Debt Resolve to Showcase Online Collection System at UK ?Credit Show?

Debt Resolve, Inc. will be showing its revolutionary online debt collection system for the first time in the UK at The Credit Show 2007 – Olympia 2, 16 and 17 May 2007, at stand number 20.

Debt Resolve helps delinquent borrowers and their lenders – financial institutions, collection agencies, debt buyers and utilities – resolve and settle outstanding debts with dignity, to the mutual satisfaction of both parties and before escalation. 

It achieves this by bringing both parties together over the Internet using Debt Resolve’s patented bidding and negotiating system.  This allows lenders to invite customers to resolve, negotiate, settle or pay their debt online, in private, and with instant results – retaining customer goodwill whilst significantly increasing collection rates and at lower cost compared to other online and offline tools.

Accountants from Grant Thornton International believe the UK’s consumer borrowing is now more than the total external debt of Africa and South America combined. In addition, according to Credit Action, a national money education charity, Britain’s personal debt is increasing by £1 million every 4 minutes. Consumer debt in the UK reached approximately £1.3 trillion in 2006, while £10 billion of bad debt was written off by UK lenders in 2005. The level of charged-off debt was expected to increase in 2006.

James Burchetta, Chairman and CEO of Debt Resolve says: “The UK and European collections markets are very important to the continued growth of Debt Resolve. The Credit Show will be an invaluable demonstration platform to show a significantly better way of collecting debt before it becomes bad.”

Debt Resolve was conceived by Burchetta and Charles Brofman, successful entrepreneurs and partners who had previously launched and patented a unique internet dispute resolution business model with Cybersettle. Cybersettle, the first company to settle insurance claims over the internet, has been in operation since 1998 and has settled over $1 billion in insurance claims.

Debt Resolve incorporates the same patented bidding technology used by Cybersettle and has a licence to use the patent for the collection of debts in the US and internationally. The DebtResolve system went live in the US in February 2004 and has since had numerous accounts entered into the system.

Debt Resolve is represented in the UK market through a strategic partnership with fasEo Ltd., a UK-based consulting firm headed by credit and collections industry leaders.