Wescot | Learning and Development for Debt Recovery Efficiency

One of the most important aspects to running a business is to make sure that each member of staff is trained to the highest standard, in order to conduct business with a certain level of autonomy, carrying out the company’s mission to the best of their ability. To this end, Wescot Credit Services provide their staff with many courses and training days to ensure they act as a true representative of the company. Training has also been proven to increase engagement levels between company and staff; therefore a more motivated workforce is a more efficient one.

WescotWescot Credit Services is one of the largest debt recovery companies in the UK, with offices across Scotland and England; they process over 5 million accounts each year. This high volume of work requires employers to pay close attention and conscientiously process each account with the same high standard as the last. This then is transferred to the clients of Wescot, who constantly put their customers first. A more efficient turnaround on a debt recovery project means lower costs for the client, as well as stronger relations, meaning a high chance of the client returning to Wescot in the future. Learning and development therefore is very important to the company; each employee is entitled to inductions into the company that highlight the company’s strengths and business objectives as well as regular reviews on performance and clear set targets for their continued success.

In addition to being continually reviewed, Wescot Credit Services then offer their employees training in the areas that are perhaps not as effective as in other areas. The Learning and Development team concentrate their efforts on ensuring that their employees are treated with respect when undergoing training, so as to not make them feel disassociated with the company. This again increases the likelihood of a successful debt recovery campaign from Wescot.

Wescot Credit Services also operate a transparency policy on what the management team can be expected to do for the staff. This increases staff morale and shows that there is not such a divide between the management and their delegates. The management team at Wescot take an active role in learning and development of their staff, engaging in review processes and encouraging the Wescot employees to take responsibility for some of their own learning, developing them outside of the office as well.

Wescot / Wescot and Experian Sign Multi-Million Pound Deal

Wescot Credit Services have announced a new multi-million pound contract with global information services company Experian for data services provision over the next two years. The contract extension ensures Wescot will have access to information, which ensures their ability to better assess customer characteristics and enhance its collections performance. As part of this new contract, Wescot will also become one of the first to be integrated into Experian’s new ExPin platform, a dynamic new initiative which changes the way in which data is matched by issuing each client with a unique PIN number. This greatly reduces the chances of data duplication and improves on both data quality and overall match rates. By maximising the opportunity to retrieve data accurately, ExPin will enable Wescot to gain a far more comprehensive portrait of its customers in order to improve upon the services they receive.

wescotWescot are one of the largest debt collecting agencies in the UK, employing over 650 people across three offices. As an ethical debt collecting agency, Wescot Credit Services pride themselves on following stringent government regulations. In some cases, Wescot have even been instrumental in the formation of the regulations themselves, thus determining the debt collection industry standards. The core focus of Wescot is within the banking, telecoms, utility and retail finance sectors. The valuable debt recovery skills which have been built up by the team at Wescot are increasingly being sought by the public sector. Wescot Credit Services also continue to work closely with blue chip clients, with the aim of bringing about favourable resolutions between clients and individuals who have fallen into arrears.

The strategic partnership Wescot have undertaken with Experian will allow the company to improve upon their collections operating model, by delivering further insight into client portfolios and individual customers. Once the ExPin system has been implemented, Wescot will be able to further enhance their performance on behalf of their clients and deliver favourable solutions to debt management, which are tailored to the individual. Wescot remain committed to adhering to the highest standards of compliance in order to protect both their clients and the Wescot brand.

Wescot / Sponsors of Money Advice Scotland

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 / Providing Trace Support for Remediation

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

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

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

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.

Accurate data helps Wescot maintain a first class service

Wescot Credit Services is a UK-registered company. This leading collections agency provides an excellent example to other organisations in the consumer credit sector. This is especially the case in relation to the emphasis Wescot places on treating customers fairly and on compliance.

Wescot Credit Services has been in existence for four decades. Over that time, the company has earned a reputation as a highly effective operator within the collections niche. It has carried out work on behalf of various different types of organisation. These include utilities, telecoms, banking, personal finance, retail and local government.

wescotWescot also has a highly effective locate team. Swift Cover, one of the country’s leading insurers, recently selected Wescot to complete a specialist-tracing project on its behalf. Swift was legally required to make small repayments to a large number of former customers. As part of this, approximately 2000 customers had to be traced. Because this was outside of the usual type of activities Swift is engaged in, the insurer did not have the resources or the expertise to carry out the tracing project itself. Swift chose Wescot as its partner. The choice was warranted. The Wescot locate team was able to track down 80 per cent of the individuals Swift was attempting to trace. This exceeded the insurer’s expectations.

The success of Wescot is due in part to the utilisation of the latest technology. This is especially the case when it comes to the company’s databases. Wescot goes to great lengths to ensure that its databases are as accurate as possible. This proved to be of particular benefit to clients looking for a fast, effective locate solution. In the project Wescot carried out on behalf of Swift for instance, the company was able to complete the job within a matter of weeks.

The maintenance of effective databases is also important to enable the company delivers a highly effective collections service. This means that Wescot employees are able to access completely up to date information about individual customers. This prevents time wastage. It also means that Wescot representatives are able to negotiate fair outcomes based upon a truly realistic picture of the customer’s current status. This therefore ties in very well with one of the key characteristics of the Wescot Credit Service business model: the fair treatment of customers. It also helps clients with customer retention.

Wescot appreciates the value of technology for a customer-focused outlook

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

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.