Wescot supports all customers being entitled to independent debt advice

Many different types of organisation turn to Wescot Credit Services for debt collections solutions. The company has been in business for approximately 40 years. Over that time, Wescot has carried out work on behalf of an impressive client base. These clients come from various business sectors including banking, personal finance, retail, telecoms, utilities – and even local government. Information about the various services offered by Wescot Credit Services can be found on the company website www.wescot.co.uk . Key areas of operations include debt recovery, outsource services, debt purchase and locate services.

wescotAs Wescot fully appreciates, these are challenging times for any business directly or indirectly involved in the consumer credit niche. In some ways this is linked to the dented reputation experienced by the banks in the aftermath of the credit crunch. There has been a knock-on effect for the entire financial sector. Certain niches within the consumer credit industry have been subjected to particular scrutiny. These include the payday loans providers and credit-based retail stores. Many businesses will be extremely wary about the collections agencies they work with. In particular, they will want to avoid being tarred with the same brush as some of the more unscrupulous elements within the industry.

Fortunately, Wescot Credit Services offers a safe pair of hands so far as procedures and compliance are concerned. Wescot pays great attention to staff training. Primarily, this is to ensure that all of its representatives adhere fully with all relevant regulations. This includes compliance with the current OFT Debt Collection Guidance.

Wescot Credit Services also believes that customers should be entitled to independent debt advice. The ethical stance of the company in this regard is evident on the Wescot website www.wescot.co.uk. Wescot Credit Services actively encourages its customers to seek assistance. What’s more, the company provides the contact telephone numbers and website addresses for three of the UK’s leading debt charities on its website. These are StepChange Debt Charity, National Debtline and Citizens Advice Bureau.

Wescot Credit Services believes that debt advice provision should be a priority for government. Wescot was one of this year’s sponsors of the Money Advice Scotland annual conference. This umbrella group acts as a voice for the various independent bodies that provide impartial debt advice to the people of Scotland. Wescot is also a supporter of Christians Against Poverty and StepChange Debt Charity.

The latest technology enables Wescot to exceed customers’ expectations

Wescot Credit Services is a market leader in the customer collections niche. Wescot Credit Services has particular expertise in the areas of customer tracing, outsource services and debt recovery activity. Wescot has carried out work for clients from a wider range of business sectors. These include utilities, telecoms, retail, banking and personal finance. Wescot Credit Services has also completed work on behalf of various local authorities.

Wescot Credit Services has always been quick to adopt the latest technology to enhance the service it provides for clients. A good example of this can be found within the company’s tracing service. The bespoke trace process utilised by Wescot ensures that the information it holds is as accurate as possible. The company also employs a highly experienced locate team to deal with the varying levels of validation required in today’s market.

wescotRecently, these resources were put to good use in a project on behalf of one of the UK’s leading insurers, Swift Cover. Swift was ordered to carry out a remediation exercise, which involved making a relatively small refund to approximately 2000 former customers. These customers had to be tracked down. Swift realised that it did not have the resources to carry out the searches itself. Wescot Credit Services proved to be the ideal choice of agency to complete the task. Within a matter of weeks, Wescot had managed to exceed Swift’s expectations by tracking down 80 per cent of the customers. This was a far greater number than Swift had expected to trace.

Technology is also utilised to great effect by Wescot when it comes to its collections service. The company has invested considerably in inbound telephony and outbound dialer technology. This means that the three Wescot offices based in Glasgow, Saltcoats and Hull combine to form a virtual call centre. As a consequence, customers are able to speak to Wescot Credit Services representatives at a time that’s convenient to them. Whilst technology is extremely useful, Wescot is extremely careful not to breach any regulations concerning communications and data handling. As such, Wescot complies fully with Ofcom requirements concerning predictive dialing. The company is also careful to ensure that the regulations governing the security of credit card data are fully adhered to. An emphasis on compliance across the board helps to ensure that the reputations of clients remain intact.

Wescot Credit Services Supports Lender in Tracing Customers for Remediation Plan

Swift Advances have recently engaged the services of leading UK debt collection services agency Wescot Credit Services to assist them in tracing customers for a remediation exercise.

Wescot Credit ServicesIn a one-off exercise, Swift was seeking to identify some 2000 customers who had repaid loans, but were eligible for the issue of small refunds. Wescot Credit Services were able to provide valuable assistance via their Locate range of products and services. Within just a couple of weeks Wescot Credit Services delivered a positive trace on around 80% of the customers in question, which a spokesman for Swift confirmed had “substantially exceeded our expectations” ensuring they have now “repaid the customers and closed down a very successful exercise”.

Tracing and contact products have become an essential element of customer service, and remediation as a resolution to historic process issues also plays a significant part of the modern debt collection philosophy, shifting focus to the principles of TCF, or Treating Customers Fairly. Wescot Credit Services are experts in trace activity and lead generation, and working from within originator’s contact cycles they are able to reconnect with customers who have disappeared, where contact has been lost, or where location and residency verification is required.

Simon Armitage, Product Development Director for Wescot Credit Services commented that “we appreciate the world is changing in terms of client requirements for tracing products, originators are no longer willing to simply take risks using non-validated data. Through our extensive range of lead generation and trace products and services, we were able to tailor a solution to Swift’s requirements and deliver results that exceeded their expectations”. Helping customers like Swift to proactively identify customers for refund cements the Wescot Credit Services commitment to ensuring TCF models are championed across their business, and those of their clients.

About Wescot Credit Services

Owned since 2005 by Venture Capitalists Alchemy Partners, Wescot Credit Services have over 40 year’s experience in the debt collections market. With 3 operating sites in the UK staffed by 650 employees, Wescot Credit Services have a firm foothold UK, and all their operations are based here. Managing £8bn of customer assets, Wescot Credit Services provide reconnect and recover services, and early sales and retention activities for a range of high profile clients. Wescot Credit Services have developed long term relationships in a partnership style with leading names in the telecoms, media and utility sectors. Wescot Credit Services are also highly regarded by the UK banks, in which market they hold a significant share of business. Compliance is critical for Wescot Credit Services, and they are proactive in developing an approach to creating a new FCA framework that is fit for purpose and with a TCF model at its core.