Monthly Archives: August 2013

Wescot | What to Expect When Dealing with a Debt Collection Agency

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Generally, if you fail to make the payments on your debt or if you ignore the phone calls and letters sent to you by your creditor, it’s possible that your debt may be handed over to a debt collection agency. Your creditor may have enlisted the help of the agency to recover your debt or they may have sold them your debt, in which case you would owe the agency rather than your original creditor.

Wescot Credit ServicesIf you receive a letter from a debt collection agency, it’s important not to panic. Many collection agencies, such as Wescot, have strict codes of conduct and compliance regulations, so you can expect the agency to deal with you professionally.

It’s important not to ignore correspondence from a debt collection agency. While it may seem tempting to bury your head in the sand, unless you literally have no funds or are planning to file for bankruptcy, it’s advised to cooperate with the collection agency as much as possible. Usually, the longer you delay sorting the issue out, the worse it will become. Ultimately, if you do not pay the debt collection it can end up on your credit report which will detrimentally affect your ability to get credit in the future.

Don’t feel like you can’t negotiate with the debt collection agency. It’s often worth seeing if you can agree on an affordable repayment plan or even reduce the balance of the debt if you are really struggling.

Debt collection agencies will generally contact you by letter or by phone. If you would prefer just to be contacted by letter then you can request this. Many people find this allows them to document their correspondence with the agency better. A debt collection agency may also visit your house but only if there is no other way to contact you. It’s important to remember that a collection agency does not have the same power as a bailiff so you do not need to worry about having your personal effects repossessed at this stage. This can only happen following a court order or if you have an unpaid council tax bill.

Despite what you might think, dealing with a debt collection agency does not have to be scary or unpleasant. While you should simply ignore a letter from a debt collection agency, it’s worth making sure you understand what they are asking you to do before taking any action.

Wescot | An Introduction to Debt Collection Agencies

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If your debt has got to the point where collection agents have been enlisted to recover your debt, it can seem like an unpleasant situation to be in. Although debt collection agents have been known to receive bad press, you’ll usually find that agents will liaise with you professionally and with a degree of empathy. Many debt collection agencies, such as Wescot Credit Services, have strong codes of conduct and compliance regulations to ensure that dealings with the public are professional and efficient.

Wescot Credit ServicesDebt collection agencies are employed by their client to collect debts on their behalf. This may involve the company selling your debt to the collection agency. In this case you would owe the money to the agency rather than the creditor.

The debt collection agency will encourage you to repay the money you owe or hand over assets which can be sold to recover the debt.

It’s important to remember that debt collection agencies are not the same as bailiffs. Generally bailiffs are only called upon in response to council tax debt or as a result of a court order. Debt collection agencies can visit your home but they don’t have the same power as a bailiff. Most agencies will simply contact you by letter or by phone instead.

Debt collection agencies are regulated by the Office of Fair Trading and must adhere to certain directives. This means that they cannot make an unwarranted amount of visits or phone calls to your home or contact your neighbours or your work. These instances would be classed as harassment. In addition to this, they cannot enter your home without your permission and they cannot fabricate claims about the consequences of not paying your debt.

In most cases the best way to deal with debt collection agencies is to be willing to do as much as it takes to pay off your debt. It is worth negotiating to see if they will give you more time to pay or to see if you can negotiate a repayment plan.

Dealing with a debt collection agency doesn’t have to be scary or unpleasant. Most will communicate with you professionally and calmly and in the unlikely situation that they do not, you are within your rights to report them.

Wescot Credit Services Supports Lender in Tracing Customers for Remediation Plan

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Swift Advances have recently engaged the services of leading UK debt collection services agency Wescot Credit Services to assist them in tracing customers for a remediation exercise.

Wescot Credit ServicesIn a one-off exercise, Swift was seeking to identify some 2000 customers who had repaid loans, but were eligible for the issue of small refunds. Wescot Credit Services were able to provide valuable assistance via their Locate range of products and services. Within just a couple of weeks Wescot Credit Services delivered a positive trace on around 80% of the customers in question, which a spokesman for Swift confirmed had “substantially exceeded our expectations” ensuring they have now “repaid the customers and closed down a very successful exercise”.

Tracing and contact products have become an essential element of customer service, and remediation as a resolution to historic process issues also plays a significant part of the modern debt collection philosophy, shifting focus to the principles of TCF, or Treating Customers Fairly. Wescot Credit Services are experts in trace activity and lead generation, and working from within originator’s contact cycles they are able to reconnect with customers who have disappeared, where contact has been lost, or where location and residency verification is required.

Simon Armitage, Product Development Director for Wescot Credit Services commented that “we appreciate the world is changing in terms of client requirements for tracing products, originators are no longer willing to simply take risks using non-validated data. Through our extensive range of lead generation and trace products and services, we were able to tailor a solution to Swift’s requirements and deliver results that exceeded their expectations”. Helping customers like Swift to proactively identify customers for refund cements the Wescot Credit Services commitment to ensuring TCF models are championed across their business, and those of their clients.

About Wescot Credit Services

Owned since 2005 by Venture Capitalists Alchemy Partners, Wescot Credit Services have over 40 year’s experience in the debt collections market. With 3 operating sites in the UK staffed by 650 employees, Wescot Credit Services have a firm foothold UK, and all their operations are based here. Managing £8bn of customer assets, Wescot Credit Services provide reconnect and recover services, and early sales and retention activities for a range of high profile clients. Wescot Credit Services have developed long term relationships in a partnership style with leading names in the telecoms, media and utility sectors. Wescot Credit Services are also highly regarded by the UK banks, in which market they hold a significant share of business. Compliance is critical for Wescot Credit Services, and they are proactive in developing an approach to creating a new FCA framework that is fit for purpose and with a TCF model at its core.