Tag Archives: treating customers fairly

Wescot – Money Advice Scotland annual conference

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Money Advice Scotland hosted its 24th Annual Conference in Glasgow in June 2013. The long-standing event is seen as an important and informative event which is utilised by many people from varying backgrounds. The 24th Annual Conference addressed many different issues, but dedicated a lot of the event to the changes within the financial world and the regulatory process.

One of the key issues at the event concerned the changes in bankruptcy legislation, which will have a major impact on many people and businesses within Scotland itself. Also on the agenda at the conference were discussions relating to welfare provision with particular emphasis being placed on the effect that it will have on the consumer. Many of the changes that have recently been put in place were discussed at the event with many debating who will be the ones to benefit from the changes. The event gave like-minded people the opportunity to meet in one place and talk about issues concerning credit and debt.

The introduction of the Financial Conduct Authority was also addressed at the conference which was once again sponsored by Wescot, one of the largest debt collection services in the United Kingdom. The Financial Conduct Authority has been set up to deal with the conduct of large banks all the way down to small businesses and traders and it is hoped that this new authority will play an important role in the transparency of financial issues in the future.

wescotMany of the leading industry experts were on hand at the conference to offer their expert opinion and discuss relevant aspects concerning the current financial sector. The event once more played host to exceptional keynote speakers such as Margaret Curran MP, who discussed the changes to the welfare system whilst Paul Lewis of the BBC chaired the opening day’s events.

Wescot have been sponsoring the event for many years and are extremely proud to be associated with such a dedicated and comprehensive event. Wescot employ over 650 staff throughout the United Kingdom and are considered to be one of the leading debt recovery agencies in the United Kingdom. The fact that the company sponsors such a prestigious event is proof itself that Wescot are leading players within the financial sector and have a keen interest in the current issues.

Wescot | Efficient Complaints Process for Debt Recovery

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WescotFor many large companies, it is important that they should attempt to speed up the efficiency of all the processes that enable the business to keep running. This goes for not just the primary systems that make up the initial business model, be that credit lending or selling watches, but the background processes that are necessary for any business to work, departments such as human resources have to be as efficient as possible reduce costs for the business as a whole. The Equinti group specialises in improving these systems through the use of IT programmes and software. One of the more common products that Equinti offer is called Perito and the Perito system is used extensively in automating many processes and actively reducing the costs for Equinti’s clients.

One of Equinti’s current clients is a credit management company from Glasgow. Wescot is one of the UK’s largest debt recovery companies, employing over 650 people in three locations throughout the North. Because the debt recovery industry has recently been put under increased pressure from the new regulatory body, the Financial Conduct Authority, companies have had to greatly improve their customer relations and complaint management systems. Perito is one such automated system that has been shown to reduce the ‘risk associated with manual processes’, so says a spokesperson for the debt recovery company. Wescot is now in a position whereby they can much more efficiently deal with complaints from third parties by utilising the Perito system. Each mistake that is left absent by implementing Perito is a mistake that will no longer affect the running of the business. The programme works by sorting the complaints into a database with each one ranked in severity. This means that the more imperative complaints will be dealt with quicker, in accordance with the FCA regulations.

Equinti have worked closely with large IT companies, Microsoft and IBM in order to create their automated IT systems. With the backing and support of these companies, clients of Equinti can rest assured that the most efficient and best quality programmes are in their hands, actively contributing to both a more efficient and cost effective business. For Equinti, their philosophy is the continued reduction in unnecessary costs and this can be seen through the software programmes that they develop.

Wescot | Debt Recovery Agency Implements Successful Learning and Development

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Training and continued development of employees is one of the key aspects to running a successful business, training encourages two things, first of which is that it makes employees feel more valued by their employer. Secondly, because employees feel more engaged, they are then more likely to commit greater effort to the business buoyed by the recent development. Wescot is a debt wescotrecovery agency from the UK, that have recognised the need for continued development of their staff, not least because of the extraneous pressures placed on the company to update its processes.

While Wescot have already employed a successful team within the learning and development department, to further train their employees in responsible debt recovery and customer relations, they have had to recently update their operating procedures. This has involved changing the training that Wescot staff receive to fall in line with the new laws set out by the Financial Conduct Authority.

Wescot is one of the largest debt recovery companies in the UK, 5 million individual debts are processed through the company’s 650 employees. Because of the high level of operation that Wescot currently performs at, it is important that the company not only retains a high level of training, but they ensure that the training they give to employees will allow them to work with the FCA’s permission. In a large company such as Wescot, it would be easy for employees to slip under the radar and not receive further training. Such is the high quality of the learning and development department at Wescot that this is not the case, it is important for the continued success of the company that their employees feel motivated and engaged enough to do their jobs to the required standard.

In order to cover all the bases, Wescot continually review their agents and their performances are assessed. The learning and development department will then look at the areas that the employees need to work on and develop the training programmes to suit. In addition to helping engage their employees, Wescot are transparent when it comes to what the management team expect of their colleagues when they turn up to work. The management team also take an active role in developing those who are underperforming, being an integral part in Wescot’s learning and development systems

Wescot Credit Services – Swift Advances

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Wescot Credit Services Ltd are able to provide first class solutions for their clients and often exceed all expectations. A great example of this was the project twescothey carried out for Swift Advances to locate a number of the company’s former customers. Swift had given Wescot the task of tracing more than 2,000 customers who had already paid off their loans and were due to receive a small refund. The conclusion of the exercise saw the successful location of nearly 80% of the individuals concerned, which far exceeded the expectation that Swift Advances had at the start of the project. ‘Locate’ is just one of the many core services that Wescot Credit Services Ltd provide for their clients.

The early 1970s is when Wescot first came on the scene as a debt collections solutions provider. Initially a partnership, the firm was developed into a private limited company in 1983 and the Wescot Credit Services Ltd that is known today was formed. At present, they provide services for a broad range of clients across a number of various sectors. At any one time, they are managing over £4.5 billion worth of performing assets on behalf of their clients and in the year ending February 2013, they dealt with more than 3 million customer accounts. The result of these dealings was the return of over £240 million to the balance sheets of their clients. This is just one of the many reasons why Wescot find themselves as the leading provider of receivables management services in the UK.

To further enhance their reputation and brand awareness, Wescot Credit Services Ltd will be the main sponsors at this year’s CCR-Interactive and Credit Excellence Awards. This is a highly respected event in the industry calendar and its agenda always brings together high calibre speakers and delegates. This is just one reason why Wescot are happy to associate their name with the conference.

Experian are a global information services company who provide clear and accurate data to other businesses and individuals. Wescot Credit Services Ltd signed a deal with Experian two years ago which enabled them to benefit from this vast provision of information. This allows them to gain a better understanding of their customers’ situations and tailor services to suit their needs. It also means that Wescot are in a better position to adhere to the strict regulatory guidelines in the industry and as a result all their customers get treated fairly.

Wescot Credit Services – Experian

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Wescot Credit Services Ltd have been providing a range of receivables management services and products for over 40 years. They were originally set-up under the name Wescot, but in 1983 they were incorporated into a private limited company and the business that is known today began to exist. At present, they provide services for a broad range of clients, across a number of different sectors, including telecoms and media, utilities, retail finance services and banking and finance. Some of the large firms who employ their services include SKY, NPower, HSBC, Barclays and RBS.

Wescot’s prominent status can be seen in the fact they are acting as the main sponsor for this year’s CCR-Interactive and Credit Excellence Awards. This is a great opportunity for Wescot Credit Services Ltd to enhance their reputation and being associated with such a prestigious event in their industry will undoubtedly have a positive effect on their business. The organisers of the event have stated that Wescot’s influence will bring extra kudos to the day.

Customers who are dealt with by Wescot on behalf of their clients can expect to receive an excellent and more importantly fair service from the company. Wescot have to adhere to strict industry guidelines, which are in place to regulate their dealings with customers. A deal that Wescot struck with Experian two years ago means they are in a much better position to understand their customers’ situations and circumstances. This is because they have access to vast amounts of accurate and clear data from Experian to assist them with their work. This allows them to tailor their services to better suit the needs of the customer and a fairer approach is adopted to the collection of debts.

wescotWescot Credit Services Ltd are specialists at what they do and often exceed the expectations of their clients. One example of this can be seen in a project they carried out for Swift Advances. The goal was to locate more than 2,000 previous Swift customers who had already repaid their loans. The individuals involved were due to receive a small refund and therefore Swift wanted to track them down. Wescot, using their core range of ‘locate’ products and services, were able to successfully trace almost 80% of the past Swift customers. This far exceeded the expectations of Swift, who concluded the exercise as successful.

Wescot Credit Services – Brief History

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The early 1970s was when Wescot was initially formed, and it was originally established as a partnership. In 1983, it was incorporated as a private limited company and Wescot Credit Services Ltd was born. The company operate throughout the UK anwescotd over the last 40 years have established themselves as the number one provider of receivables management services in the country.

Wescot Credit Services Ltd have a wide range of clients across a variety of sectors, including utilities, local government, retail finance services, banking and finance and telecoms and media. Over 50 of the biggest and most successful companies in the UK benefit from the products and services they offer.

Wescot Credit Services Ltd are a debt free company and see themselves in a strong trading position, with a turnover in the financial year ending February 2012 of £32 million. This means that they have sufficient capital to allow them to meet and exceed their clients’ ongoing needs. This makes them the obvious choice for customers who want a first class service.

Wescot Credit Services Ltd believes strongly in developing their people, which is why they have implemented a thorough learning and development programme for employees. This allows their staff to develop new skills and improve their chances of career progression. This in turn ensures that the firm’s clients are receiving the best service possible from knowledgeable and motivated individuals.

An excellent example of how Wescot Credit Services Ltd are able to provide real value to their clients can be seen in the work they recently carried out with Swift Advances. The exercise was to trace over 2,000 Swift customers who had already repaid their loans to the company. These customers were all due to receive a small refund and using its core ‘Locate’ range of services, Wescot were able to successfully trace almost 80% of the individuals. This far exceeded Swift’s expectations and the exercise was deemed very successful.

Wescot Credit Services Ltd are very proud to be the main sponsors at this year’s CCR-Interactive and Credit Excellence Awards. This is a prestigious event and further raises their profile within the industry. Furthermore, the deal that Wescot signed with global information services company Experian two years ago means they are in a fantastic position to deliver an even better service to their clients. The partnership between the two firms will help Wescot to adhere to strict regulatory guidelines, which further ensures that their customers get treated fairly.

Wescot | New User of Experian’s ExPin System

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Experian is one of the world’s largest credit information databases and forms the basis of many credit checks whenever a member of the public comes to secure credit of any variety. Based in Dublin, Experian has operational headquarters in Nottingham, in California and in Sao Paulo in Brazil. From there they employ 17000 peoplwescote who compile thousands of lists of data with regards to how much money individuals owe, to whom and how much more they can afford to borrow. Experian has recently developed a new system, entitled ExPin, with the objective of assisting third part companies in making the decision as to whether to lend more money or not.

ExPin works by compiling data from Experian’s already considerable database, but with a focus on only the customers of the client. The ExPin service will name all the products and services that the customer is already paying for and pass this information on to the Experian client. This information will then prove invaluable for the client, as they can learn all they need to know about a customer to form the basis of a credit decision. ExPin is constantly updated; ensuring that it stays as relevant as possible and each client can quickly access the correct information at the time of access. Clients of Experian will then benefit from greater confidence that the information they receive is as accurate as possible. ExPin will take a lot of hassle out of credit decisions by providing quantitative data for the client.

Experian are also then able to offer further services to their clients who use ExPin, as their needs will be processed by ExPin and returned to the business services team at Experian. All the while, clients will be able to remain ahead of their competitors by using the most relevant information possible.

In a recent move, Wescot Credit Services, a debt recovery agency based in Glasgow and across the UK has signed up to Experian’s ExPin service. This multi million pound decision has proved invaluable to the debt collection company, as they have been able to access information on customers quickly and assess how much they are actually able to pay back. ExPin has already improved Wescot’s debt recovery speed and this translates to stronger relations to their client base as their costs are reduced.

Wescot Credit Services | New Complaints Management for Debt Recovery

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WescotThe Equinti group is an IT services company that employs over 3500 people, in 22 office locations across the world. They specialise in the transformation of clients’ systems, not just in IT hardware itself but also in providing HR solutions, finances and improving the sales of many of their clients. By cooperating closely with IT industry leaders, Microsoft and HP, Equinti are able to develop new software systems that will demonstrably change the way their clients run their business, using IT to run more efficient programs while the client focuses on their primary objectives. While Equinti offer a number of systems that cover a broad range of business needs, their Perito system has been implemented a number of times in being able to assist clients in their complaint management projects.

Wescot Credit Services is one such client of Equinti, purchasing their Perito system in an effort to manage their complaints system more efficiently. The company specialises in debt recovery and the industry in the UK has recently undergone a regulation change, with debt collection currently being regulated by the Financial Conduct Authority (FCA). The FCA has implemented more stringent regulations on debt recovery and as such, companies have had to evolve their complaint management to meet the new regulations. Perito, by Equinti, has proven itself more than adequate for the needs of Wescot Credit Services, who can use the system to not only, adhere to the guidelines set down by the FCA, but they can actually improve the efficiency of the whole process. At any department of a customer focused company such as this, it is important to improve the efficiency of their processes; ultimately it ends with a reduced cost to the client and better customer relations. Wescot have been impressed by the Perito system and has said that the automatic process has ‘reduced the risk associated with manual processes’. Every mistake negated by Perito directly translates to a faster and more efficient recovery campaign by the debt management company.

Equinti are committed to delivering the highest quality services to their clients, ensuring that their processes are as hassle free as possible and they can operate more efficiently. Perito goes a long way to achieving that goal from Equinti.

Wescot | Learning and Development for Debt Recovery Efficiency

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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

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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.