Tag Archives: Time for change in the credit industry

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 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 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.