Wescot Credit Services is a veteran of the debt recovery and collections market, with over 40 years experience in the industry. With a deep understanding of the intricacies of the business, Wescot are well placed to assist organisations seeking to work on their debt portfolios in whatever form that may take. In the case of a recent collaboration with Swift Advances, Wescot assisted them in undertaking a remediation exercise.
Swift had a one-off requirement to trace around 2000 customers who had repaid loans with them, in order to issue small refunds. Using its highly effective core range of products and services known as “Locate”, Wescot was in a perfect position to assist. The Locate team at Wescot is extremely experienced at re-establishing contact between clients and customers, and Wescot operates an efficient and effective validation process to ensure that the contact information provided is accurate.
A spokesperson for Swift commented: “The process was extremely effective and involved minimum effort on our part.” In just a couple of weeks, Wescot had provided Swift with positive trace data relating to nearly 80% of the customers in question. Swift were delighted with the input from Wescot, adding: “This substantially exceeded our expectations. We have now repaid the customers and closed down a very successful exercise.”
With regulators increasingly keen to regain the trust of the public, Wescot and its credit sector counterparts are under constant scrutiny. Tracing and contacts expertise is in high demand and Wescot knows that this essential element of customer service must deliver a high degree of accuracy to be compliant. Wescot is diligent in its application of the principles of Treating Customers Fairly, and part of that is ensuring that trace data is accurately validated at every stage.
Wescot’s Product Development Director, Simon Armitage, said of Wescot’s approach to tracing: “We appreciate the world is changing in terms of client requirements for tracing products, originators are no longer willing to simply take risks using non-validated data.” The diversity of the range of Wescot’s products and services in this area allows Wescot to tailor solutions to the needs of its clients, whilst ensuring that the customer gets a fair deal too.
Debt management is as much about making sure that customers are not overpaying, as it is about recovering debt. As a responsible debt management organisation Wescot accords the needs and rights of its customers the same value and attention as those of its clients. It is a strategy that clearly delivers results.