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.
Being 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.
Some 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.