HARRISBURG, PA — Pennsylvania Attorney General Sunday has reached a settlement requiring Accelerated Debt Settlement, Inc. and its affiliated entities to pay $550,000 in penalties and refunds for allegedly illegal debt settlement operations within the state. Of that amount, $500,000 is allocated to reimburse affected consumers, with individual refund amounts ranging from $2,850 to $19,998.
The settlement follows accusations that the companies deceived consumers by falsely claiming they could reduce or settle debts while demanding unlawful upfront payments, violating Pennsylvania’s Unfair Trade Practices and Consumer Protection Law, the Debt Settlement Services Act, and federal telemarketing regulations. The companies also operated without appropriate licenses.
“Everyone is looking for avenues to minimize or erase debt, and these companies preyed on consumers looking for a lifeline,” said Attorney General Sunday. “This settlement puts a stop to Accelerated Debt Settlement operating in Pennsylvania without a license and brings much-needed monetary relief to consumers.”
Consumers impacted by the unlawful practices have 90 days to file a complaint with the Office of Attorney General to qualify for a refund. Complaints can be submitted online, by phone at 1-800-441-2555, or by email at scams@attorneygeneral.gov. The Attorney General’s office will oversee the issuance of refund checks, which aim to provide significant financial relief to those harmed by the businesses’ actions.
Before the settlement, Accelerated Debt Settlement had already refunded over $55,000 to consumers through mediation efforts led by the Bureau of Consumer Protection. However, the settlement prevents the company and its affiliates, including Accelerated Debt Solutions, Accelerated Debt Settlement LLC, and Financial Services Group LLC, from operating in Pennsylvania until they secure proper licensing.
One consumer from Allegheny County shared their experience of being taken advantage of by the businesses, stating, “[Accelerated Debt Settlement] took complete advantage of me and my situation by misrepresenting themselves. I am very pleased that [the Office of Attorney General] was able to get all of my money back.”
The case has been submitted to the Allegheny County Court of Common Pleas, where it awaits acceptance. Senior Deputy Attorney General Amy L. Schulman is leading the case on behalf of the Commonwealth.
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