Welcome to Session Three

The whole process of taking control of your finances comes down to negotiating with your creditors. Negotiations will usually be carried out by either letter or phone. In some cases, debt collection agents may visit your home and the negotiations may take place on a face to face basis.

Some people feel very uncomfortable negotiating with creditors. Being in debt can cause them to lose confidence and part of the reason they are in the situation they are in is because they avoid contact at all costs.

This session will help build your knowledge of the Collections process which will in turn improve your confidence when you are negotiating with your creditors.

NB The following process applies to non secured debts only

Session Objectives

By the end of this session you will have a better understanding of the collections process. By knowing what is going to happen, having an understanding of the process and an awareness of the possible outcomes at each stage you will be better equipped to deal with any questions and objections your creditors may present.

Session Content

1. Some initial Do’s and Don’ts when negotiating
2. An overview of the Collection Process
3. What happens if I get taken to court?
4. What happens if I fail to make payments?
5. What are my legal alternatives if I can’t pay?

Resources Required

• None

Time Required

Pre session reading: 2 hours
Activities: Approx 1 hour

Activities

• Initial Knowledge check (15 mins)
• What have you learned about the Debt Collection Process Knowledge Test (30 mins)
• Final Knowledge check (15 mins)

Pre-session Reading

• Masterclass Three:  Negotiating Knowledge Builder