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FIB - Scams 101
Re: Thanks, Mel
Posted By: Kathy In Response To: Re: Thanks, Mel (calvin)
Date: Wednesday, May 7, 2008, at 6:49 a.m.(pst)
In Response To: Re: Thanks, Mel (calvin)
Ok, Thanks Calvin. Perhaps you thought agents sell them this software and then walk away and don't do anything after that. I am responsible to help that person meet their goals until the homes and all their debt is vanished. Thats the part I like about it. I have never dealt with many other agents for UFF so I am not sure how they operate. There are people in all businesses who can be shady. All they think about is themselves and making a quick buck. Can't argue with you there. Not eveyone is like that though.
>> For the record, we are not using spreadsheets to pay off our mortgage,
>> we are using them to track our progress. No software is needed to figure
>> out how to do it. It's incredibly simple (thus, $3500 is such a waste).
>> Just send extra money to the mortgage. The more you send (that you can
>> actually afford), the faster you pay it down.
>> If it makes you feel any better, I believe any company selling
>> mortgage accelleration software for any substantial price is crap. I have
>> equally bashed Sydney Financial Group, who I feel is actually worse than
>> the UFF, just not as prevelant. If a company wants to market some
>> information educating borrowers for a few bucks, that's great. more power
>> to them. But the accellerator companies often hide the fact that this is
>> something incredibly easy to do on your own and justify huge price tags
>> with big savings, even though the big savings come from your pocketbook,
>> not their crap programs.
>> Not many companies get the XXX = cult like the UFF, because they don't
>> have countless agents that don't have a clue how the program works going
>> around lying through their teeth to anyone who will listen and part with
>> their hard earned $$$. I remember when I first bought my house, I got
>> bombarded with postcards advertising bi-weekly mortgage services. A few
>> hundred dollars and a few dollars per payment, all to basically make one
>> extra payment per year. What a waste of money. Same with UFF, $3500 (plus
>> sizeable interest) to just send the biggest prepayment possible each
>> The UFF gets labeled a cult in my book because no matter how much
>> truth you put in front of the agents and users, they just can't see it.
>> They would follow the UFF right off a cliff if given the opportunity. They
>> think their magic algorithm is so efficient, it does things better than a
>> mere mortal could ever do. They think the math behind calculating optimal
>> payments is incredibly complex. Of course, that's crap. (checking balance
>> minus bills = optimal prepayment) The UFF algorithm doesn't even do the
>> HELOC shuffle optimally, actually pretty far from it. How sad.
>> My best example of cult-like behavior is from a UFF agent forum/blog.
>> One agent had bought a second house and asked others' advice about whether
>> to pay $500 to transfer the MMA to the second, more expensive property.
>> The advice he got? "Easy, spend the full $3500 to have MMA running on
>> both!" Anyone who understands interest (and agents most certainly
>> should) should see right away that paying ahead on the highest rate loan
>> and leave the other at the minimum payments is optimal. These agents just
>> have no clue about finances, and are selling a VERY expensive so-called
>> financial product (it is not a financial product, it is a behavioral tool
>> at best).
>> Most of us are equal opportunity exposers. We expose bi-weekly scams,
>> UFF/MMA, speed equity, etc equally. They just don't have the cult
>> following posting all over the place, so they don't draw as much
>> attention. The squeaky wheel gets the grease.
>> As for the LDS comment... get a clue. I judge the UFF to be a cult
>> because it exhibits the generally accepted characteristics of a cult
>> (blind following, ignoring obvious truths, no basis in reality, often for
>> profit of the leadership).
>> The Kiplingers article is spot on. The fact that you say they are
>> trying to retain billions in banks' profits shows you didn't understand
>> what you read. They openly demonstrate that you can payoff your mortgage
>> SOONER, read PAY LESS INTEREST, by following simple steps. If what you say
>> is true, they would be telling their readers in unequivocal terms NOT to
>> prepay their mortgage.
>> You are WAY over your head trying to speak about finances.
Messages In This Thread
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