Debt Resolve Purchasing Arm Acquires First Debt Portolios

Debt Resolve, Inc. of White Plains, New York, announced today that its debt-buying subsidiary, DRV Capital, LLC, has purchased its first two portfolios of distressed debt with a face value of $8 million, only 11 days after closing a $20 million credit facility. The portfolios purchased include a credit card portfolio sourced to college students and a payday loan portfolio.

Howard Knauer, DRV Capital’s President, stated: "These acquisitions fit in perfectly with our model for buying opportunistic debt which lends itself to settlement over the Internet using the DebtResolve online system.

Debt Resolve intends to, in a disciplined manner, make additional acquisitions of debt portfolios that lend themselves to the Debt Resolve system, which is expected to reduce the cost of collections, improve performance and result in increased revenue. James Burchetta, Debt Resolve’s Chairman and CEO, stated: "We are creating a new model based on the power of the Internet and the DebtResolve solution for the collection of consumer debt."