As a UK-based debt collecting agency, Wescot works on behalf of telecommunications, utilities, banking and retail finance companies in cases where customers have fallen behind on their agreed repayment schedules. Accounts are passed to the company from the relevant companies and the team then works to contact each individual in order to establish an affordable plan for making the repayments. As it is in the best interests of all involved parties to resolve debt as quickly as possible, Wescot offers a fast payment service enabling the customer to pay online. However, not all customers are able to repay their debt in full immediately, in which case the company will discuss the current financial circumstances of each customer with a view to setting up a new repayment schedule that is sustainable and affordable, taking into account other financial commitments.
Wescot does not purchase debts, but manages them on behalf of their business clients. Once each debt has been recovered, the individual account returns to the original company. Wescot is a member of the industry trade body Credit Services Association and is regulated by the Financial Conduct Authority, complying with all relevant rules and codes of practice and placing focus on treating customers fairly. Under the 1998 Data Protection Act, Wescot is obliged to protect personal data and must therefore confirm the full name and address of each customer before revealing any details regarding their account. All telephone calls are recorded and customers are invited to write to the customer relations team should they have any issues with the standard of service. In cases where customers have engaged the services of a debt advisor, they are requested to pass copies of all correspondence from Wescot to this advisor so they can act on the customer’s behalf.