Tag Archives: Debt Collection Efficiency

Wescot | New Developments for Debt Recovery Firm

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With an evolving future for debt recovery, it is important that companies who operate in this industry do everything they can to adapt to the new changes and remain at the head of their game. One of the major factors that is affecting the industry at the minute is the change in regulations, as debt recovery now falls under the jurisdiction of the Financial Conduct Authority (FCA). The FCA have implemented a number of stricter rules to regulate the way companies operate when recovering debts for their clients. Furthwescoter to this is the decrease in average disposable income, which will increase the amount of time it takes for companies to recover debts and thus increase running costs. To overcome these obstacles, Wescot has changed the way they work in a variety of ways.

In businesses such as debt recovery, there is a need for a high volume of correspondence using traditional mail. A hard copy that informs customer that they need to repay their debt is far harder to ignore than an email that might never be read. The disadvantage to using letters is the cost of sending out large volumes, as well as the time it takes to create the mail. Adare is a company that has developed new software called ‘SmartEdit’ which dramatically reduces the time it takes to change small details on letters and therefore speed up the delivery. The debt recovery company is making full use of the SmartEdit technology to alter documents quickly and use preapproved templates to rapidly produce the volume of letters they require.

One of the greatest changes that the FCA have made to the debt recovery is a demand for a more efficient complaints management process. Equinti, a software and IT company from the UK that provides automated procedures that will speed up their background processes has been contracted by Wescot to automate their complaints system. Equinti’s Perito software revolutionises complaint management as it can prioritise important complaints as well as provide user definable fields to further increase efficiency.

The final change for Wescot is the employment of Claire Larson as Operational Risk Manager. It is hoped by the debt recovery company that Larson will be able to shake up the risk management systems at the company to deliver far greater results in the future.

Wescot Credit Services | New Letters Management for Debt Collection Efficiency

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Adare Limited is a company who provide expert data management and communications solutions to benefit any kind of business. Using the systems devised by Adare can actively contribute to reducing the costs of using traditional mail, in particular for those companies that regularly handle large volumes of post. Adhering to the Data Protection Act (1998) with the utmost diligence, Adare specialise in transactional mail, security print and direct mail solutions. The company owns an in-house production unit, cutting out any middle men in the process and thus reducing costs to their clients, as well as speeding up any mail processes.

WescotIn addition to their mail systems, Adare also offer a letters management program, called SmartEdit. SmartEdit works by allowing customers to review and edit existing documents quickly, a vital development as this again speeds up the process of getting the mail out to the recipient. SmartEdit is particularly useful to companies that regularly send out large volumes of letters that contain the same basic information, but require subtle changes to the address, recipient’s name etc. to make the mail seem more personal. By allowing the customer’s employees to quickly change stock letter formats, SmartEdit can dramatically improve the efficiency of a mail campaign.

One of the more recent customers of Adare Limited is Wescot Credit Services, one of the UK’s largest debt recovery agencies who annually process around 5 million clients. With an operation so large, it is important for the debt recovery company to process each client as quickly as possible and so they have taken to using Adare’s Letters Management System, because of how easy it is to change the specific details on a stock letter. Wescot can use the SmartEdit program to change details such as names, amount owed and due date quickly, increasing the efficiency of each debt recovery campaign and this translates to a lower cost and better customer service satisfaction for their clients.

Adare Limited are committed to reducing the costs to each of their clients when they embark upon a large mailing campaign and through useful systems such as SmartEdit, they are able to do this, giving them an edge on the competition. SmartEdit has helped not just Wescot Credit Services, but many other clients speed up the time it takes to send out their correspondence.