Dealing with Consumer Debtors in Financial Hardship
This Level 3 Award is designed for those working in the financial services industry, focusing on the skills required to handle consumer debtors experiencing financial hardship.
Some key areas of study include debt assessment, budgeting, and negotiation techniques.
Through this award, learners will gain a deeper understanding of the complexities of financial hardship and how to provide effective support to consumers.
Key skills covered include communication, empathy, and problem-solving.
By completing this award, learners will be equipped to make a positive impact on the lives of those struggling with debt.
Take the first step towards a career in debt management and explore this Level 3 Award today.
Benefits of studying Level 3 Award in Dealing with Consumer Debtors in Financial Hardship
Level 3 Award in Dealing with Consumer Debtors in Financial Hardship holds significant importance in today's market, particularly in the UK. According to the Financial Conduct Authority (FCA), there were over 1.8 million individuals in the UK who were struggling with debt in 2020, with the average debt per individual standing at £4,300 (1). This highlights the need for professionals to possess the necessary skills and knowledge to effectively manage debtors in financial hardship.
| Year |
Number of Debtors |
| 2019 |
1,400,000 |
| 2020 |
1,800,000 |
| 2021 |
2,100,000 |
Learn keyfacts about Level 3 Award in Dealing with Consumer Debtors in Financial Hardship
The Level 3 Award in Dealing with Consumer Debtors in Financial Hardship is a vocational qualification that focuses on equipping learners with the skills and knowledge required to handle debtors in financial hardship.
This award is designed for those working in the financial services industry, particularly those in debt collection, credit management, and financial counseling roles.
The learning outcomes of this award include understanding the causes and consequences of debt, identifying debtors in financial hardship, and developing effective strategies for communicating with debtors.
Learners will also gain knowledge of debt management plans, debt restructuring, and the role of the Financial Conduct Authority (FCA) in regulating debt collection practices.
The duration of this award is typically 12-16 months, with learners required to complete a minimum of 12 hours of on-the-job training and 30 hours of off-the-job training.
Industry relevance is high for this award, as it is recognized by the Financial Conduct Authority (FCA) and the Chartered Institute of Credit Management (CICM).
Employers can benefit from this award by upskilling their staff, improving debt collection rates, and reducing the risk of non-payment.
Learners who complete this award can expect to gain a recognized qualification, enhance their career prospects, and increase their earning potential in the financial services industry.
The Level 3 Award in Dealing with Consumer Debtors in Financial Hardship is a valuable qualification for those working in debt collection, credit management, and financial counseling roles, and is an essential skill for anyone looking to succeed in the financial services industry.
Who is Level 3 Award in Dealing with Consumer Debtors in Financial Hardship for?
| Ideal Audience for Level 3 Award in Dealing with Consumer Debtors in Financial Hardship |
Individuals working in the financial services industry, particularly those in debt collection, credit management, and financial counseling roles, are the primary target audience for this qualification. |
| Key Characteristics: |
Prospective learners should possess excellent communication and interpersonal skills, be empathetic and understanding, and have a strong knowledge of UK consumer debt laws and regulations, such as the Consumer Credit Act 1974 and the Financial Services and Markets Act 2000. |
| Relevant Work Experience: |
Typically, individuals seeking this qualification have at least 1-2 years of experience in debt collection, credit management, or a related field, and have encountered complex consumer debt cases, such as those involving debt arrears, bankruptcy, and debt administration. |
| Learning Outcomes: |
By completing this qualification, learners can develop the skills and knowledge required to effectively deal with consumer debtors in financial hardship, including assessing debt situations, negotiating payment plans, and providing guidance on debt management options. |