Tag Archives: debt recovery companies

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.