Monthly Archives: November 2013

Wescot appreciates the value of technology for a customer-focused outlook

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Wescot has made a name for itself as a major player in the consumer credit sector. It has particular expertise in the areas of debt recovery, early stage debt recovery, customer tracing and debt purchase. The company is over 30 years old. From small beginnings in Scotland, Wescot has expanded to such an extent that the company now employs 650 people across three offices. Wescot has a client base made up of organisations from a number of different sectors. These include telecoms, banking, utilities, retail and local government.

wescotThis year, Wescot was the principal sponsor of the CCR Interactive conference and Credit Excellence Awards. This conference is the flagship annual event for the credit industry. Wescot was also one of the sponsors for 2013 Money Advice Scotland conference. This particular organisation is an umbrella group for the many companies and independent bodies that provide impartial and confidential debt advice across Scotland. The involvement of Wescot in the form of sponsorship demonstrates the commitment of the company to ensuring that individual customers receive useful advice and reach appropriate outcomes when reaching agreement over repayments.

At each of these conferences, the emphasis this year was on the changes and challenges the consumer credit industry will face in the near future. Wescot is well aware of these challenges and how they may affect its clients. Wescot has put considerable resources into ensuring that its business model is designed to meet the needs of clients. Equally as important, Wescot aims to ensure that its business practices are geared towards treating customers fairly.

An important part of the Wescot strategy for delivering the best possible service is the use of technology. This is especially the case in the field of data management. Wescot chose Experian, the worldwide information services company, to provide and manage its data. The aim of Wescot is to ensure that the data it has on each of the customers it deals with is as accurate as possible. For one thing, this improves efficiency. It ensures that Wescot employees are able to instantly access the very latest information about individual customers, so less time is wasted. It also ensures that outcomes can be reached based upon customer profiles and repayment histories that are as accurate as possible. This Experian contract is due to be extended shortly.

Wescot supports all customers being entitled to independent debt advice

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Many different types of organisation turn to Wescot Credit Services for debt collections solutions. The company has been in business for approximately 40 years. Over that time, Wescot has carried out work on behalf of an impressive client base. These clients come from various business sectors including banking, personal finance, retail, telecoms, utilities – and even local government. Information about the various services offered by Wescot Credit Services can be found on the company website www.wescot.co.uk . Key areas of operations include debt recovery, outsource services, debt purchase and locate services.

wescotAs Wescot fully appreciates, these are challenging times for any business directly or indirectly involved in the consumer credit niche. In some ways this is linked to the dented reputation experienced by the banks in the aftermath of the credit crunch. There has been a knock-on effect for the entire financial sector. Certain niches within the consumer credit industry have been subjected to particular scrutiny. These include the payday loans providers and credit-based retail stores. Many businesses will be extremely wary about the collections agencies they work with. In particular, they will want to avoid being tarred with the same brush as some of the more unscrupulous elements within the industry.

Fortunately, Wescot Credit Services offers a safe pair of hands so far as procedures and compliance are concerned. Wescot pays great attention to staff training. Primarily, this is to ensure that all of its representatives adhere fully with all relevant regulations. This includes compliance with the current OFT Debt Collection Guidance.

Wescot Credit Services also believes that customers should be entitled to independent debt advice. The ethical stance of the company in this regard is evident on the Wescot website www.wescot.co.uk. Wescot Credit Services actively encourages its customers to seek assistance. What’s more, the company provides the contact telephone numbers and website addresses for three of the UK’s leading debt charities on its website. These are StepChange Debt Charity, National Debtline and Citizens Advice Bureau.

Wescot Credit Services believes that debt advice provision should be a priority for government. Wescot was one of this year’s sponsors of the Money Advice Scotland annual conference. This umbrella group acts as a voice for the various independent bodies that provide impartial debt advice to the people of Scotland. Wescot is also a supporter of Christians Against Poverty and StepChange Debt Charity.

Accurate data helps Wescot maintain a first class service

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Wescot Credit Services is a UK-registered company. This leading collections agency provides an excellent example to other organisations in the consumer credit sector. This is especially the case in relation to the emphasis Wescot places on treating customers fairly and on compliance.

Wescot Credit Services has been in existence for four decades. Over that time, the company has earned a reputation as a highly effective operator within the collections niche. It has carried out work on behalf of various different types of organisation. These include utilities, telecoms, banking, personal finance, retail and local government.

wescotWescot also has a highly effective locate team. Swift Cover, one of the country’s leading insurers, recently selected Wescot to complete a specialist-tracing project on its behalf. Swift was legally required to make small repayments to a large number of former customers. As part of this, approximately 2000 customers had to be traced. Because this was outside of the usual type of activities Swift is engaged in, the insurer did not have the resources or the expertise to carry out the tracing project itself. Swift chose Wescot as its partner. The choice was warranted. The Wescot locate team was able to track down 80 per cent of the individuals Swift was attempting to trace. This exceeded the insurer’s expectations.

The success of Wescot is due in part to the utilisation of the latest technology. This is especially the case when it comes to the company’s databases. Wescot goes to great lengths to ensure that its databases are as accurate as possible. This proved to be of particular benefit to clients looking for a fast, effective locate solution. In the project Wescot carried out on behalf of Swift for instance, the company was able to complete the job within a matter of weeks.

The maintenance of effective databases is also important to enable the company delivers a highly effective collections service. This means that Wescot employees are able to access completely up to date information about individual customers. This prevents time wastage. It also means that Wescot representatives are able to negotiate fair outcomes based upon a truly realistic picture of the customer’s current status. This therefore ties in very well with one of the key characteristics of the Wescot Credit Service business model: the fair treatment of customers. It also helps clients with customer retention.

Wescot helps its clients face an uncertain future

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The name Wescot will be familiar with anyone with knowledge of the consumer credit industry and the collections niche in particular. The profile of the company was raised further as a consequence of the fact that Wescot was the main sponsor of this year’s CCR Interactive. This event is the most high profile gathering in the credit industry calendar. It enables delegates to catch up on the latest trends in best practice. It also provides an opportunity for an informal exchange of ideas between industry insiders. Incorporated into the conference is the Credit Excellence Awards, which provides public recognition for those organisations that have demonstrated their commitment to best practice.

wescotIt is extremely fitting that Wescot was the principal sponsor of this year’s event. Since its conception in Scotland over 30 years ago, Wescot has gradually grown from strength to strength. The company now has nationwide coverage and employs over 650 employees at offices in Glasgow, Saltcoats and Hull. It has expertise across a number of distinct areas including debt recovery, early stage collections, customer tracing and debt purchase.

Wescot has a client base across a number of different sectors including utilities, telecom, banking, retail and personal finance. The figures for the company are certainly impressive. In the year up until February 2013, the organisation successfully recovered £240 million of debt on behalf of its clients. Wescot also manages the accounts of over 3 million customers.

Wescot is very well placed to meet the challenges of the future. Recent economic data would suggest that the economy as a whole may have turned a corner. Nevertheless, as Wescot is well aware, individual credit customers still face considerable difficulties. Individual disposable income may now be similar to 2008 levels but this is likely to be placed under considerable challenge if mortgage interest rates were to be increased. Wescot appreciates that its clients are unlikely to see a significant drop in customer defaults any time soon.

At the same time, Wescot is fully aware of the fact that the whole consumer credit sector is under the spotlight from politicians, the media and regulators. Wescot knows all too well that its clients will not want to be associated with some of the more disreputable elements of the industry. Wescot therefore ensures its staff is trained to observe the highest standards of professionalism.

Wescot Credit Services Seeks to Extend Contract with Experian

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Wescot Credit Services, one of the leading debt collection agencies in the UK, has enjoyed a successful collaboration with Experian, the global information services company that has provided data services since the agreement began. The multi-million pound deal afforded Wescot access to accurate and complete data in order to achieve a better all-round performance for its clients.

Wescot Credit ServicesUtilising the new to the market Experian dynamic platform, ExPin, Wescot is providing its clients with a unique service tailored to its own needs, and is able to draw on the latest up to date information as is possible. ExPin allows Wescot to view an accurate and complete assessment of the customer, something extremely beneficial to the partnership.

At the time of the original agreement Simon Waller, the head of collections and customer management at Experian, explained the benefits of the partnership:

“Through the extension of our partnership with Wescot, we look forward to providing the company with quality data and advanced business intelligence. Using technology to enhance debt collection practices is becoming increasingly important, particularly with recent scrutiny and increased regulation of the debt collection industry. This partnership will help Wescot adhere to stringent regulatory guidelines, increase data accuracy and help drive the best data collection practices in the industry.”

Wescot’s desire to extend the partnership is a clear indication of the success so far of the collaboration, and with the current contract ending in February, 2014, negotiations are well under-way to come to an agreement for the future. It is notable that Experian, which has a great number of international clients and provides a full credit score, risk, fraud prevention and  decision making service, as well as implementing methods of preventing identity theft, is also keep to continue with what has been a lucrative partnership beneficial to  both parties.

When the original agreement was signed, chief executive officer of Wescot, Paul Jenkins, had this to say:

“Our strategic partnership with Experian has improved our collections operating model by delivering insight into individual customers and client portfolios. As a result we have been able to strengthen our competitive advantage in the UK’s collections and recovery markets.  The implementation of the ExPin system, when integrated with our decision and execution platforms, will further improve our ability to take into consideration each individual customer circumstances and deliver appropriate solutions for the repayment of outstanding debts. The benefits to the consumer and our clients are significant, however without question the most important element is the ability to continue to achieve the highest possible standards of compliance in the sector, therefore this is an investment which is designed to continue to protect the reputations of our clients and the Wescot brand.”

 

The latest technology enables Wescot to exceed customers’ expectations

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Wescot Credit Services is a market leader in the customer collections niche. Wescot Credit Services has particular expertise in the areas of customer tracing, outsource services and debt recovery activity. Wescot has carried out work for clients from a wider range of business sectors. These include utilities, telecoms, retail, banking and personal finance. Wescot Credit Services has also completed work on behalf of various local authorities.

Wescot Credit Services has always been quick to adopt the latest technology to enhance the service it provides for clients. A good example of this can be found within the company’s tracing service. The bespoke trace process utilised by Wescot ensures that the information it holds is as accurate as possible. The company also employs a highly experienced locate team to deal with the varying levels of validation required in today’s market.

wescotRecently, these resources were put to good use in a project on behalf of one of the UK’s leading insurers, Swift Cover. Swift was ordered to carry out a remediation exercise, which involved making a relatively small refund to approximately 2000 former customers. These customers had to be tracked down. Swift realised that it did not have the resources to carry out the searches itself. Wescot Credit Services proved to be the ideal choice of agency to complete the task. Within a matter of weeks, Wescot had managed to exceed Swift’s expectations by tracking down 80 per cent of the customers. This was a far greater number than Swift had expected to trace.

Technology is also utilised to great effect by Wescot when it comes to its collections service. The company has invested considerably in inbound telephony and outbound dialer technology. This means that the three Wescot offices based in Glasgow, Saltcoats and Hull combine to form a virtual call centre. As a consequence, customers are able to speak to Wescot Credit Services representatives at a time that’s convenient to them. Whilst technology is extremely useful, Wescot is extremely careful not to breach any regulations concerning communications and data handling. As such, Wescot complies fully with Ofcom requirements concerning predictive dialing. The company is also careful to ensure that the regulations governing the security of credit card data are fully adhered to. An emphasis on compliance across the board helps to ensure that the reputations of clients remain intact.

Wescot Sponsors CCR-Interactive and Credit Excellence Awards

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Wescot Credit Services, one of the leading providers of client credit portfolio solutions in the UK, is to become the main sponsor for the prestigious CCR-interactive and Credit Excellence Awards, as well as the Awards Dinner. Wescot is proud to be associated with such an event, as emphasised by chief executive officer of Wescot, Paul Jenkins, who said:

“The CCR-interactive event has always excelled at creating an agenda that attracts high calibre speakers and delegates, the three perfect ingredients for serious, topical and informative debate. At a time when the sector faces unparalleled change and uncertainty, it is essential that the market leaders take accountability for supporting that dialogue.”

wescot“Wescot has benefitted from an enlightened approach on these topics over many years and, indeed, many of our clients are setting the bar in terms of ethical practices that deliver great customer engagement and outcomes.”

“I am delighted that Wescot are sponsoring CCR-interactive. I know our team is looking forward to attending, getting involved and listening to the views of others, there is no doubt we will come away better equipped to face the challenges ahead as a result.”

The event is a major opportunity for those in the credit management industry to network with others, and is also one of the main events for knowledge-gathering; top line speakers from within the industry are on the bill, as Editor of CCR Stephen Kiely explains:

“As CCR-interactive and the Credit Excellence Awards grow in size and prestige each year, it is hugely important that we have the right kind of headline sponsor, one which is a respected company which will add to the kudos of the day. So I am delighted that we are able to announce Wescot as our main sponsors. The numbers and quality of sponsors, speakers, and delegates are all coming on at a record pace, so we are all looking forward to an outstanding day of knowledge and networking.”

In a similar agreement Wescot, which boasts over 650 staff operating a streamlined organisation in three locations – Hull, Glasgow and Saltcoats – is to sponsor the Money Advice Scotland Conference. With over 5 million consumer accounts under Wescot’s control at any one time, the company is clearly able to offer support and advice to clients seeking a solution, and is perfectly placed to tailor all accounts to fit their individual needs.

Wescot appreciates the value of technology for a customer-focused outlook

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The UK-based collections agency Wescot provides a superb example to other companies when it comes to compliance and treating customers fairly. Wescot was one of the sponsors for the 2013 Money Advice Scotland conference held at the Crown Plaza Hotel in Glasgow over the summer. The aim of Money Advice Scotland is to act as an umbrella group for the many companies and independent bodies that offer free, impartial advice for the people of Scotland.

For anyone familiar with the Wescot ethos and business model, the company’s involvement in the Money Advice Scotland conference comes as no surprise. The emphasis of Wescot is very much on treating customers fairly. Wescot recognises the very important work that Money Advice Scotland does in providing impartial advice. Wescot is well aware of the fact that customers ought to be entitled to expert advice in order to help them with their repayment strategies. In turn, this assists both Wescot and its customers in reaching appropriate and fair outcomes.

The way in which Wescot operates demonstrates its customer-focused approach. The company started out in Scotland over 30 years ago. Since then, it has grown considerably. Wescot employs over 650 staff across two offices in Scotland and one in Hull. It provides services for household name companies in the telecom, utilities, banking and retail niches and also for local government. Wescot operates a round the clock service – thanks to a 24-hour virtual call centre. This means that customers have the opportunity to make contact with the company at a time that’s convenient to them – rather than being confined to standard business hours.

WescotThe Wescot website is also geared towards providing customers with all possible assistance. It includes a facility enabling customers to make a payment online. Alternatively, customers have the option of making payments by telephone. Other methods of payment include Direct Debit payments, PayPoint outlet payment or else payment by cheque. The website also provides a comprehensive questions and answers page. It sets out very clearly the options open to the customer for discussing and negotiating payment.

Wescot appreciates the importance of ensuring that its representatives are trained to act in a completely professional manner. Wescot also ensures that the data it holds on its customers is as accurate as possible. This is done in partnership with Experian, a global data management company.