Debt Relief Industry

Accelerated Debt Consolidation, Inc. Review

This review is the result of a press release that I saw that said “Beware, many of the firms advertising Debt Settlement services are not legitimate and will destroy consumers credit.” The press release was issued by Accelerated Debt Consolidation, Inc.

Address:

7100 W Camino Real
Ste 203
Boca Raton, FL 33433

Website:

DebtSynergy.com
Domain name is owned by:
David Bridges
ArgusDevelopment.com
42048 Fairview
Canton, MI 48187

Argus Development is now Sports Data, Inc. – Source

Description:

Accelerated Debt Consolidation is a full service Credit Counseling and Debt Management firm. – Source

Accelerated specializes in reducing interest rates for consumers that must maintain their credit rating. – Source

Management

Accelerated Debt Consolidation was incorporated by Neil Young and James Young on January 26, 2001 in Florida.

Jim Young – CEO
James H Young

Neil Young – No longer listed as an officer with the company as of 2010. – Source

Contacts

[email protected]

Relationships

Accelerated Debt Consolidation Relationships
Click on image for larger view.

Accelerated Trust Enterprises, Inc.
Accelerated Trust, Inc.

Interesting Points

The company makes the statement “Our firm also owns and operates a 501-C3 non-profit corporation called Accelerated Trust, Inc. that we must have in order to submit proposals and payments to those creditors that will only deal with non-profit credit counselors.” – Source. But in fact Accelerated Trust, Inc. lost it’s non-profit status in 2008 and I could find no public 990 non-profit tax return filed for that company since 2006.

Accelerated Trust 990 Resturn History

They even say “It is also important to be aware that many very large non-profit firms that are not legitimate exist. Many of these firms advertise nationally on television and the internet. They use their 501-C3 non-profit status to lead consumers to believe that they are some kind of public service. It is these so called “non-profit” firms that should be avoided. Many consumers and even credit advisors make the mistake of assuming that a non-profit firm is automatically legitimate, nothing could be further from the truth.” Unless I’m reading this wrong that is essentially what they are doing themselves. They claim to own and operate a non-profit company but according to all public records, they don’t.

I find it odd that the primary domain for this company is listed as being owned by a sports data company.

The company makes the claim that “Debt Help is available without ruining your credit.” – Source. But in fact the enrollment of any credit card accounts in a credit counseling or debt management program will impact your credit. Those cards included will be closed and the credit history will no longer move forward and contribute to the calculation of a current credit score using open accounts.

They also make the statement “If a consumer is in a position where they just can’t pay their credit card debts or other unsecured debt obligations, bankruptcy is rarely the proper choice.” – Source. I would have to say that is not a statement that reflects the greater reality I see. Bankruptcy is in fact the only legal solution any consumer has in the face of debts they can’t pay to avoid lawsuits, end collection activity and to get a fresh start.

On the same page is a stunning statement, “A consumer that is unable to pay their unsecured debt is much better off to let the accounts “charge off” and show as R-9’s on their credit report until such time that they can make arrangements to satisfy the obligations. When the time came in the future to handle the accounts, Accelerated Debt Consolidation could then refer you to a company that we have been working with for years that can help you get negative credit history corrected.” – Source. I would be hard pressed to read that as anything other than a “pay to delete” credit repair approach which violates the Credit Repair Organizations Act.

BBB Reviews & Ratings

BBB review at the time this article was written.

Complaints

None found.

Picture of Web Site

Accelerated Debt Consolidation - debtsynergy.com home

Is This Your Company?

If this is a review is about your company and you would like to respond to the information I’ve presented here to possibly put it into a broader context or make a correction, please feel free to post your response in the comments section below. I invite you to read my Debt Relief Company and Site Review Policy first.




About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

24 Comments

  • Hello
    I recently signed up with Accelerated Debt Consolidation. I am working with Jim directly. So far I have put 2 cards in the system Jim reduced my monthy min payment by alot and got my Citi Bank interest rate down from 22.9% to 9.9% and my Bank of American credit card down all the way to 1%.
    Jim has been very responsive to me and has even given me advice to help me get my American Express interest rate reduced.

  • Steve,

    We don’t encourage clients to go and get themselves in this situation again but they do it anyway. As you can see one of those educational guides Mike wrote is called “How To Curb Your Spending” but they do it anyway. We always advise clients that if they don’t have the CASH to pay for whatever it is they want to buy to wait until they do but many of them just don’t seem to learn. I agree with you that after making payments for 4 or 5 years and getting out of debt it should teach them a lesson but many of them don’t learn. I’ll give you an example here. We have existing clients that are calling in to see if we can get their monthly payments reduced do to the economy. Lately this has been due to layoffs or pay cuts and the general poor economy and high unemployment rate. In these hardship cases we call creditors and try to get payments reduced. Discover is very receptive to it but most of the other large ones are not. Bank of America has a “reconsideration” department and in many cases we end up finding out from them that the client has gone out and opened additional lines of credit and they turn them down for a payment reduction for that reason. We distribute educational materials to our clients free of charge that addresses curbing spending and the proper use of credit but many of them just don’t learn their lesson. In other cases it can be legitimate reasons for running up credit card debt again after completing a DMP that have to do with hardships such as what I mentioned, Job loss, layoff’s, pay cuts and other hardship situations. Over the last year we have seen more clients drop for inability to pay than ever before. So the bottom line is that we provide all of the educational materials and advice to teach clients the proper use of credit but some people just don’t learn and do it again anyway.

    • Jim,

      You missed my question. Second chance. If you are so willing to say your service doesn’t ruin the credit would you be as equally enthusiastic as saying that you guarantee your program will not result in even a single point drop in the credit score while the person is in your program?

      Steve

  • Steve,

    In response to Mike’s comments I called him the next day as I said I would and did not get an answer so I sent him an email and he replied saying that he wasn’t doing much writing now because I asked if he was interested in some writing projects. From 2000 through 2005 he and I collaborated on articles when he was with About.com that resulted in approximately 1500 clients that actually signed up with us. I wanted him to verify that he received no complaints from these people which he basically did when he responded. In 2007 Mike wrote some educational guides for us listed below that we distribute to our clients.

    * FREE CREDIT ADVISOR
    * SENIORS AND DEBT
    * STUDENT DEBT PROBLEMS
    * DEBT COUNSELING GETTING SCARY
    * HOW TO CURB YOUR SPENDING
    * CHARGED OFF ACCOUNTS (FDCPA)
    * IS A HOME EQUITY LOAN WISE?
    * REPAYING FEDERAL STUDENT LOANS
    * DIRECT NEGOTIATIONS (What You Can Do)
    * BANKRUPTCY

    I will apologize for getting a bit hot about getting your facts straight however I still maintain that we are perfectly fine claiming that “Debt Help Is Available Without Ruining Your Credit”. In almost 10 years we have not had any clients that were not able to get approved for additional lines of credit as a result of our debt management program. Because we have been around long enough now we have clients that finished our program back in 2003 through 2007 that are back again and utilizing our service for reducing their interest rates a second time. If we “Ruined” their credit how could they go out and get more credit cards AFTER they finished with us? I will still maintain that if a consumer comes to us with rates of 24% to 30% and they experience a temporary drop in score due to the closing of the accounts then finish the program and pay off the accounts over approximately 4 to 5 years and end up with the scores that our clients have when they are done the debt management program did not “ruin” their credit and the end result was a debt free status that would have taken them many years longer at the rates they had when got here. We have hundreds of clients that obtain more credit cards while they are in the program and call us and have us add those new accounts to the program while they are still on the program. In addition we have never had any problem getting our clients approved for mortgages, second mortgages and car loans and leases. When clients have accounts with Discover or HSBC for example those creditors always report that they are in the program. In those cases they often need a letter from us to the lender which gets them approved. As I said before if we were “ruining” our clients credit through our program we would have endless complaints against us. So I think we are straight on this now.

    • Jim,

      I’m curious, you say “We have hundreds of clients that obtain more credit cards while they are in the program and call us and have us add those new accounts to the program while they are still on the program.” But isn’t the main message of the front page of your site about reducing credit card debt and wouldn’t going out and intentionally obtaining more credit and cards to put on your program just be a really odd thing to do?

      Maybe if people took a ding to their credit during their path out of debt and that prevented your clients from going out and obtaining more credit to put back into the program that would not be a bad thing, especially for your repeat offenders.

      You also say “…we have clients that finished our program back in 2003 through 2007 that are back again and utilizing our service for reducing their interest rates a second time.” That and the previous assertion you make leave you sounding more like a trickster to scam credit card companies on rates than an organization to help people to get out of debt. Is that really “the highest quality credit counseling and specialized debt management service in the industry?”

      If you are so willing to say your service doesn’t ruin the credit would you be as equally enthusiastic as saying that you guarantee your program will not result in even a single point drop in the credit score while the person is in your program?

      And here I was going to let you have the last word but you just keep coming up with more assertions.

      Steve

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