Aside from the debt owed to the Government in the form of taxes and miscellaneous debt by individuals, banks are owed the largest amount of money in the UK, a sum of around £8 billion. This is significant for companies like Wescot as large financial institutions such as these already have a competent and capable, long running debt recovery process. It is a large portion of the market share that independent debt management companies like Wescot cannot break into, and as such is putting pressure on the industry. The upshot of the current economic climate however, is such that despite the market share being comparatively small there is still a large amount of private debt owed to other companies, that Wescot can take advantage of, recovery rates are in fact the highest that they have been in six years since the recession.

Banks are very efficient at recovering their debts, with a working model that they have operated for decades, coupled with a mean debt of many thousands of pounds they can quickly persuade customers to part with their cash and begin repayments. However, despite recovery rates being high, independent debt management companies such as Wescot are facing another dilemma. Average people simply do not have as much money to pay back their debts on a weekly basis. The average person only has £139 to spare once essentials have been paid for, so it is taking Wescot longer to close each client’s account. Wescot has to come up with more efficient strategies given the difficulty of closing an account during this recession.

A major difference to the economic outlook today as compared to six years ago at the height of the credit crunch is that mainstream banks have long since stopped unsecured lending. So for the last two and a half years the collections flow, stock and impairments rate has decreased. Looking ahead for companies like Wescot, who rely on creditors to lend money, it is necessary that those in charge come up with another solution to unsecured lending. In this way, they will provide further business to debt recovery companies such as Wescot.

Despite the changes that Wescot and other debt management companies face in the coming years, the UK’s biggest debt recovery company is adapting and overcoming the problems they might come across to maintain their lead.

The premise of Money Advice Scotland (MAS) is to provide help with those struggling with the burden of debt or general financial trouble, including which companies are the best to approach with everyday queries. Originally, the charity was set up in the late ‘80s to provide help to the people of Scotland but the organisation has grown significantly since then, and they are open to questions from anyone living in the UK. Each year MAS holds a two day conference that brings together people from both sides of the tracks, creditors and the general public that MAS provide help to on a daily basis. This two day event is a significant day in the credit industry’s year as it gives ample opportunity for companies to find more business as well as opportunities for individuals to ask important questions to a representative face to face instead of over the phone or via email. While MAS receives a large amount of funding from the Scottish government, they also find sponsorship from many of the companies represented at their conference. Amongst high street banks and loan companies, Wescot is a debt management firm with offices in Hull, Glasgow and Saltcoats that has recently given MAS vital sponsorship money to continue their good work.

Wescot is committed to providing the best service to their customers while protecting the needs of the customers themselves. In a world where money is harder and harder to come by, this debt recovery company with offices in Hull, Glasgow and Saltcoats recognise the factors that contribute to someone struggling to repay their credit. By sponsoring MAS’s two day conference they are not only providing the charity with essential funds to keep operations going, but the debt recovery company are also able to help people directly when they attend the conference.

Throughout Money Advice Scotland’s conference, there are workshops and seminars that cover a wide range of topics with regards to finances. Issues such as bankruptcy, taxes, interest rates and general borrowing queries are covered over the two days. In addition to these formal events, there is plenty of opportunity for individuals to approach the sponsors of the events and seek advice directly from them. The conference has been successful year on year, and it is hoped that by receiving sponsorship from businesses like Wescot, the attendance rates will continue to grow.