Explaining the Rise in Living Costs with Wescot

When the financial markets collapsed following the 2007-2008 crisis, families all over the world began to feel the pinch almost immediately. Wescot has put together this guide to why the cost of living has increased by so much and to highlight some of the biggest drains on a family’s income. What is more, despite figures in recent budget reports suggesting that the economy is growing, the fact remains that the cost of living is disproportionately high and those in the poorest households were effected the most.

Wescot is a debt collection company, with a difference. The company understands that times are hard and rather than pushing for unaffordable arrangements with our clients’ customers, the collections team will develop a plan to reduce the impact of having to make a repayment. Videos from Wescot explain the process further and how this UK based company is trying to change the perception most people have of the debt collection industry.

Rising Utility Costs

During the period of 2010 and 2013, the cost of simply heating our homes went up by 37% on average, which is eight times faster than wages were going up. The global financial crisis was just that, global, which meant that oil and gas wholesale prices increased and utility companies then had to match that in order to still operate. It comes as no surprise then that when winter rolls around again, some of the poorest households were reluctant to put the central heating on for fear of a hefty bill.

A considerable amount of people contacted the Citizen’s Advice Bureau for advice about utility prices during this time. More than a quarter of the people who did so, also revealed that they had debt issues, which further highlights how precarious the situation was at the height of the credit crunch. Additional figures from Ofgem at the tail end of November 2013 stated that 1.4 million electricity and 1.2 million gas energy accounts were in arrears and that was just before the annual price hike for the peak period between December and March.

It is easy to see just from those figures how a dramatic increase in the cost of supplying such a basic need can impact the average family, and more importantly those families with the smallest incomes. Utility prices have since seen a drop but it has taken more than five years before customers can comfortably put the heating on.

Petrol Price Woes

As much as utility prices were governed by the rise in crude oil price, naturally it follows that petrol prices saw a huge increase following the 2008 financial crisis. In fact, it is only recently that the cost of filling the family car up has come down by a significant margin, at an average of 106p per litre. Less than six months ago, that cost was riding high at 131p, having shown little variation since 2009.

Interestingly enough though, the AA has revealed that despite the low price, motorists are not using their cars more often but simply using the money that they have saved by travelling the same distance to pay for other things such as clothing and food. Once again, the financial status would reflect that many people, instead of using their cars to go further afield, are still cutting corners, and saving wherever possible.

Sharp Rental Costs Rise

If putting petrol in the car and heating your home was not expensive enough, paying to keep that roof above your head rose by a significant amount just after the credit crunch. In most areas too, rental prices have remained high too despite falling inflation. For 2013, if you rented in London, you were looking at a typical cost of £1126 pcm, an increase of 4.8% on the same period in the previous year.

Crude oil cannot account for high rental prices however, this time the increase is due to stalls in the construction industry, resulting in far fewer houses being built while the economy was recovering. Unfortunately, for most people the easiest option in the short term is to start renting, and adding to the problem even more.

Unavoidable Factors

The three areas highlighted above are some of the primary causes for the general rise in living costs for UK families. Sadly they are also three expenditures that most people cannot live without, and are responsible for tightened belts across the country. It pays off to shop around and try to find the right utility supplier or the right rental price and even though the economy is growing once more, save money wherever you can.

Weathering the Storm of Financial Hardships

Life is full of surprises: some good, some bad and some financially ugly. Life events like a job loss or an illness can wreak havoc on your finances, making difficult times even more difficult to bear. If you find yourself in a situation that places you in a tough financial spot, take comfort in knowing that there is a way out. Agencies like Wescot can help. Connect with the company through social media to learn more about its services. By following these steps, you are then armed with your best defence against financial trouble in unfortunate circumstances.

Establish a Budget

Your best bet for combatting the stress of a job loss is to map out a budget that is clear and concise. If married, speak with your spouse about how to best manage this difficult financial time. Once you’ve got a clear idea of the amount you’ve got coming in and your expenses, you’ll be prepared to put together a budget that best suits the needs of you and your family.

Just because you’re on a budget doesn’t mean you must give up life’s small pleasures. Make room in your budget for things like the occasional cup of coffee at a café to ensure you are still treating yourself, albeit minimally.

When establishing a budget, don’t go drastic all at once. Start small, by decreasing your spending on things like entertainment and take-out, in order to see a significant impact that doesn’t affect your necessities. Don’t be afraid to adjust your budget as time goes by. You may find that saving money wisely will make allowances for great things in the future. Make room for rewards when you reach milestones like a job promotion, a special birthday or an anniversary.

Save

Don’t allow circumstances like a job loss to put you in a bind. By following a budget from the start, you will have more control over your savings account – a necessity when preparing for the worst. Many people use credit cards to aid them during difficult times, which consequently only results in more debt. Begin a savings account and set money aside in it each month so you are one step ahead of financial disaster. Doing so will arm you with a bit of cushion in case you do find yourself in financial trouble.

Tackle Debt

Prepare a detailed list of all of your debts, including your remaining balances and how much you currently pay each month. This will give you a clear idea to begin your plan of action in instances of job loss and other unforeseen circumstances. Also make note of irregular payments that might surprise you. Car insurance, property taxes and income taxes can all wreak havoc on your savings account if you aren’t careful.

Prioritise Your Payments

While all debt should be taken seriously, some bills matter more than others. Your mortgage and rent take precedence over all other bills, as do other household bills such as water and electricity – make these your priority. Credit card companies will often contact you soon in the event of a missed payment, but you should never take risks when it comes to your home.

Seek Help

Many card companies and banks offer insurance and payment protection plans for severe circumstances, which may include job loss, death in the family or perhaps a pregnancy. Mortgage protection insurance (MPPI) may help with living expenses while short-term income protection (STIP) may prove particularly beneficial in the event of a job loss. Review your current accounts and determine if you previously signed up for any of these. If so, make a claim.

Life events like a job loss or family illness can bring upon feelings of helplessness. Don’t become victim to these negative feelings. Instead, commit to doing everything in your power to lessen the harmful effects of mounting debt. Whilst there are credit repairing companies that can aid in consolidating debts or lowering interest rates for you, do away with the middleman and contact your creditors yourself. Doing so will show true effort on your part, making your creditor more likely to help you during a difficult time.

Contact your credit card company and speak to a manager about your financial troubles. They may have the authority to forgive some of your debt or at the very least lower your interest rate or minimum payments to a level in which you feel comfortable. Your bank may also have a hardships team designated to handle these issues. Once you submit a hardship notice, your bank may take extra steps to ensure your payments are manageable. Small steps like this can make all the difference in how your family handles unforeseen circumstances.

No matter what life throws at you, it’s important to come prepared. Start your path to financial freedom now before it’s too late. With the proper budget, savings account and payment schedule all in order, you may find yourself financially unfettered by any unfortunate circumstances hurled your way.

Wescot and Experian strike a deal

One of the largest debt recovery agencies in the United Kingdom and one of the largest global information services organisations in operation have struck a deal that will see wescotboth of them benefit extensively from over the coming years. UK-based debt recovery agency Wescot have struck a multi-million pound deal with Experian to provide them with data services for the next two years,

Wescot is one of the biggest and most respected debt recovery agencies in the United Kingdom and currently employs the services of over 650 staff across three different locations. Wescot possess major centres at Hull, Glasgow and Saltcoats respectively, and the staff within these three centres contact over 5 million account holders each year. Wescot have a burgeoning reputation for the successful management and recovery of debt and last year returned over £240 million to the accounts of their clients.

The deal with Experian will give staff at Wescot even greater levels of detail and accuracy in relation to data services and hopes are high at the company that the resulting improvements will be of great benefit to their clients. Wescot will take advantage of the new platform that has recently been introduced by Experian called ExPin. ExPin is a dynamic data platform that gives each individual on the database a unique PIN number. The platform uses this PIN number to identify individuals and detect any duplications or copies. This substantially improves the accuracy and detail of the data provided to customers of Experian and Wescot are delighted to be a part of such a platform.

Paul Jenkins, Chief Executive Officer at Wescot commented that the ExPin platform had improved their collections operating model and that continued use of the platform would only serve to strengthen their position at the forefront of the debt recovery sector in the United Kingdom.

Wescot currently manage over £4.5 billion of performing assets for their clients with the board at Wescot hoping that the deal struck with Experian will increase that figure even further.

Paul Jenkins added that the most important aspect of the multi million pound deal was with regards to being able to achieve excellent levels of compliance and protect the image and reputations of both their clients and the Wescot brand itself.

Wescot Company History

Originally established in the early 1970’s, the modern day Wescot came into existence in 1983 and has grown steadily during that time both in terms of size and reputation. Wescot are a company from the United Kingdom that deal with debt recovery and assist their customers with recovery and location issues. Wescot are one of the largest debt wescotrecovery agencies in the United Kingdom and employ over 650 staff in three individual locations. The company has centres in Hull, Glasgow and Saltcoats respectively, but deals with client’s right across the United Kingdom.

The companies experience and expertise within the sector enables them to efficiently and effectively deal with over 5 million individual account holders each and every year. Wescot have a burgeoning reputation for working closely with their customers and providing a transparent, professional and ethical approach to their business which is something that has resulted in them being in high demand to act as sponsors for various events throughout the UK.

The majority of the customers that seek the assistance of Wescot come from four main sectors and the company takes great pride in the high levels of customer satisfaction enjoyed by the clients. The four main sectors that make up the bulk of the company’s customer base are the banking, telecoms, utility and retail finance sectors.

Wescot specialise in the recovery of debt that has fallen into arrears for whatever reason and believe that it is their honest and ethical approach to business that has resulted in an increasing number of customers seeking out their assistance. Wescot work hard on the behalf of their clients to resolve issues between individuals and their clients and place great emphasis on maintaining a professional approach at all times. Wescot are a company that understands the importance of not only treating each of their clients on an individual basis but also the need to protect the client’s public image and reputation. Wescot possess an executive team that are experts within the debt recovery sector and it is this experience and expertise that enables them to achieve positive results on behalf of their clients time and time again.

Wescot Credit Services: Dedicated sponsors

Treating customers fairly is something that Wescot Credit Services Ltd take very seriously and their relationship with the global information services company Experian ensures that they apply this philosophy rigorously. The deal signed between the two companies two years ago means that Wescot benefit from the full range of accurate and complete data provisions that Experian possess. This enables Wescot to provide a more comprehensive service and improve their collections performance.

One such service that Wescot Credit Services Ltd provide is the facility to trace individuals. An exercise they recently undertook for Swift Advances was deemed a great success and more than surpassed the client’s expectations. Swift needed to trace over 2,000 previous customers to issue them with small refunds. Wescot were able to successfully locate nearly 80% of the individuals in question and Swift Advances were truly impressed with the service they received.

It is inevitable that the excellent service provided by Wescot is due mainly to the individuals they employ. Great care is taken to ensure that all employees are given a clear career development plan and concise objectives. This allows the firm’s staff to enhance their knowledge and learn new skills, which undoubtedly reflects on the service their clients receive. It is no wonder therefore that Wescot Credit Services Ltd are leading the receivables management services industry in the UK.

Wescot were initially founded in the early 1970s and were originally formed as a partnership. Just over a decade later, they became the private limited company Wescot Credit Services Ltd. Today, they have a broad range of clients across various sectors, which include well-known businesses like RBS, HSBC, British Gas and SKY. At any one time, they find themselves managing performing assets on behalf of their clients worth over £4.5 billion.

wescotBeing debt free means that Wescot have sufficient capital to best provide services to their clients and more than often exceed their expectations. Their turnover in the year ending February 2012 was an impressive £32 million and shows their strong trading position. This is just one reason why they are often the first choice for clients wanting an exceptional service.

This year’s CCR-Interactive and Credit Excellence Awards will have a new main sponsor. Wescot Credit Services Ltd are proud to be associating their brand with the prestigious event, which will inevitably raise awareness of the services and products they provide. They also sponsor the annual conference of Money Advice Scotland, this goes to show the dedication that they have in relation to their chosen sector.

Wescot Changing Strategies in Debt Recovery

For debt recovery companies such as Wescot Credit Services, the changing economic climate as well as changes in regulations regarding debt management is causing them to change some of the strategies they employ. There are several factors that have impacted the debt recovery industry, and it is forecasted that there are more changes yet to come. In order to keep abreast of these changes, debt management firms will have to change the way they operate. Debt recovery companies are responsible for reclaiming millions of pounds worth of debt each year in ways that work for both the client and the customer.

wescotSome of the problems that debt management companies have to overcome include the fact that on average the weekly disposable income has decreased to £139, which is close to figures released in 2008 at the beginning of the credit crunch. This then puts pressure on debt recovery and the speed at which the customer can return the debt. For each case that takes longer to repay, that increases the cost for debt recovery agencies. There will also be tougher regulations imposed on debt recovery companies, as responsibilities for mistakes will be passed on to the Financial Conduct Authority (FCA). In addition to this, the way that people control their finances have changed dramatically in the past decade with the advent of new technology which means that debt recovery companies will have to adapt their strategies to keep up.

To respond to these changes in the industry, debt recovery companies like Wescot have adapted their business models slightly in order to give the best service to clients and sensitive but effective recovery results. One of the main aspects that these companies have to be aware of is the specific changes brought about by the FCA and to deliver on the new regulations. In order to do this they will have to work with the FCA and their clients, ensuring that all parties are aware of what the debt recovery companies can achieve.

In order for debt management companies to continue to meet customer expectations, they will also have to update their processes when it comes to data handling and management as well as providing further training to their staff. By achieving this, they will be able to adapt to the current new obstacles that face customers when they are struggling to repay.

Money Advice Scotland Receives New Sponsor

Money Advice Scotland is a major charity that focuses its efforts on assisting those who need advice with their finances. Established in 1989 by the Scottish Consumer Council, which is now known as Consumer Focus Scotland, Money Advice Scotland has helped many people resolve issues with their debt by giving expert advice on the best practices to do so. The biggest event in Money Advice Scotland’s calendar is its annual conference whereby people from all over are invited to attend, to network and to listen in on seminars to learn first-hand about financial issues. Money Advice Scotland’s conferences typically run for two days, giving attendees plenty of time to get to know one anotwescot credit servicesher and learn from each other. Not only are individuals invited but there are many large financial companies that attend the conference, both debt recovery agencies and their clients, the big UK lenders.

The Money Advice Scotland conference also gives the charity an opportunity to raise the funds it needs to continue operating. While most of the charity’s funding comes from the Scottish Government and the Money Advice Trust, the conferences and seminars that the charity produces throughout the year provide big boosts to their income. One of the latest sponsors to join the fold for the conference budget is Wescot Credit Services, one of the biggest debt recovery companies in the UK who employ 650 people in three different locations in Scotland and England. A further advantage to gaining sponsorship from large companies such as Wescot is that Money Advice Scotland conferences will undoubtedly attract larger and larger crowds, ensuring that their information is passed on to more people.

Over the course of the two days of the conference, there are lectures from keynote speakers, often experts within the financial sector that share their knowledge with the audience on latest developments in the industry. This is in addition to seminars and workshops that encourage people to network further and engage themselves in important issues such as bankruptcy, income tax and regulation reform. At the end of the first day, there is a gala dinner provided by Money Advice Scotland and the events sponsors with further opportunity for companies to open new business relationship and enjoy their time at the conference. Finally, the dinner closes with a charity auction to raise further income for the good work that Money Advice Scotland performs.

Wescot took a leading role in 2013 conferences

Industry conferences perform a very useful role. For one thing, they enable industry insiders to get together on an informal basis and exchange ideas and news. Conferences also provide a very important educational role. They allow ideas of best practice to be widely disseminated across the industry in question. Where they include an awards ceremony element, they also provide what is often a very welcome boost to morale. All of this is true of the consumer credit industry. Wescot Credit Services is a highly regarded player within this industry. It is entirely fitting therefore that Wescot took a leading role in two of this year’s major events.

Wescot Credit Services was founded in Scotland over 30 years ago. Over the decades, Wescot has flourished. The company now employs over 650 staff across three offices in Saltcoats, Glasgow and Hull. The company provides something of a ‘beacon’ to other companies in the same niche. For one thing, Wescot is constantly evolving. This can be seen in the way the company has embraced the very latest in technology. Wescot Credit Services has recently invested heavily in inbound telephony and outbound dialer technology. The three Wescot sites have been transformed into a virtual call centre. This state of the art connectivity has benefitted both clients and individual customers alike. It proves to be of particular benefit to customers as it enables them to swiftly and efficiently make contact with a Wescot representative. For Wescot this is all part of treating customers fairly.

Wescot Credit Services was the main sponsor at this year’s CCR Interactive Event. This conference incorporates the Credit Excellence Awards. It is regarded as the flagship event in the consumer credit industry. At this year’s CCR Interactive event, there was considerable emphasis on the challenges and changes the consumer credit industry is likely to face in the near future. Wescot Credit Services is already well aware of these issues and how they might affect its clients. The company has put considerable reswescotources into making sure its business model will meet the needs of clients. The Wescot business model is designed to be fully compliant with the latest industry regulations and guidelines. In fact, in a lot of respects, the way in which Wescot operates exceeds those standards. Wescot was also a sponsor of the 2013 Money Advice Scotland conference. This demonstrates the company’s commitment to supporting fair and impartial advice for its customers.

Wescot Credit Services supports employee development

Working full-time is a challenge, and whether you love or hate it, it is a fact of life. Wescot Credit Services fully understands the importance of job satisfaction, which is why they actively encourage a learning and development programme across their three offices in Glasgow, Hull and Saltcoats.

Wescot Credit ServicesAs Wescot Credit Services continues to lead the way in providing UK based high profile organisations with a debt collection service, they often go to great lengths to ensure employees are well equipped to reach the company’s end goal – to treat customers fairly.

With over four decades worth of experience, Wescot is on of the UK’s biggest collections agencies, and their success is in part due to their investment into motivational training.

By giving their 650 strong workforce the opportunity to get involved in their learning and development culture, Wescot are confident that employee performance levels will benefit. In house training is a continuous process, and Wescot believes it is vital to ensure each and every employee has the correct tools and capability levels to carry out their job effectively.

In addition to motivational training to enhance performance levels, Wescot also support employees who want to further their education in terms of allowing time off from work. Staff would have to fund this kind of activity themselves, but Wescot have a clear further education policy for employee’s to benefit from.

Wescot find it a mutually beneficial arrangement and are happy to assist staff in any types of study as long as they can reasonably demonstrate that it is likely to lead to effective improvements in their work competencies. Time off from work would be unpaid, but Wescot are flexible in their approach to work hours to accommodate their dedicated staff.

For Wescot Credit Services, training is a key element of their overall customer engagement strategy and with the new legislation coming into force in the near future; Wescot will continue to invest in enhancing employee learning and development. The Financial Conduct Authority (FCA) is taking the reins over from the Office of Fair Trading in order to govern collection agencies like Wescot who work Consumer Credit Act regulated agreements with customers. This change in regulation means that all credit service providers need to have a strong strategy in-place, in order to meet the new guidelines, and staff will need to be fully up to speed with any changes to ensure they deal with customers in an effective manner.

CCR Interactive 2013 – Tackling Current Issues in the Credit Industry

Credit Collections & Risk Interactive is developing into one of the most popular and significant one-day events in the credit industry calendar. Bringing together a wealth of speakers and delegates from around the world in all corners of the industry, CCR-interactive is a prime conference occasion for networking and the sharing of knowledge, and addressing the latest issues such as compliance, legal issues and fraud prevention. The event has sold out in previous years, and there were over 400 delegates present at the 2012 event.

Wescot Credit ServicesAdapting to the fast-paced industry of credit collections, CCR-interactive has updated delegate streams for the 2013 conference. One delegate stream deals with commercial credit, collections best practice and the importance of information in decision making. The collections stream is one of the most popular, and this year delegates will learn about the experiences of consumer creditors across many different industry sectors.

Similarly to previous years, this year’s event will allow delegates to understand how to improve the performance of their teams, learn about the latest issues in regulation and compliance and what they mean for their business, and understand what it takes to introduce TCF best practice. The conference is also the perfect opportunity to build existing and develop new relationships and partnerships and debate with eminent members in the field.

CCR-interactive has appointed Wescot Credit Services as its new main sponsor for the one-day conference, CCR Credit Excellence Awards and Awards Dinner.

Editor of CCR, Stephen Kiely, has stated that he is delighted to announce Wescot as their main sponsors. He added that it is extremely important to have the right headline sponsor for the event; a respected company that will add to the event’s status. With CCR-interactive now the premier one-day event for the credit collections industry, the number of high quality sponsors, speakers and delegates is increasing at a record pace.

Paul Jenkins, CEO of Wescot Credit Services, said the company was delighted to accept to role of sponsor. He added that CCR has delivered an enlightened approach to important topics, and that the event is helping the company’s clients raise the bar in terms of ethical practices and treating customers fairly. His team are looking forward to attending and listening to the views of other important members of the event, and he stated that the company will come away better equipped to face the challenges ahead.