Category Archives: Office of Fair Trading

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 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.”

 

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.

Wescot are Dedicated to Customer Service by Sponsoring CCR Interactive

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The team at Wescot Credit Services are hoping to learn new ways to improve their services for customers as well as promote general industry excellence by sponsoring the CCR Interactive one day event and Credit Excellence Awards.

CCR Interactive is a one day credit industry conference event that includes the Credit Excellence Awards and the Awards Dinner. As a popular event and with a highly regarded sponsor like Wescot Credit Services, the CCR Interactive event is set to host a high calibre of speakers and delegates who can lead interesting and informative debate. Paul Jenkins, Chief Officer of Wescot, has expressed the value of expert delegates discussing new approaches to industry standards. He explained how, during a period of unprecedented uncertainty and change within the credit industry, it is essential that there is strong leadership from high calibre speakers who can promote the values of ethical practice. The team and Wescot Credit Services are looking forward to learning many new ideas from the discussions raised at the CCR Interactive event.

Wescot The CCR Interactive event is good news for customers as the event will be encouraging businesses to strive towards fairer practices. The Credit Excellence Awards will be rewarding companies with the best business practices and holding them up as examples to follow. The Awards Dinner will then provide a greater opportunity for speakers to raise issues and for delegates mingle and debate ideas.

For customers, Wescot Credit Services’ sponsoring of the CCR Interactive event represents their continuing dedication to better business ethics. As debt collection can be a sensitive and complex issue in which companies need to deal carefully with all parties concerned whilst diligently collecting on all debts owed. As sponsors Wescot can encourage a positive agenda and lead the discussion in how to promote fair customer treatment.

Wescot Credit Services is one of the UK’s leading debt collection companies. Over ten years of trading Wescot have learnt the importance of treating all clients fairly in order secure a positive outcome in all debt collection situations. By constantly striving for customer fairness Wescot has become one of the largest agencies in Britain. Wescot Credit Services employ over 650 members of staff and have offices in Glasgow, Hull and Saltcoats. Over 5 million clients a year trust the reliability of the Wescot agency.

Wescot Set to Sponsor CCR Interactive and the Credit Excellence Awards

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Wescot The CCR Interactive is a one day event which includes the Credit Excellence Awards and Awards Dinner. CCR Interactive is an event held to celebrate excellence in the credit industry. The event is run organised by the publishers of CCR, CCR International and CCR Public Sector, all highly regarded industry journals. CCR Interactive has recently announced the new sponsor for their event will be Wescot Credit Services.

Wescot Credit Services specialise in debt recovery by practicing both extreme diligence on behalf of their clients as well as a total dedication to treating customers fairly, making sure all parties are satisfied with the outcome of a debt situation. Wescot is one of the largest firms of its type in the country; they employ over 650 staff in offices ranging across Glasgow, Hull and Saltcoats who serve over 5 million account holders every year.

Wescot are committed to sponsoring the CCR Interactive event in order to help promote the highest possible industry standards, fairness and the exchange of ideas between leading companies. Chief Officer of Wescot Credit Services Paul Jenkins explained how valuable they themselves had found past CCR Interactive events as well as how important it is for companies to take accountability for encouraging thought provoking debate.

Paul Jenkins of Wescot continued to explain how, during a period of unprecedented change and uncertainty across the credit industry; it is more important than ever to sponsor and promote events like CCR Interactive. By setting an agenda that will attract high calibre speakers, the team at Wescot hope to enjoy the discussion of genuine industry experts who can promote the value of business ethics and encourage greater industry standards. Although Wescot Credit Services are already dedicated to treating customers fairly, they always strive to improve their customer services.

The organisers of CCR Interactive have spoken about how pleased they are to enjoy the sponsorship of Wescot Credit Services. In order attract the best possible speakers and have the greatest impact it is important for the event to be represented by a reputable sponsor. As a major company, Wescot perfectly represent the standards of excellence and dedications to fair customer treatment that CCR Interactive and the Credit Excellence Awards stand for.

Wescot are looking forward to a productive day of knowledge and networking.

Wescot Credit Services | Time for change in the credit industry

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‘Debt’ is a word that can cause a significant amount of stress for all parties involved. Being in debt is generally not a lifestyle choice, but it is a fact of life for many households across the UK.

Wescot Credit ServicesBorrowing money or getting credit is not always a bad thing, but when money that is owed can’t be repaid, lenders often turn to companies like Wescot Credit Services to recover losses they have incurred.

Wescot are a trusted and reliable debt collection service provider; they work morally and ethically alongside some of the UK’s biggest brands serving the banking, telecoms, utility and retail finance sectors.

Whilst there are some unscrupulous back street debt collection companies out there that keep trading, they make it difficult for companies like Wescot to change the perception of the credit collections industry. But change is imminent; lots of new measures are being put in place to govern the market better in order to provide security for lenders, and peace of mind for customers.

The Office of Fair Trading are handing their reins over to the Financial Conduct Authority, which will lead to new guidelines for the industry to adhere to. As legislation changes, the good guys of the credit industry are breathing a sigh of relief as they anticipate that companies trading who use unorthodox methods will be clamped down on, and potentially eradicated.

In addition to legislation changes, the team at Wescot are also busy preparing themselves for other key influential factors that will shape the future of their business in both the long and short term. Financial market conditions may get tighter, as the cost of living continues to rise without wage increases following suit, people have less disposable income and may therefore struggle to meet repayment requirements.

Wescot recognises that they need to continue investing in technology to meet and exceed the needs of clients. As customer habits change, technological advances need to be in place to offer the best possible service.

Another key factor Wescot are aware of that will affect their business and the industry as a whole, is product demand. Lenders will have to shape their products to meet a customer requirement, which in turn means that Wescot will have to continue to review their offering for clients.

An on-going factor for change in the industry is simply the competition. Wescot are going to great lengths to ensure that their market leading position remains just that, so keeping a close eye on competitor activity is vital.

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 | 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.