Establishing the residency of a customer in the world of debt recovery has become a significantly different procedure from that of just a few years ago. Not least of the changes has been the move to bring all debt collections firms under the umbrella of a single regulatory body, bringing new regulations with a more customer-centric focus than ever before. Today, ignoring the fact that a customer has failed to respond to all letters, telephone calls and other attempts at conduct is simply unacceptable, but conversely so is repeatedly contacting third parties incorrectly on issues relating to accounts which do not belong to them. In a far more compassionate and customer focused financial services environment, the pressure is on the debt collection agencies to alter strategies and be proactive in re-engaging with customers at an early stage in the recovery process in order to be able to apply appropriate treatments which are devised on a more individual level after discussion with the customer relating to their current financial circumstances.

Wescot is the largest debt recovery agency in the UK, with around five million accounts serviced each year. As a market leading debt collection agency, Wescot takes its responsibilities under the new regulations seriously, not only leading the way for compliance standards, but also in many cases playing a strong role in shaping new regulations. Customers and clients can visit the Wescot YouTube page to find out more. Wescot works to refine and deploy new strategies for customer contact on an ongoing basis, constantly analysing portfolio performance and developing innovative new procedures which encourage early re-engagement in order to be able to apply effective and affordable solutions to each customer account.

Across the industry a combination of the development of new trace products and the evolution of tried and tested formulas is occurring, resulting in more accurate tracing and more opportunities for early re-engagement. Introducing options such as alternatives to fixed-fee type services, pursuing early re-engagement opportunities and recommencing the use of products and services which are trace-led all contribute to creating an environment where the number of ‘goneaways’ can be significantly reduced and each individual customer is provided with the chance to eradicate their debt on terms which suit their circumstances, enabling them to improve their credit rating.