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 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.

Wescot Credit Services | New Sponsor for Money Advice Scotland Conference

WescotMoney Advice Scotland is an independent charity that focuses on relieving people across Scotland of the burden that worrying about debt can bring. They offer free, impartial advice on all aspects of money problems in particular advice on how to handle personal debt. The charity has been around in one form or another since 1989 and is now one of the largest charities of its kind, with a reach that extends beyond Scotland. Each year, the management team at Money Advice Scotland provide a conference whereby consumers, clients and debt collection agencies can congregate and they provide valuable information for all parties.

While a large portion of the charity’s funding is provided by the Scottish government, and the national Money Advice Trust, the charity does benefit from events such as their conferences and other services. Their latest sponsor is Wescot Credit Services, which is one of the largest debt recovery companies in the UK, employing 650 people at locations in Glasgow, Hull and Saltcoats. The company processes 5 million clients each year, firmly placing it as one of the market leaders. For Wescot to be sponsoring the Money Advice Scotland conference, it is going to attract large numbers of attendees as well as funding the charity in its aims to help those with financial issues.

The conference that Money Advice Scotland provides is a tour de force of seminars and workshops that focus on key aspects in the financial sector. As well as the many set pieces that have been organised by workers at Money Advice Scotland, there is ample opportunity for businesses to network with other operators within the industry, many of which they might not come across outside of the conference. On the first day of the conference, Money Advice Scotland provide two workshops sessions that attendees can learn about bankruptcy and its implications, from both the perspective of the lender and the borrower, as well as advice on regulation and welfare reform. The first day finishes with a large dinner hosted by Money Advice Scotland and then a charity auction. The second day of the conference is slightly shorter, with more networking opportunities but only one workshop session that focuses on different issues than those on the first day, ensuring there is something for everyone.

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.

Wescot Credit Services to be main sponsors at industry leading conference

The first of October marks an important date in the diary for anyone working in the credit industry, because this is the day delegates flock from far and wide to attend the largest one day credit conference event – CCR interactive.

Wescot Credit ServicesCCR-interactive, in association with Wescot Credit Services anticipates a huge turnout at this year’s event, which comprises of a conference and awards dinner. Hosted by the publishers of CCR Public Sector, CCR and CCR World, and sponsored by Wescot, CCR-Interactive looks set to be a sell-out.

Wescot Credit Services is one of the largest debt collection companies within the UK, and with this industry leading status it makes perfect sense that they will be the main sponsors of CCR-interactive. This prestigious event has been running for over six years now, and its success is clearly borne out of the quality of expertise and leadership from some of the best speakers in the business.

Wescot are proud to be sponsoring this one day conference, focused solely on the UK credit industry, which promises to deliver; six streams of influential sector speakers, Government support, networking opportunities, and the chance to find out about the latest tips and tricks of the trade.

With over four decades worth of experience in the credit market, Wescot are a reputable company, employing over 650 staff to look after the best interests of their ever expanding customer base, which currently stands at around five million.

Key team members at Wescot will undoubtedly be attending CCR-interactive, which will expand their knowledge base about best practice and how to deal with compliance issues, the effects of the new legislation imposed by the Financial Conduct Authority, discover the latest innovations designed to improve debt collection rates, and most importantly those attending will feel motivated and prepared to do their very best in their jobs.

After the conference, the team from Wescot will get the opportunity to unwind over dinner as the Credit Excellence Awards kick off. For Wescot, the aim of the day is about getting involved and engaging with others in order to be better equipped to deal with the challenges the industry faces in the near future.

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.