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Wescot | Money Advice Scotland Introduces New Sponsor for their Conference

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Money Advice Scotland is a charity that has been operating since 1989; they provide important advice to people struggling to repay debts and attempting to relieve the burden that borrowing money often creates. Each year, Money Advice Scotland hosts a two day conference to bring together people from all over the credit industry, not just major lenders but also individuals that need advice on financial responsibility and debt management companies. The event has continued to go from strength to strength as it provides not onlywescot a forum for those who are in debt to voice their worries and receive advice on where to go next, but it also attracts many large companies wishing to network and meet other companies within the industry. Naturally, an event such as this requires a certain level of financial support, and Money Advice Scotland sources many sponsors, including large lending companies. They have recently announced Wescot, a debt recovery company from Glasgow as one of the big new sponsors of the event.

As well as the necessary financial backing required to host such an event, Money Advice Scotland also welcomed the prestige that their big sponsors bring with them. Their newest sponsor, Wescot for example employs 650 people over three locations, Glasgow, Saltcoats and Hull and they process 5 million accounts each year. They have become one of the biggest debt recovery companies in the country and as such they are bound to attract even more people to attend the Money Advice Scotland conference in the years to come. Not only will their prestige attract other companies, start-ups and established lenders that require debt recoveries, but the attraction of having a market expert to provide advice to people suffering from debt will be a large boon to the conference.

The event itself covers two days, on the first day there are optional workshops that will focus on different but related areas of credit management. These workshops are held primarily for members of the public that Money Advice Scotland come into contact with every day as part of their operations. One of the biggest attractions of these events for corporations, however are the ample opportunities to network with other businesses in the industry that they might not otherwise come into contact with.

Wescot | Debt Recovery Agency Implements Successful Learning and Development

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Training and continued development of employees is one of the key aspects to running a successful business, training encourages two things, first of which is that it makes employees feel more valued by their employer. Secondly, because employees feel more engaged, they are then more likely to commit greater effort to the business buoyed by the recent development. Wescot is a debt wescotrecovery agency from the UK, that have recognised the need for continued development of their staff, not least because of the extraneous pressures placed on the company to update its processes.

While Wescot have already employed a successful team within the learning and development department, to further train their employees in responsible debt recovery and customer relations, they have had to recently update their operating procedures. This has involved changing the training that Wescot staff receive to fall in line with the new laws set out by the Financial Conduct Authority.

Wescot is one of the largest debt recovery companies in the UK, 5 million individual debts are processed through the company’s 650 employees. Because of the high level of operation that Wescot currently performs at, it is important that the company not only retains a high level of training, but they ensure that the training they give to employees will allow them to work with the FCA’s permission. In a large company such as Wescot, it would be easy for employees to slip under the radar and not receive further training. Such is the high quality of the learning and development department at Wescot that this is not the case, it is important for the continued success of the company that their employees feel motivated and engaged enough to do their jobs to the required standard.

In order to cover all the bases, Wescot continually review their agents and their performances are assessed. The learning and development department will then look at the areas that the employees need to work on and develop the training programmes to suit. In addition to helping engage their employees, Wescot are transparent when it comes to what the management team expect of their colleagues when they turn up to work. The management team also take an active role in developing those who are underperforming, being an integral part in Wescot’s learning and development systems

Wescot Credit Services – Proud Sponsors

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For more than 40 years, Wescot have been providing vital products and services in the industry of receivables management in the UK and now find themselves at the very top of their field. They were set-up as a partnership originally in the 1970s, but became a private limited company in 1983 and Wescot Credit Services Ltd came to exist.

Local government, utilities, retail finance services telecoms and media and banking and finance are all sectors that Wescot provide services to clients in. More than 50 of the country’s best recognised and most successful companies, including Sky, HSBC, RBS and British Gas to name but a few, are currently benefitting from the range of products and services that Wescot Credit Services Ltd offer.

Proud sponsors of this year’s CCR-Interactive and Credit Excellence Awards, Wescot are further raising their profile within the industry and the event’s organisers believe that their support will add real kudos to the day. Wescot are not strangers to sponsoring such prestigious events however, as their annual involvement with the Money Advice Scotland Annual Conference shows.

The fact that Wescot Credit Services Ltd have no debts means they find themselves in a strong trading position. The £32 million turnover they generated in the year ending February 2012 is proof of their financial stability and sees them in an excellent position to best support their customers. This is because they are able to exceed their clients’ ongoing requirements with the sufficient capital they possess. In the last 2 years, Wescot have undertaken a significant investment programme and upgraded much of their information technology infrastructure. This allows them to provide an even better service to their clients and they now have the potential to upscale their current size by three times.

Their people are another aspect of their business that Wescot look to invest in. Their comprehensive learning and development programme means that employees are given a bespoke development plan, which looks to enhance their skills and improve career progression opporwescottunities. One example of Wescot Credit Services Ltd’s commitment to their employees can be seen in their ‘time off work for study’ policy. This allows individuals to request time off from their working week to undertake study activities relating to courses relevant to their jobs. The company’s clients ultimately benefits too, as the people they are liaising with at Wescot are skilled and motivated, which allows them to provide the best possible service.

Wescot Credit Services – Experian

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Wescot Credit Services Ltd have been providing a range of receivables management services and products for over 40 years. They were originally set-up under the name Wescot, but in 1983 they were incorporated into a private limited company and the business that is known today began to exist. At present, they provide services for a broad range of clients, across a number of different sectors, including telecoms and media, utilities, retail finance services and banking and finance. Some of the large firms who employ their services include SKY, NPower, HSBC, Barclays and RBS.

Wescot’s prominent status can be seen in the fact they are acting as the main sponsor for this year’s CCR-Interactive and Credit Excellence Awards. This is a great opportunity for Wescot Credit Services Ltd to enhance their reputation and being associated with such a prestigious event in their industry will undoubtedly have a positive effect on their business. The organisers of the event have stated that Wescot’s influence will bring extra kudos to the day.

Customers who are dealt with by Wescot on behalf of their clients can expect to receive an excellent and more importantly fair service from the company. Wescot have to adhere to strict industry guidelines, which are in place to regulate their dealings with customers. A deal that Wescot struck with Experian two years ago means they are in a much better position to understand their customers’ situations and circumstances. This is because they have access to vast amounts of accurate and clear data from Experian to assist them with their work. This allows them to tailor their services to better suit the needs of the customer and a fairer approach is adopted to the collection of debts.

wescotWescot Credit Services Ltd are specialists at what they do and often exceed the expectations of their clients. One example of this can be seen in a project they carried out for Swift Advances. The goal was to locate more than 2,000 previous Swift customers who had already repaid their loans. The individuals involved were due to receive a small refund and therefore Swift wanted to track them down. Wescot, using their core range of ‘locate’ products and services, were able to successfully trace almost 80% of the past Swift customers. This far exceeded the expectations of Swift, who concluded the exercise as successful.

Wescot / Sponsors of Money Advice Scotland

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Money Advice Scotland (MAS) is a registered charity which operates as the national umbrella organisation for the support and promotion of independent, impartial, free and confidential debt and finance advice and financial inclusion. Each year MAS howescotst a conference addressing some of the more important topical issues which affect the financial services and credit services sectors. As one of the sponsors of MAS, Wescot Credit Services proactively engage with the debt advice sector to identify and implement best practice across the board, especially in these times of huge change for the financial services industry.

“Wescot is proud to support the Money Advice Scotland Conference and the excellent work undertaken by the MAS. Wescot is one of the largest debt collection agencies in the UK, employing over 650 staff at three centres in Hull, Glasgow and Saltcoats and servicing more than 5 million consumers each year. Wescot practice initiatives within our business ensuring customers and advisors continue to receive appropriate outcomes and support when working with Wescot.”

This year’s MAS conference, held over the 3rd and 4th of January, addressed the issues relating to changes in the regulatory landscape, including new bankruptcy legislation, welfare reforms and the setting up of the new Financial Conduct Authority (FCA) and regulatory board. In early 2014, it is expected that further topical issues within the finance sector will be up for debate, as new reforms shake up the industry and stricter regulations engender a need for a higher level of compliance.

As industry leaders, Wescot have always prided themselves on adopting compliance standards which are unsurpassed in the industry. In many cases, Wescot Credit Services have actually helped to shape the stringent government regulations now in place. Wescot continue to work ethically and to lead the way in terms of dealing with the increased regulations and the impact these have upon the credit services sector. The high compliance standards held by Wescot are recognised by both Trading Standards and the Lending Standards Board. Compliance is at the heart of everything Wescot do, with the strictest standards being built in to all processes to ensure continued adherence to all current regulations and guidelines.

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.