Wescot Credit Services – Ongoing investment

In the year to February 2013, Wescot Credit Services Ltd returned over £240 million to the balance sheets of its clients. At any one time, they find themselves managing over £4.5 billion worth of performing assets on behalf of their clients, and this just goes to show why they are the UK’s top provider of receivables management services.

wescotTheir debt free status means they have sufficient capital on hand to best service their clients and exceed their expectations. In the year ending February 2012, Wescot realised a turnover of £32 million and so are in a strong trading position, which allows them to invest heavily in expanding and improving their services. For example, Wescot Credit Services Ltd have spent over £4 million in the last two years upgrading their IT infrastructure. This includes a new telephony environment, up scaled networks and an upgraded collections platform. Investment such as this shows the seriousness that Wescot Credit Services Ltd gives to improving the already exceptional service it gives to its clients.

Ongoing investment is also prevalent in its employees, who each have a bespoke development plan with clear and measurable objectives. Plans such as this form part of Wescot’s overall learning and development strategy. Individuals are able to enhance their knowledge and develop new skills to help them in their roles. The knock-on effect is that the business’s clients receive an improved service from motivated and skilled staff.

The CCR-Interactive and Credit Excellence Awards are a prestigious industry event held annually. This year’s ceremony will see Wescot Credit Services Ltd as the main sponsor, which is a decision that the event’s organisers believe will bring much kudos to the day. It is also an example of Wescot’s drive to promote their brand and further cement their position at the top of the industry.

Anyone who deals with Wescot Credit Services can rest assured that they endeavour to treat all customers fairly and adhere to the very strict regulatory guidelines that are in place within their industry. Adhering to these guidelines has been made a much more straightforward task by the partnership formed two years ago between Wescot and Experian. Global information services company Experian provide Wescot with accurate and complete data, which has allowed them to improve their collections performance. It also means that they are able to better understand a customer’s characteristics and provide the most suitable service possible.

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 | Finding the Right Debt Solution for You

Being in debt can often be an unpleasant and stressful situation to be in, especially if you don’t know where to turn for help or advice. However, there are always different options open to you depending on your circumstances. There’s no quick-fix solution to ridding yourself of debt but if you are willing to do what it takes then that’s the first step towards a debt-free life.

Wescot Credit ServicesThe right debt solution is largely dependent on how much debt you have. If you only owe a relatively small amount then a debt management plan may be the right route to take. In this case, you would calculate how much you could realistically pay back each month, with the help of a debt management company, and taking into account your household expenditure.

If you have larger debts then debt consolidation may be the right option for you. This involves taking out a new loan to clear your existing debts. This generally means that you’ll pay a lower interest rate than you would having debts spread out to different creditors. Although you do pay the debt consolidation loan back over a longer period of time, it does mean that your existing debts will be cleared straight away.

For those who have debts totalling more than £10,000 to at least three creditors, another option is an IVA (Individual Voluntary Agreement). An IVA is a legal agreement between you and your creditors.

For people who have extreme debt, declaring bankruptcy may be the only option left. Declaring bankruptcy is not something which should be entered into lightly as it can have serious financial implications for your future.

However extreme your situation it’s always best to seek financial advice from an expert and make steps to resolve the problem as quickly as possible. If you fail to make the repayments on your loan, it’s likely that your debt will be turned over to a debt collection agency such as Wescot for instance. In this situation you would owe the debt to the agency rather than your creditor but you should still have room to negotiate a manageable repayment plan.

Although being in debt isn’t pleasant, addressing the situation as soon as possible will be beneficial to you in the long run.