Wescot Credit Services – Working closely with Swift Advance

Promoting learning and development within their company is something that Wescot Credit Services Ltd look to do at every opportunity. Every employee gets an agreed upon individual development plan, which contains a clear and concise set of objectives. Wescot Wescotlook to encourage career progression wherever possible and by obtaining new skills and knowledge, employees are able to shape their own futures. The firm have even implemented a policy whereby staff are able to request time off from work to undertake study activities. Policies such as this show that Wescot are actively investing in their employees’ futures and looking to improve the services they offer. It also ensures that their customers get dealt with by highly skilled and motivated individuals, which undoubtedly makes for a better experience.

As the UK’s leading provider of receivables management services, Wescot always ensure they are in the best possible situation to assist their clients. A partnership they created two years ago with Experian sees them benefiting from the provision of clear and accurate data. This is a vital aspect of their business and allows them to adhere to the strict compliance standards in their sector. Furthermore, it means that every customer Wescot deals with gets treated fairly because of the firm’s increased access to information concerning individuals and their unique situations. Solutions can be tailor made for customers so that their personal circumstances are taken into consideration.

Some of the country’s largest and most successful firms use Wescot for the management and recovery of their collections. Household names like Sky, British Gas, NPower, RBS and HSBC are just some of their clients and represent a wide range of sectors. In the year ending February 2013, they had managed over 300 million customer accounts and brought returns of more than £240 million to their clients’ balance sheets. Their unique debt free situation allows Wescot to invest significant capital to improve the services they offer and deal with even more customer accounts through increased capacity.

Debt recovery isn’t the only solution that Wescot provide for their clients and another important offering is their range of ‘locate’ products and services. A recent example of how this can be utilised can be seen in the exercise undertaken by Swift Advance in conjunction with Wescot. Swift needed to trace some 2,000 previous customers so that they could be issued with small refunds. They employed the services of Wescot Credit Services Ltd who were able to successfully find almost 80% of the required individuals. This is an outcome that swift had not envisaged and was way above their expectations.

Clients head for a name they can trust with Wescot

Businesses need to exercise care when choosing a debt collections agency. One company that appreciates this is Wescot Credit Services. The need for caution has been even more pressing in the wake of the recent economic recession. As Wescot is aware, there remain multiple pressures both on clients and individual customers.

Wescot Credit Services is ready and willing to meet these challenges. Wescot always aims to treat its customers in a fair manner. This is evident right across the areas in which Wescot operates. The emphasis on treating customers fairly can also be seen on the Wescot website. The website features lots of helpful information to make the payment process as simple and pain free as possible for customers. Wescot Credit Services even goes so far as to provide some very useful contact information for those customers looking for free independent debt advice. On its website, Wescot helpfully gives the contact telephone numbers and links to StepChange Debt Charity, the National Debtline and the Citizens Advice Bureau. The company is a strong believer in the principle that customers should have full access to impartial and independent

The Wescot website also provides comprehensive details about the various activities in which the company is involved. These include early and late stage collections, debt purchase and customer tracing.

Potential clients will also be keen to avoid being associated with organisations that are involved in unscrupulous practices or that are unfamiliar with the current regulatory and compliance framework. This is another good reason why Wescot Credit Services proves to be so popular with clients. Compliance plays an intrinsically important part within the Wescot business model. The Office of Fair Trading regulates the company. Wescot has been careful to fully integrate the OFT’s official Debt Collection Guidance into its business practices. As of April 2014, Wescot will be regulated by the FCA or Financial Conduct Association where compliance will continue to form the core backbone of the business.

Wescot actively supports the provision of independent debt advice

Wescot Credit Services is a credit collections agency with a national client base. Wescot was founded three decades ago. The company has a particularly strong reputation in the areas of debt recovery, outsource services and customer tracing. Since its formation in Scotland, Wescot Credit Services has grown steadily. Wescot still has a strong physical presence in Scotland – with offices in Glasgow and Saltcoats. Wescot Credit Services also has an office in Hull. In total, Wescot employs around 650 people. It works for clients across a wide range of business sectors. These include personal finance, banking, retail, telecoms and utilities. The company has also carried out work on behalf of various local authorities.

Key to the success of Wescot is the fact that the company believes strongly in treating customers fairly. This proves to be particularly useful in those areas of its business where its clients consider it important to maintain good relationships with their individual customers. This is especially the case with early stage collections. In this type of situation, the client is generally keen to recover its arrears. At the same time, it does not want to bring the commercial relationship with the customer to an end.

wescotWescot employees are specifically trained to deal with this type of situation. The goal is to try and reach an outcome with which both parties are happy. Wescot finds that one of the best ways of achieving this is to work in partnership with its clients to put into practice a suitable contact strategy. Wescot employees are trained to use communication techniques that are designed to be appropriate to the needs and characteristics of the particular customers it is dealing with and in-line with all regulatory requirements. The result is that customer retention rates are maximised and satisfactory outcomes are reached.

Wescot also recognises the need for independent debt advice. If customers are able to look realistically at their financial situation as a whole, there is a greater chance of being able to reach workable solutions. It is therefore fitting that Wescot Credit Services put itself forward as one of the sponsors of this year’s Money Advice Scotland conference, which was held at the Crown Plaza Hotel in Glasgow over the summer. This useful organisation acts as an umbrella group for various independent bodies and charities that offer impartial, free debt advice for the people of Scotland.

Learning and Development with Wescot Credit Services

Learning and development is an important issue for all large companies within every large industry, and this is certainly true in the credit services and debt collection industry. In an industry where commercial prerogatives meet head on with the livelihood of consumers and the protection of the vulnerable, learning and development with debt collection agencies is an ethical obligation as much it is a practical obligation.

Wescot Credit ServicesIn the commitment towards business best practice and fair collection practices, it is a must that employees within debt collection agencies know how to do their job properly, and have the capability, as well as the tools, to work effectively in a challenging environment. This brings numerous advantages to the employee, the wider company and the customer, in both the short term and long term.

Companies should always work with employees to help them get the best out of themselves. An effective learning and development program can deliver the skills and the confidence that employees need for successful professional development and future prosperity.

Wescot Credit Services is a company which understands the underlying reasons behind learning and development, and the positive results that such activities gain, and this is why they actively promote an internal learning and development culture. The company strives to deliver learning and development and leaves no employee unchecked during their course of their employment. The company welcomes the new statutory employment rights for taking time off work to study or train, and supports employees that may wish to supplement internal development with further development activities. In certain cases, employees are encouraged to engage in development activities that are relevant to their roles in the business.

Learning and development with Wescot involves many different things, and the company work hard to ensure employees are provided with equality of opportunity in every aspect of their development. Employees are entitled to a clear understanding of both company objectives and their own performance objectives, and constructive performance reviews on a regular basis. To make sure that these entitlements are always met, each employee is assigned to a dedicated development manager who monitors progress, analyses individual needs and aspirations, and encourages personal development.

Using personal information, employees gain support to develop the skills and expertise that they need to meet the requirements of their role. Wescot Credit Services expect all of their employees to take responsibility over their own learning and development.

Wescot Credit Services Sponsor Money Advice Scotland Conference

Financial welfare is a very important issue across the UK irrespective of the differences in the legal and financial systems between England and Wales and Scotland. In an era of economic uncertainty, the financial advice and support provided by charities such as Money Advice Scotland are crucial in helping those who are financially vulnerable, and this is supported by sponsorships of the events that charities like this provide by  collection agencies such as Wescot Credit Services.

Wescot Credit Services is one of the largest collections firm in the UK, offering products and services for high-profile clients and household company names across the banking and finance, telecoms and media, and utilities markets. They employ over 650 members of staff in three service centres based in Hull, Glasgow and Saltcoats, and manage over £8 billion in client assets. They service every major bank in the UK and are partnered with many leading companies including British Gas, EE and NPower.

Wescot Credit Services

Wescot Credit Services  was the first debt collection agency to set up a specialist unit in support of the free advice sector – including the Money Advice Trust and Christians Against Poverty – to offer support for customers who are in a vulnerable positions. This, along with WCS’s sponsorship activities for events like the Money Advice Scotland Conference, are indicative of their proactive participation within the debt advice sector.

As a very large collections firm, they have a duty to adhere to the strict regulatory landscape that surrounds collections, but it is their non-obligatory participation in financial welfare that highlights their position as an ethical agency – however contrary this might be to the general public consensus – and their efforts in identifying and implementing best practice initiatives within the business.

The 2013 Money Advice Scotland Conference will address topical issues currently affecting the world of debt regulation and financial services. Particular issues include new Scottish bankruptcy legislation, UK welfare provision and the introduction of a new consumer credit industry regulator; the Financial Conduct Authority.

This conference allows the many different entities and interests of the credit and debt markets to come together and address the issues that are currently most significant. Wescot Credit Services state that they are proud to support the Money Advice Scotland Conference and their efforts within the industry.