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FIB - Scams 101
Re: SUE, STOP LYING, AND DELIVER ON YOUR PROMISE!!!!
Posted By: Dennis Bevers In Response To: Re: SUE, STOP LYING, AND DELIVER ON YOUR PROMISE!!!! (Irene)
Date: Thursday, June 19, 2008, at 8:01 a.m.(pst)
In Response To: Re: SUE, STOP LYING, AND DELIVER ON YOUR PROMISE!!!! (Irene)
>> Hi Dennis,
>> Why are you so hung up on $3,500.00 when this software offers the
>> potential to save you hundreds of thousands of dollars in interest
>> payments. This program will also enable you to purchase a car using your
>> HELOC. You be the bank, you make the payments on the car, (with interest
>> if you like) back to the HELOC (the payment you make will be counted as
>> extra income) and you will pay that car off in less than 2 years (again,
>> saving you thousands in interest) and at the same time, pay your house off
>> faster because you are putting funds into the HELOC. You have to
>> understand how this system works, before you pass judgment, or you will
>> never appreciate it and you will lose thousand of dollars. I will now be
>> comfortable in my retirement because of this program. (The money I would
>> have paid to the bank for interest on my house, will now go to my
>> retirement) If you see this program for what it really is, the $3,500.00
>> is a speed bump in the road, for anyone. Like your mortgage, the cost of
>> the software is paid off in a fraction of the time, you don't even feel
>> it. Do yourself a favor and educate yourself a lot more about the program
>> before dismissing it, I guarantee you will be sold on it. I thank god for
>> it. I mean that.
I can do a HELOC and accelerate my payments, reducing my payoff in both months and interest paid, without giving UFF $3500. If I apply the $3500 to the principal immediately, that's well over one year of principal payments on my 15 year loan.
I chose to do a refi with cash out, moving to a lower interest rate, replacing the 25-mortgage with a 15 year mortgage. We used the cash out to payoff 3 high-interest credit cards, as eliminating them has a bigger immediate impact than paying down the low interest mortgage.
Now, we can take the extra discretionary income and apply it to the mortgage, so the same cash flow is paying off the principal even faster. The home mortgage interest is deductible on our income tax, where the HELOC may or may not have the deductibility.
We have the option of keeping $3500 in savings, for liquidity (or financial stability to use the previous post terminology) or add it to the principal payment, not paying for some magical-mystical algorithm which just tells how much to pay off each month, and when to do what with the HELOC.
I'm a business owner, and have used "line of credit" for my business in the past. If I don't use it, I don't pay interest. When I need it, it's readily available. It works the same as the HELOC, but without being tied to property.
Credit can work for a person, or can destroy them. I'll keep my $3500 and use my understanding of credit, interest, financing, etc.
A helpful list of criteria for checking out that next business opportunity.
Messages In This Thread
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Do yourself a favor and turn your legal team loose in greener pastures.
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