Monthly Archives: December 2013

Wescot / Providing Trace Support for Remediation

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Wescot is the only leading edge debt collection agency which offers diversification of four product areas, allowing them to support their clients at every stage of the credit cycle. The Wescot Credit Services locate products and services that have recently been put to further use, in partnership with Swift Advances in relation to a remediation exercise which was undertaken.

wescotAs part of a one-off exercise, Swift Advances wished to trace some 2,000 customers who had already paid off their loans in order to issue them with a relatively small refund. Wescot were asked to help by using their Locate experience, skills and technology in order to trace these customers. Within the space of just two weeks, Wescot were able to give positive trace results on almost 80% of all the customers, a far higher figure than Swift originally expected.

As part of the diverse, full credit cycle range of products on offer at Wescot, accurate locating has proven an invaluable tool. Through an extensive range of lead generation and trace products and services, Wescot are able to not only provide originators with validated data, but also to tailor a solution to the specific requirements of the Swift undertaking and deliver results which exceeded expectations.

Exceeding client expectations is part of the ongoing Wescot business model. As an ethical, customer-focused business, Wescot strives to remain the right choice for the customer and to deliver solutions which maximise profitability for clients, whilst also delivering achievable conclusions for the individual. The locate validation services provided by Wescot Credit Services work to re-establish contact between clients and individuals for the purposes of debt collection, pre sales and dormant accounts, and for verification of residency. Wescot also provide debt recovery services and outsource services to cover the full range of the credit cycle.

As one of the UK’s largest debt collecting agencies employing over 650 staff and working with five million accounts, Wescot take their responsibilities as market leaders seriously. Compliance is at the forefront of everything Wescot do. Not only does Wescot operate at an unsurpassed level of compliance, but it has also been responsible in part for shaping some of the current government legislation.

Wescot / Treating Customers Fairly

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As one of the largest debt collecting agencies in the UK, Wescot Credit Services takes its responsibility as a market leader extremely seriously. As an ethical company Wescot focuses on compliance at the centre of everything it does, not only surpassing everyone else in the filed in terms of levels of compliance, but also helping to shape certain government regulations. Treating Customers Fairly is also at the heart of the Wescot values, with the 650-strong team striving to always exceed client expectations and to deliver solutions which maximise profitability. Professionalism and quality are ever watchwords at Wescot, a quality assured company accredited to the BSi 9001:2000 quality standard, active member of the Credit Services Association and keen supporter of the free Money Advice Agency Network.

WescotAs an employer, Wescot recognise that people are their most valuable asset. Wescot believe in treating their employees as fairly as they treat their customers and aim to make each role in the company one which provides job satisfaction and enjoyment for the mutual benefit of Wescot as a whole and the individual employee. Wescot is committed to the learning and development of all employees and each has equal access to training sessions and independent learning opportunities both within the company and externally.

As a prime services provider in the credit industry, Wescot maintain the highest quality levels of service at all times, seeking not to meet but to exceed client expectations and provide a service which is tailored to individual specific needs, which are identified through close working relationships. The general public has lost a lot of faith in the financial services industry over the past few years. Wescot are committed to rebuilding relationships based on trust in order to instil a new faith in the credit services sector, by maintaining high quality products and services which meet client needs and deliver effective solutions for both companies and individuals. Wescot endeavour to protect investment and brand for each client through a fully tailored service package, which goes above and beyond each and every time.

For Wescot, appropriate data handling goes hand in hand with a customer-focused approach

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Full details of the services provided by Wescot can be found on the company website www.wescot.co.uk . The business was formed in Scotland in the late 1970s. Over the last 40 years, Wescot has grown into a market leader within the consumer credit niche. The success of the company is demonstrated by the fact that Wescot employs over 650 people. These employees are spread over three offices in Glasgow, Saltcoats and Hull.

wescotAnother indicator of the success of Wescot and the solid reputation the company enjoys can be found in the fact that this year it was involved in a sponsorship capacity in two of the most prestigious annual events in the credit industry calendar. Wescot was the main sponsor of the 2013 CCR Interactive event and the Credit Excellence Awards. The purpose of this annual event is to spread the latest best practice principles across the industry. It is also a very useful forum for debate concerning the challenges faced by the credit industry now and in the near future.

Wescot was also a sponsor of the Money Advice Scotland conference held in Glasgow in June of this year. Money Advice Scotland is the umbrella organisation for a number of bodies that seek to provide impartial, independent and confidential debt advice within Scotland. The involvement of Wescot demonstrates the company’s commitment to treating customers fairly. Wescot recognises that the provision of expert, independent debt advice is extremely useful in helping its customers to make informed decisions about their finances. In turn, this helps Wescot reach outcomes that are fair and realistic.

Wescot realises the importance of technology in enabling it to deal effectively and ethically with its customers. It seeks to ensure that its databases are as accurate as possible. On one hand, the fact that its advisors have completely up to date information at their fingertips means that Wescot can reach outcomes with its customers efficiently and with the minimum of fuss and delay. Accurate information also means that the actual agreements reached are fair. Wescot negotiators are able to take into account the difficulties the individual may be facing – with reference to accurate information contained in the individual customer’s profile. The Wescot website is also a useful tool for customers seeking to make a payment. The website also includes easy-to-understand information explaining how Wescot operates.

Wescot is well placed to meet the needs of business

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One of the most high profile events in the credit services industry is the annual CCR Interactive conference and Credit Awards ceremony. An important function of any industry conference is to promote best practice. This is certainly true of the 2013 CCR Interactive event. It also enables representatives of the big industry players to get together and exchange ideas on an informal basis. Events such as these are only ever truly successful if the biggest names in the industry in question are involved. Part of this includes being able to attract a recognisable main sponsor. Fortunately for the organisers of CCR Interactive, this year’s sponsor was Wescot; a credit agency with nationwide coverage and an enviable reputation.

The CCR Interactive conference wasn’t the only event sponsored by Wescot this year. Wescot also lent its name as a sponsor of the Money Advice Scotland 24th Annual Conference. The fact that Wescot is involved with this particular event is hardly surprising. After all, Wescot was originally established in Scotland. Over the last 30 or so years, Wescot has grown considerably. The company now employs over 650 people in offices situated in Glasgow, Saltcoats and Hull. It provides services in the areas of debt recovery, early stage collections, customer locations and debt purchase. Wescot has clients across a range of sectors including banking, utilities, telecom and retail.

wescotThe focus at this year’s conferences was very much a look into the future. Wescot is well aware of the pressures faced by its clients at the present time. The company also appreciates that these problems show little sign of improving significantly any time soon. In particular, continued consumer economic pressures are such that average disposable weekly income per head is still very low. If mortgage interest rates were to rise, these income levels would fall even further. Wescot appreciates that its clients across all sectors are likely to be faced with high levels of payment defaults for the foreseeable future.

Wescot is well placed to be able to deliver results on behalf of clients – despite the difficult climate. The figures for Wescot are impressive. In the 12-month period up until February 2013, the company successfully recovered over £240 million of debts on behalf of its clients. The company was also responsible for managing over 3 million customer accounts. Through investing in technology, ensuring that its staff is well trained and by treating customers fairly, Wescot is in a strong position to deliver results.