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FIB - Scams 101
Here's how I lost $3000 on this SCAM!
Posted By: Kami In Response To: $3500 for software to pay extra on your mortgage? (Bill, the Roadie)
Date: Tuesday, October 30, 2007, at 7:24 p.m.(pst)
In Response To: $3500 for software to pay extra on your mortgage? (Bill, the Roadie)
Yeah I fell for it....not this one inparticular but same concept. I paid a financial planner working as an alliance for Wealth Masters International (yeah, some of you may recognize that name......MaaMaw's old friend Kimberly is on their executive committee now!) They (the financial planner) refinance your home into an interest only loan and remove the mortgage insurance. Then using their software they tell you how to take the savings you now have......because they lowered your monthly payment, and use that to pay off your next highest interest loan (auto, credit card) accelerating that pay off. Then when that is paid off you take the "savings" from the refi plus the minimum payment for the debt you just paid off apply it to the next debt until it is paid off, then on to the next one until you've paid all your debt and are applying all of the "savings" to your mortgage accelerating the payoff time thus saving interest. It's pretty standard stuff.
For those that have no money left over at the end of the month after paying bills they "find" extra money by doing the interest only refi. Thing is the long term plan is useless because your financial life is constantly changing.
The other thing about WMI (while I'm ranting!) is they CLAIM when you pay there outrageous membership fee you are a LIFETIME member but as soon as I refused to market their "product" and did not renew my website they stopped ALL contact with me. Now, if I paid to be a LIFETIME member and to have all their financial alliances available to me shouldn't they be keeping me in the loop in regards to new alliances available to me as a member?! You'd think! Not so.
The way I lost money is the financial planner split with my money before doing anything for me. WMI was going to just leave me blowing in the wind (I was the VERY FIRST client to go through the Wealth Acceleration Program as they call it!) until I put up a big stink and they had their "NEW" financial planner alliance contact me. Not before they let me know they were doing ME a favor. I finally severed ties completely and am blown away that so many people are falling for their crap!
Sorry to get off on a rant but this was my "SCAM" that brought me here where my eyes were opened! Thanks MaaMaw! You now know part of my story.
P.S. I wonder how long it will take Kimberly to sniff out this post and come tout her support of WMI.
>> Color me skeptical.
>> Ummmm, no. I also don't understand why it has to be sold with so many
>> layers of parasites all wanting their cut of the sales price without doing
>> any work.
>> Sounds like a few hours (max) work with an Excel macro could
>> accomplish the same magic. I might be wrong. Convince me. Or not, it's
>> really nothing I'd be interested in.
>> By having them pay extra into the mortgage? Then they really didn't
>> spend every penny they make and somebody's fibbing.
>> And this accuracy is worth $3500? Hmphh.
>> I see. The pitch is to price the product according to long-term
>> savings potential, even though almost NO mortgages ever last their full
>> term. People sell, refinance, divorce at a FAR higher rate than they let
>> the mortgage go to full term. So your saving potential is lowered by this
>> effect, but you don't tell your prospects about that, do you?
>> Yeah, all this pitched to folks who spend every penny they make? Sure.
>> If it's so great - why can't it be sold on a shelf next to other
>> software at a reasonable price? Surely it wasn't 1% as difficult to
>> develop as Word or Excel, or something that costs $500. Nah, it's marked
>> up to the stratophere to pay for the greedy parasites.
>> Well, super. But it's still overpriced.
>> A professional financial planner, presented with a client who was
>> "spending every penny they made", who would sell them a product
>> for $3500 to let them pay extra on their mortgage every month in hopes of
>> a long-term payoff that might never come, should lose their license. Just
>> my opinion.
>> The planner might buy the product, and if it only takes ten minutes a
>> month to use, should USE IT FOR THE CLIENT as part of their services. They
>> could use it for 100 clients a month, like the financial planner would
>> also use Word or Excel. There's no earthly reason why they should burden
>> EACH of their clients with this sort of expense, except for pure greed.
Messages In This Thread
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