Prime Capital Resources, Inc. Acquires $2.5 Million Loan Portfolio From Household Finance
Gerry Schwebel, operations manager of Prime Capital Resources,
Inc., announced August 12 that its debt buying and collections
subsidiary, Professional Adjustment Systems (PAS), has acquired a
portfolio of deficient auto loans from Household Finance Co.
(HFC), a division of Household International Corp. According to the company, the
face value of the portfolio is approximately $2.5 million.
"Expanding our existing portfolio of delinquent credit card debt
into the auto loan business presents PAS with an attractive business
model. Our network of collection agents and outside collection counsel
feel confident that these new accounts will result in attractive
returns on our investment," commented Mr. Schwebel. "This recent debt
buy brings the total number of portfolios acquired HFC to four. The
company enjoys a strong relationship with HFC as well as a host of
other nationally known debt sellers. PAS's performance record
continues to establish the company as a reliable business partner in
the multi-billion dollar market of delinquent debt collection,"
concluded Mr. Schwebel.
About Household
Household's businesses are providers of consumer loan,
credit cards, auto finance and credit insurance products in the United
States, United Kingdom and Canada. In the United States, Household's
largest business, founded in 1878, operates under HFC and Beneficial.
Household is also an issuer of private label
and general purpose credit cards, including The GM Card and the
AFL-CIO's Union Plus card. For more information, visit the
company's web site at www.household.com.
About Prime Capital Resources, Inc.
Prime Capital Resources, Inc. is a New York City-based publicly
held company. Through its 7.5
year old wholly owned subsidiary, Professional Adjustment Systems
(PAS), the company's primary business is the purchase, collection, and
management of defaulted consumer debt acquired from major financial
institutions. The Company is a licensed Debt
Collection Agency in New York State and is authorized to engage in
debt collection activities nationwide.
For more information on Prime Capital Resources, Inc.
please visit www.PrimeCapitalResources.com.
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