unit two, you’ll explore what credit checking agencies are used for, and when you might consider employing their services. You’ll take a look at the legal services that are available throughout the process of debt management, and gain an understanding of how issues are dealt with through the courts. Finally, you’ll find out how and when to use debt collection agents, what powers they have, and the costs involved.
Unit 3 - Communication
Dealing with credit and debt collection can be a tricky subject, so maintaining excellent and thorough communication with your customers is key. In the final unit, you’ll discover how to deal with particularly difficult or angry customers, how to compose written communication such as legal demands for payment, as well as when it’s appropriate to use formal letters as opposed to emails. Finally, you’ll learn how to deal with customer responses and, most importantly, how to gain a commitment to pay.
The Quality Licence Scheme is part of the Skills and Education Group, a charitable organisation that unites education and skills-orientated organisations that share similar values and objectives. With more than 100 years of collective experience, the Skills and Education Group’s strategic partnerships create opportunities to inform, influence and represent the wider education and skills sector.
At the end of this course, successful learners will receive a Certificate of Achievement from QLS (Quality Licence Scheme) and a Learner Unit Summary (which lists the details all of the units you have completed as part of your course). You can read more about QLS here.
How is this course assessed or examined?
Throughout this course, you may be expected to complete assignments, essays, research projects, posters, leaflets, presentations, video/audio recordings, work-based and practical learning sessions to meet the requirements of your course. This information will be included in your study pack detailing exactly what you need to do to accomplish your goals as a student.
While there are no strict entry requirements for this level three Credit Control and Debt Management, it is strongly recommended that you have the ability to effectively read and write in English.