Paul Taylor from Taylored Credit Management delivered this session at Crumlin Road Gaol on 21st May 2019 outlining practical hints and tips to help you avoid having to issue legal proceedings. You need to hear the presentation but here are the slides, get in touch for more information or to arrange training for your Credit Control team.

1. Paul Taylor CMgr FCMI MCICM

2.  Paul Taylor – Chartered Manager
 Member of CICM Advisory Council and VC NI Branch
 Fellow of the Chartered Management Institute
 Fellow of the Association of Credit Professionals
 12 years as Head of Credit & Risk – Top 100 company
 22+ years experience in Credit Management
◦ FMCG
◦ Telecommunications
◦ Freight/Logistics
◦ Security/Fire
◦ Retail Operations
◦ Construction
 Cognitive Behavioural Therapy Practitioner
& #CreditGeek

3. 1 Customer hasn’t paid within terms
2 Reminder letter 1
3 Call 1
4 Reminder letter 2
5 Call 2
6 Call 3
7 Reminder letter 3
8 Call 4
9 Final Reminder
10 Final Demand
11 Letter before Action
12 Notice of Litigation
13 Maybe Legal? Maybe Write off…?
1 Customer hasn’t paid within terms
2 Call 1
3 Call 2
4 Reminder letter 1
5 Reminder letter 1
6 Call 3
7 Reminder letter 3
8 Call 4
9 Final Reminder
10 Final Demand
11 Letter before Action
12 Notice of Litigation
13 Maybe Legal? Maybe Write off…?

4. Being
asked
Threat of
Legal
Action
Recognise the
trigger, treat
accordingly,
monitor and
adjust
Getting a
statement
Having the
battle
LEGAL
Getting paid
faster and
more
efficiently
Consider

5.  Letter 1
 Letter 2
 Letter 3
 Final Reminder
 Final Demand
Albert Einstein said “Two things are infinite. The
Universe and Human Stupidity… and I’m not sure about
the Universe!”.

6. Albert Einstein said “Two things are infinite. The
Universe and Human Stupidity… and I’m not sure about
the Universe!”.
He then went on to define stupidity as…
“Doing the same thing again and again
and expecting a different result!”

7.  Letter 1
 Letter 2
 Letter 3
 Final Reminder
 Final Demand
 Phishing Letter
 Standard Reminder Letter
 Settlement Discount… One off, without Prejudice
 Final Reminder
 Final Demand
 LBA

8.  Know your margins
 Think profit
 Understand the query & understand the personalities
Sell Price £1200
Cost Price £900 Profit £180 Loss £120
Sell Price £1200
Cost Price £900 Profit £300 Loss £0

9.  Contact the persons boss!
◦ AP Manager
◦ Financial Controller / Director
◦ MD / CEO
◦ Be creative
◦ Target the Company Secretary
◦ KYC, what could their trigger be?

10.  Escalation process – The Appearance of an escalation

11. Taking Legal Action

13.  How long established
 Industry coverage
 Personal Connection
 Cost vs. Collection Time
 Ancillary Services
 Word of Mouth
 Culture, ethical
 Compliant & professional

14.  Be Realistic
 Take action early
 Give all the information
 Provide details on any issues
 Respond urgently
 Be accurate or tell them the gaps
 If queried, can they settle and at what amount
 Offer a Settlement Discount

15.  When someone doesn’t pay
◦ Think! Trigger to pay
◦ Target your letter…. LETTER- Maybe a Final letter
◦ Escalate Externally
◦ Use the BUDDY BUDDY system
◦ Ask Yourself… What else can I do?
◦ Pass to your Debt Collection Agency
◦ If not paid, reassess & discuss with DCA
◦ If not collectible, pass for legal action or issue SCA
 Remember Einstein?

16. Questions ?