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 | 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.