Wescot Credit Services | Time for change in the credit industry

‘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

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 | An Introduction to Debt Collection Agencies

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.