Wescot – Factors contributing to the change in the financial sector

The gradual change of many aspects within the financial sector can perhaps be attributed to the financial crisis that gripped the world over a decade ago. Closer to home there are a number of issues and situations that have arisen that have led to changes that will undoubtedly be felt by both individuals and businesses across the United Kingdom.

Wescot are one of the largest debt recovery agencies in the United Kingdom and as such have a keen interest in the current changes in the financial sector. The company have noted that these changes are due to a number of key factors that have influenced the financial market and have set in motion the need for change within the sector. One of the key factors associated with playing a part in the changes is in relation to the wescotcontinued pressure being placed on a consumer with regards to their disposable income. Recent figures show that levels of disposable income have reached the same as they were in 2008, largely down to the consumer friendly interest rates.

One of the most significant factors, in the opinion of Wescot, is in relation to the change in regulations and regulatory bodies. Responsibility for regulating the financial sector has shifted from OFT to the Financial Conduct Authority. The FCA has already signalled their intention for a greater sense of fairness, transparency and honesty within the financial sector and many of the new regulations reflect this.

There is also greater competition than ever before within the financial service sector with large companies such as Tesco, Virgin Money and Sainsbury’s all having recently entered the market. With the prospect of further large organisations following suit in the not too distant future, more changes seem likely.

Wescot are one of the companies that have put in place a clear strategy to tackle these changes and are in a strong position financially to not only adapt but thrive. The company itself is committed to ensuring that the needs of their customers are met at all times and this is a major contributing factor in relation to their continued success.

Wescot – Core values serve Wescot well

Wescot are a company from the United Kingdom that were originally established in the early 1970’s and are now one of the largest debt recovery agencies in the United Kingdom. Wescot pride themselves on the excellent relationships that they form with their customers and enjoy working closely with them to achieve first class results time and time again. Wescot currently employ over 650 staff at various locations throughout wescotthe United Kingdom. They have centres in Hull, Saltcoats and Glasgow respectively and they place huge importance in both the recruitment of staff and the ensuing learning and development strategies that they put in place.

The staff at Wescot receive ongoing training in relation to both customer service and debt recovery techniques and much of the company’s success is down to the skills and expertise of the dedicated staff members. In addition to this the company possesses an executive team that can boast vast amounts of experience within the financial and debt recovery sectors. The staff at Wescot currently deal with over 5 million account holders per year and that figure looks set to increase as the reputation of the company continues to grow.

Wescot as a company have a number of core values that remain integral to the continued success of the company. These core values have served the company extremely well in the past and are a major part of the way that the company is seen from those on the outside. At a time when much is being made of the damaging impact of corruption and other negative factors, Wescot are a company that retains their sense of integrity and honesty. The board at Wescot strive to retain the core values of being open, ethical, client centred, trustworthy and passionate in every aspect of their business. Wescot use these core values to ensure that they remain the number one choice for their customers in relation to their debt management and recovery portfolios.

Wescot continue to look for ways in which to improve their services and welcome any feedback from customers or the public so that they can keep on evolving as a company. Wescot have recently introduced a complaints management system in conjunction with Equiniti and it is hoped that this will increase the levels of communication between all parties concerned.

Wescot – New partnerships announced

Wescot are one of the market leaders within the debt recovery sector and are considered by many to be one of the largest debt recovery agencies within the United Kingdom. The company itself employs over 650 staff throughout the UK and has an impressive track record in relation to the levels of satisfaction enjoyed by their customers. With a burgeoning reputation for fairness, transparency, professionalism and integrity, Wescot are a company that are in a strong position to deal with the current changes in their sector.

Wescot are dedicated and committed to providing a first class service to their customers and it is with this in mind that they are always looking to improve their services in any way possible. The company prides itself on the high levels of customer service that their staff provide, and are keen to stress the importance of identifying and tackling the needs of their clients on an individual basis. With many changes taking place within the financial sectors, the need for a clear strategy and a willingness to evolve has never been greater.

wescotWescot have recently announced that they will be working in conjunction with two other companies to improve the efficiency of their service for the benefit of their customers. Adare are a company that provides editing software and is renowned for the quality of their software and programs. Wescot have decided to incorporate their SmartEdit software into their current system which will give them increased editing capabilities and improve the efficiency of the process when they need to change or alter records on their extensive database. In addition to this, SmartEdit also allows staff at Wescot to create new documents at the push of a button from existing templates which will significantly reduce the time currently spent creating new documents.

November 2013 also saw the introduction of a new partnership which would increase the company’s ability to deal with customer complaints. The complaints management system came about due to a partnership with a company called Equiniti and it is hoped that the new system, named Perito, will be a huge success and give Wescot increased capabilities in relation to dealing with customer complaints. The new system has been specifically designed for use within the financial sector and Wescot are confident that it will aid their staff in identifying and successfully dealing with all forms of customer complaints and grievances.

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.

Wescot | Why Debt Recovery doesn’t have to be a Stressful Process

When it comes to dealing with debt, it can be all too easy to bury your head in the sand and hope the problem will go away. However, this is usually the very worst thing you can do. Generally, the longer you ignore your debt, the harder it will become to resolve the situation.

If you have missed several payments you may find that you are contacted by a debt collection agency who will try and recover the debt owed to your creditor. While this is a serious position to be in, you shouldn’t panic and you certainly shouldn’t ignore the letter sent by the debt collection company.

Dealing with a collection agency doesn’t have to be stressful – most will communicate with you professionally and with a degree of empathy. Debt collection agencies are controlled by the Office of Fair Trading and must adhere to certain regulations. Many agencies take compliance very seriously, for instance Wescot Credit Services carry out audits of every member of staff who deals with the public to ensure that professionalism is maintained.

Wescot Debt collection agencies are not the same as bailiffs and they do not have the same power. While a debt collector may visit your home, this is very rare and usually only happens if they can’t make contact with you via telephone or letter. You can decide how you wish to be contacted so if you’d prefer only to communicate through letter you can let the agency know. Letters can be a good idea as it allows you to document your correspondence. Debt collectors shouldn’t bombard you with telephone calls as this is classed as harassment and goes against regulations. However, if this does happen then you are within your rights to report the company.

There’s no reason why the debt collection agency shouldn’t treat you in a polite and professional manner. As they are likely to be eager to recoup the money you owe, it’s worth negotiating with them on the amount and the time scale. Working out a repayment plan which is manageable will benefit both you and the agency.

While debt is never a pleasant thing to have to deal with, if you are prepared to do what it takes to pay back the money the process can be much easier. The problems begin when you miss payments or ignore notifications, so it’s always worth keeping communication channels open with your creditor or collection agency.