Category Archives: Treating Customers Fairly

Wescot Company History

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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

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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

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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

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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

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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

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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

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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.

Wescot: Understanding the Debt Collection Process

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Receiving a letter from a debt collection agency may be a source of worry, especially if you’re not entirely sure what it means. It’s important to understand what the debt collection process involves to you are able to make informed decisions about your financial future.

Wescot Credit ServicesThe main thing to remember is not to ignore the letter. If you’ve missed several payments on your loan and your creditor is struggling to recover the funds, they will often enlist the help of a debt collection agency such as Wescot.  The creditor may simply employ the agency to recover the debt or they may sell the debt to them. In this case you would owe the agency rather than your creditor.

In your initial notification from the debt collection agency, they will outline how much you owe and encourage you to make the payments. They may contact you via letter, telephone, or sometimes at your home (although this is rare).

At this stage you can still negotiate with the debt collection agency. The agency will be eager to recover the money so they should be willing to consider a repayment plan which is manageable for you.

It’s important to understand that a collection agency is not the same as a bailiff – a bailiff will only be involved following a court order or an unpaid council tax bill. However, this does not mean that the situation should be taken lightly.

Defaulted debts will be placed on your credit record which may make it more difficult for you to obtain credit in the future. If you co-operate swiftly with the collection agency you may be able to negotiate with them to remove the mark on your credit record. In any instance of debt, you should always take action as promptly as you can.

Dealing with a collection agency doesn’t have to be a stressful or unpleasant process. The worst thing you can do is to ignore your debt, so try and work with the collection agency and figure out a way of making the payments as efficiently and manageably as possible.