Organisations choose to outsource their debt collections activities for a number of different reasons. First and foremost, many realise they do not have the resources or the time to deal effectively with debt collection work in-house. Under such situations, referring the work to a professional makes perfect sense. When choosing a partner to work with, cost effectiveness is generally at or near the top of an organisation’s list of priorities (especially at a time when many businesses are still in a state of recovery following the deepest and most prolonged economic downturn in decades). At the same time, it is important to pay close attention to a potential partner’s attitude to compliance. In particular, organisations should look closely at whether a debt collection agency is committed to treating customers fairly.
Most companies will claim in their promotional material to be committed to compliance. For anyone choosing a debt collection agency to work with, it is worth looking closely at such claims to check whether there is any substance to them. Wescot is a company worthy of particular consideration. This leading UK debt collection agency believes strongly in the importance of treating customers fairly. The company says such an approach is vital for achieving appropriate outcomes for individual customers.
The approach also brings considerable benefits to the organisations it works for. By engaging customers in a meaningful way, it makes it more likely that appropriate solutions can be worked out. It means, for instance, that agents and customers are able to come up with repayment plans that are achievable in light of the customer’s individual circumstances. This is far preferable to imposing a plan on a customer with little or no thought as to whether that customer is going to be able to stick to it. The approach adopted by Wescot makes it much more likely that the arrears will be recovered. It also increases the likelihood that the relationship between the customer and the business in question can be rehabilitated.
There is plenty of evidence to indicate Wescot takes ‘treating customers fairly’ seriously rather than paying mere lip service to the principle. The company carries out regular audits and is dedicated to regular monitoring. The company also recognises how important it is for customers to have access to free independent debt advice and is an active supporter of a number of charities in this field.