Pennsylvania Attorney General Sunday has reached a settlement with Accelerated Debt Settlement, Inc. and its affiliates after the company was found to have misled consumers about its ability to reduce or settle debts, and for demanding illegal upfront payments. Under the agreement, the company will pay $550,000, with $500,000 earmarked for consumer restitution.
As part of the settlement, Accelerated Debt Settlement, which also operates under names such as Accelerated Debt Solutions, Accelerated Debt Settlement LLC, and Financial Services Group, LLC, is banned from advertising and selling services in Pennsylvania until they obtain the necessary licenses.
The settlement follows complaints that the company preyed on consumers seeking debt relief, with the Attorney General stating, “This settlement puts a stop to Accelerated Debt Settlement operating in Pennsylvania without a license and brings much needed monetary relief to consumers.”…