Wescot is the UK’s largest debt recovery companies, with three office locations in Glasgow, Hull and Saltcoats, the company employs 650 people to help process the 5 million accounts they receive every year. Wescot’s primary service is to help clients who face unpaid loans get their money back from their customers. By adhering to the new, stringent regulations in place from the Financial Conduct Authority (FCA), Wescot have ensured that in the many years they have been operating they not only deliver a high service to their clients, but go a long way to protecting the needs of the account owners that they correspond with.
Recently, Wescot have been involved in a philanthropic endeavour, when they were approached by Swift Advances, a loans company. Swift specialise in delivering niche loans to people who would otherwise struggle to receive credit from high street banks and other creditors. In this case, however, they required Wescot not to recover debt for them, but to help trace people who were eligible for remediation payments from the Swift Group. By using the same techniques that the debt recovery company uses to trace customers that have yet to pay up, Wescot were able to trace 80% of the people that Swift owed money to.
The exercise was a success, and a spokesperson from Swift Group said that they had 2000 customers who all needed tracing and the ‘process was extremely effective and involved minimum effort on our part.
Wescot were able to trace so many people by using the original contact details that they had left with Swift Advances while taking out a loan. They are then able to use those details to trace anyone who had left the original premises, or if all contact had been lost and even if residency at a given address is yet to be verified. While in this instance, the techniques employed by Wescot enabled many people to receive remediation payments, they are keen to point out that they are equally applied to recovering loan payments for their clients.
Even in a constantly shifting environment in the UK where people often change addresses throughout their life, it is testament to Wescot’s ability in tracing customers that they could find 80% of Swift Advances’ clients in a short space of time, delivering satisfaction to the client.