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.