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FIB - Scams 101

Re: One further point.....

Posted By: calvin
Date: Friday, April 11, 2008, at 7:05 a.m.(pst)

In Response To: Re: One further point..... (NoMortgageDebt)

>> You do not understand the principles of interest cancellation. You
>> keep
>> harping on the Line of Credit, and keeping it to a minimum. You also
>> say...
>> Does the HELOC "timing effect" save money? Yes. >>
>> About $1-$2 per month versus prepaying alone. Where on earth did you get
>> this information? What
>> drivel. You also say... Um, my balance is $0.00. I paid it off
>> AGRESSIVELY WITH PREPAYMENTS EACH MONTH!!!! What about the people that
>> cannot afford to
>> do that? It's obvious that you don't know what's going on with the
>> economy in your own country.

sure I do. people bought house they can't afford even the minimums. Can't afford the minimums, how on earth is MMA going to help you? Get a clue.

>> I do not have access to graphics here and a picture paints a thousand
>> words, whereas any intelligent person who truly wants to understand, can
>> watch the 45 minute video on the website, and THEY WILL GET IT!

Seen it a zillion times, walked users through and showed the blatant lies.

>> There are three factors involved. The Line of Credit (OR CREDIT CARD),
>> the software and debt. Debt can include mortgages, car loans, credit
>> cards, student loans etc. depending on the amount available in the Line of
>> Credit or credit card.

Sure, moving high interest credit card debt to HELOCs can be useful, that's called refinancing, not MMA. But it isn't useful if you just charge up the cards again like most do. I thought you said you knew america?

>> These debts are consolidated into ONE MONTHLY PAYMENT usually freeing
>> up more income every month.

Consolidating all loans into 1 monthly can be VERY bad. Student loans and promotional car loans tend to be LOWER rates than HELOCs. Moving them to higher rates would be astronomically stupid, especially given student loan interest is an ABOVE THE LINE deduction versus home loan being below the line. So you get a better deduction at a lower rate. refinance that? NO!!

>> LINE OF CREDIT/CREDIT CARD = Savings and checking account. Income goes
>> in, bills are paid out, money is FLUID. As many BILLS as possible are paid
>> by credit card two days after DUE DATE, then when statement comes in 25 to
>> 30 days later, ONE CHECK PAYS THE BILLS IN FULL 3 days before the payment
>> is due.
>> Result? NO INTEREST PAID = leverage.

Sure, tons of people do this. I do, everyone i work with does, etc. Of course, we are all smart enough to avoid MMA like the plague that it is.

>> The SOFTWARE 'sees' that the $3500 fee is is getting lower in month 4,
>> and this is how it works.

>> MONTH 1: CASH IN LINE OF CREDIT: $10,000
>> $3500 Used to pay software from Line of Credit

>> Still in MONTH 4:

Look through those months he posted carefully. First, he isn't adding the interest paid to the HELOC (nice of him, eh?) second, he's not even adding the numbers right, he goes from $3000 owed at the end of month 1 to $3400 owed at the beggining of month 2. Third, he isn't calculating the interest correctly. In the months 2-4, he's using the FINAL balance, not the AVERAGE balance. This is a trick these agents LOVE to play. And he says people average 4-5 days interest. complete BS. most people are paid weekly, bi-weekly, semi-monthly, or monthly. to get to 4-5 days, you would havbe to be paid monthly AT THE BEGINNING OF THE MONTH!!! who does that???

But anyways, look at the months he posted. She spent EVERY PENNY SHE MADE paying bills and her HELOC loan, and yet hasn't made 1 single extra payment AND still owe's additional HELOC debt!!! Someone prepaying would have $1500 in additional debt paid and no additional HELOC debt.

>> **WHAT HAS THE PAYMENT TO PRINCIPAL OF $3,521 DONE? It has CANCELLED
>> $12,000 in interest and 13 months of payments.

AND CREATED $3521 more in debt!!!!! Nice of him to leave that part out, eh?

>> penny when the time is optimal. It could be once every couple of
>> months, or
>> once every 6 months, but it is GUARANTEED according to the original
>> analysis
>> done.

The software is far from optimal. Not only is the approach of MMA not optimal, but it's implementation of MMA isn't even optimal. You'd see that if he would CORRECTLY step through the process month to month, for a given pay-date/bill setup. But he doesn't, he just states a low interest amount owed and says it will be even lower while it will be (much) higher in reality.

>> It is strikingly obvious that
>> http://www.kiplinger.com/magazine/archives/2008/05/prepay_mortgage.html
>> knows zero about the system, while Mortgage Planner and BrokerBanker
>> magazines have had numerous, unsolicited, articles about the Money Merge
>> Account system.

Kiplingers doesn't know what they are talking about? Are you nuts? BrokerBanker is an industry sponsered rag aimed at SELLERS while Kiplingers is a well established magazine aimed at CONSUMERS.

>> This is my last word on the subject.

Thank GOD for small miracles!!!! (but we know you will be back because you can't sit there and accept that your lies have been debunked and you will spread more of them).

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