A joint Canada/U.S. investigation has led to the dismantling of a business that promised consumers on both sides of the border quick relief of debts at astronomical fees.

A business offering debt relief has been shut down and fined. (iStock)Mutual Consolidated Savings (MCS), its affiliates and principals face a fine of $1.5 million US , which amounts to the total assets the company claims to have.

The business could be on the hook for $22.5 million, the total amount bilked from consumers, if it's found that it misrepresented its financial state.

The money will be used to repay consumers in Canada and the U.S. who paid an upfront fee of up to $899 in order to lower credit card rates.

The pitchmen behind the scheme have also been banned from marketing debt-relief services.

According to the Federal Trade Commission, MCS used telemarketers, robocalls, and the internet to push the phoney debt reduction program on consumers.

Many Canadian consumers received pre-recorded calls stating, "There are no problems currently with your account however it is urgent that you contact us concerning your eligibility for lowering your interest rates to as little as 6.9 per cent. Your eligibility expires shortly so please consider this your final notice. Please press 1 now to speak to a live operator and lower your interest rates."

Victims were promised their credit card interest rates would be reduced resulting in the saving of several thousand dollars and enabling them to pay off their debts three to five times faster than they could under their current payment scheme.

The company also offered a money-back guarantee which was not honoured.

The investigation involved the Federal Trade Commission in the U.S., the Competition Bureau in Canada, and the Vancouver Strategic Alliance, a law enforcement task force in British Columbia.

Mutual Consolidated Savings was based in Tacoma, Wash.