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.

 

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.

 

Wescot Credit Services and Experian in Negotiations to Extend 2012 Data Contract

Wescot Credit Services, one of the UK’s leading debt collection agencies, have confirmed that they are in negotiations with Experian to extend the two year data services contract that was sealed in February 2012. The contract has facilitated the provision of more accurate data on customers for Wescot Credit Services, enhancing the sophistication with which they are able to assess customer profiles, leading to better collections performance, and a greater focus on TCF, or Treating Customers Fairly.

Wescot Credit ServicesExperian’s dynamic platform ExPin targets customer data lists by matching each individual with a unique PIN identifier. Separating the data in this way dramatically reduces the risk of duplication in the system, delivering improved data quality and higher overall match rates. The complex functionality of ExPin also increases the level of accuracy in data retrieval, ensuring that Wescot Credit Services have the most up-to-date and complete customer profile available. Wescot Credit Services were quick to recognise the potential of the ExPin platform, and were one of the first companies to be migrated to it.

The contract with Experian has given Wescot Credit Services a strong platform from which to strengthen their competitive edge in the UK collections market. If successfully negotiated, an extension to the contract will facilitate the smooth continuation of the provision of exemplary service from Wescot Credit Services to both its customers and clients, within a wider framework of high standards of industry compliance and a dedication to the principles of TCF.

About Wescot Credit Services

Wescot Credit Services has over 40 years of experience in the UK collections market. A totally UK-based operation, Wescot Credit Services have 650 employees working from 3 separate sites, all linked by a virtual network which enables instant sharing of, and access to, data across the organisation. Owned by Venture Capitalists Alchemy Partners since 2005, the company manages over £8bn of customer assets. Wescot Credit Services provides recovery and reconnect services and a focus on early stage retention and sales activity for its clients. Serving an impressive list of clients, Wescot Credit Services pride themselves on establishing long term partnership relationships, and have become leading name to trust for debt collection in the media, telecoms and utility sectors. They also have a 25% of the UK Banks market. Such rich credentials demand a high profile of compliance, and Wescot Credit Services deliver in this respect as a market leader; pioneering an approach to generate an FCA framework that is fit for purpose – elements such as operational risk, systems, controls and Treating Customers Fairly, or TCF.

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.