Category Archives: Debt Collection

Wescot Credit Services | Core customer focussed values

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Debt collection is part and parcel of running a business. It is not a pleasure to chase people that owe money, but it is necessary to do everything that is possible to understand why the customer hasn’t paid and to work with them to find a position where they can repay the monies that they owe. Where such activity is required, this where you need to turn to experts like Wescot, who rehabilitate your distressed portfolios through their wide range of products and services.

Choosing a debt collection agency to advise, support and deal with business debt is the preferred option of millions of UK companies, and this is where Wescot fits in. Wescot are a well-established organisation offering debt recovery services to companies of all sizes. With forty years in the business, they know their stuff, which is why they are currently one of the largest debt collection agencies within the United Kingdom today.

Wescot has strong values and ethics, and treating customers fairly is always their number one priority. With a workforce of 650 over three sites spread across the UK (Hull, Glasgow and Saltcoats), Wescot go to great lengths to ensure they do business in a scrupulous manner for all concerned.

Their values encompass five key points; professionalism and quality, growth and people development, productivity and efficiency, top class customer service and green credentials.

For Wescot, providing a high standard of service is paramount, they take quality assurance seriously and they constantly review their client offering to ensure they provide the very best professional products and service.

The staff employed at Wescot work in a positive environment which encourages everyone to make valuable contributions to the growth and future success of the business. By offering a great packages and on-going training, employees have plenty of opportunity to grow with Wescot.

Happy staff working in a motivated environment ensures that Wescot can achieve high productivity levels that are delivered efficiently. Good performance increases performance for clients leaving staff feeling fulfilled, satisfied and consumers happier with a debt repayment plan in place that is sustainable to their needs.

Wescot Credit ServicesWescot has had the lion’s share of debt recovery business in the past and they strive to make sure they retain this enviable position in the future. As the credit industry evolves, Wescot are keen to provide a great customer service through building and maintaining trusted relationships with their clients.

Looking after the environment is everyone’s responsibility, and Wescot recognise the importance of increasing their green credentials by putting certain measures in place to recycle and play their part in caring for the planet.

Wescot Credit Services | Improving Performance with Key Industry Partnerships

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Customer data is one of the most challenging aspects of credit collection. Given the significance of collections performance in a credit collection company’s overall performance, what becomes important is ensuring that data and intelligence is as complete, accurate and reliable as possible.

Financial performance is not the only reason behind the importance of high quality data and intelligent data systems. In gaining the most complete and accurate profile of customers, agencies are able to understand each individual situation as clearly as possible, which in-turn reduces errors and allows for the most fair and appropriate remediation.

The international credit information company Experian has some of the most advanced credit information and information analysis capabilities in the world, and for a number of years Wescot Credit Services has been in partnership with this company to take advantage of these capabilities. Customers know Experian as a credit score reference provider, while collection agencies know them as the provider of important data services that can make all the difference in a competitive marketplace.

Wescot Credit ServicesWescot has benefited from the complete and accurate data that Experian delivers. Such data allows the company to perform better assessments on the characteristics of customers, and improve collections performance, which in unison heightens the company’s competitive advantage within the UK’s collections and debt recovery markets.

Experian recently introduced a new dynamic platform: ExPin. This advanced and innovative platform takes a new approach to data matching, assigning each person on file a unique identifier PIN. This PIN significantly reduces erroneous duplication, significantly improves successful matches and overall data quality, and increases accurate data retrieval.

In an industry where debt collection practices are a key issue and companies are subject to close scrutiny and increased regulation, technology now proves vital in helping collections agencies to improve their activities and adhere to obligatory guidelines.

The implementation of the new ExPin system has allowed Wescot Credit Services to take into consideration more accurately and fully the circumstances of each individual customer. Interested in taking the most fair and measured approach to collections as possible, the company have taken advantage of this advanced data system to deliver the most appropriate solutions for the repayment of debt.

Wescot’s partnership with Experian is something which benefits both the consumer and the client, and allows the company to continue to achieve the highest levels of compliance in the debt collection sector.

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.