Wescot Credit Services Ltd is a thriving company. Initially based only in Scotland, the company has expanded its operations to cover the whole of the UK and now has three debt collection agencies, in Hull, Glasgow and Saltcoats. With over 650 employees, the company is connected through its cutting-edge technologies; a virtual call centre which is available to clients and debtors 24 hours each day. Operating predominantly within the telecoms, utility and media sectors, Wescot’s impressive client list includes blue chip companies such as HSBC, Barclays, Lloyds Banking Group and Royal Bank of Scotland as well as a number of important new clients within the public sector.
With a strong track record in offering a total debt-management service, from debt recovery, tracing, and debt purchasing through early stage, collections outsource, to litigation and enforcement, this company is well positioned to continue its expansion. Particularly in a challenging economic climate, handing over the management of debt to a company like Wescot enables clients to focus attention upon expanding their customer-base, improving service and maximising cash flow and profits.
An ethical company, Wescot prides itself on maintaining professionalism and quality, and constantly strives to improve upon the services it offers to its clients. The debt recovery industry is today subject to considerable regulation, and Wescot not only supports this tightening of control, but has played an active role in shaping the regulation through consultation and lobbying. Whilst the company’s primary objective is to facilitate arrangements between its clients and individuals whose accounts have fallen into arrears, a commitment to compliance is clearly essential to ensure that debtors are treated with dignity and fairness.
Wescot has incorporated the principles of the OFT’s Debt Collection Guidance into all its activities and processes, and has set up a stringent auditing mechanism to monitor liaisons between its employees and the public. Also central to the company’s processes are the FCA’s ‘Treating Customers Fairly’ principles, and all employees are required to pass annual compliance tests. The company supports a number of charities within the free advice sector and actively encourages debtors to seek financial advice.
Safeguarding the interests of its clients' companies, whilst at the same time ensuring that debtors are treated fairly is not easy, but through Wescot’s commitment to ethical standards and its stringent approach to compliance, it has achieved that balance, and at the same time enhancing its enviable position as industry market leader.
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