| ♦ REFRESH to rotate MAAMAW'S CLICKY NOTES thru this space..... Timely Tips, Best of the Boards & More ♦ |
| PROTECT YOURSELF FROM SCAMS! Research all business opportunities thoroughly, and never blow off other people's bad experiences. Ask around (and listen!). The Scams101 Message Board is a good place to start. What's that? You've found a Biz Op and you're wondering if it's endorsed by FIB?... Not unless it's listed in MaaMaw's Magnificent Toolbox. |
| |
FIB - Scams 101
Re: CONFUSED!... What about u1stfinancial (scam?) inspires such, ummmmm, passion?
Posted By: Craig In Response To: CONFUSED!... What about u1stfinancial (scam?) inspires such, ummmmm, passion? (MaaMaw)
Date: Thursday, June 19, 2008, at 12:05 p.m.(pst)
I'm not sure I can top Calvin, but my story is similar. A friend was nearly taken by a UFF agent. The friend came to me with the agent's claims and the MMA method, and asked me if it was legit. I researched it and ran the MMA report against simple mortgage prepayment calculators, and came to the conclusion that the MMA was slower than simple prepayment. Further analysis indicated why that was - the MMA is nothing but a shell game. Moving money, mostly for the sake of moving money. For this, they charge $3500.
All UFF-published examples of the MMA in action also show it to be less than efficient with the HELOC transfers. The MMA commonly instructs the homeowner to transfer too much to the mortgage, which makes it appear as if the MMA is eating away at the mortgage, but it's at the expense of a higher HELOC balance which has a higher interest rate attached. Again, it's just a shell game.
The discipline argument is subjective. I suppose if the point that every dime you spend is borrowed is driven home, it could change spending habits. My personal take is that a budget is a better tool, and the MMA doesn't even help with a budget. An $80 copy of Quicken will help you prepare a budget, import your account statements, and track your expenditures against your budget. The $3500 MMA will not.
Plus, if discipline is the problem, perhaps you can see why opening a HELOC with easy access to $20,000 is a bad idea. We've heard from one mother of a UFF client who abused the HELOC and is in deeper trouble than when she started.
Further, anyone with $175 can become a UFF agent with minimal training to advise potential clients about their mortgages. New clients are encouraged to become agents. Five sales, and they'll have made back their $3500 fee with commissions of $450+$450+$900+$900+$900, while the upstream agents get the balance of the $2500 in commission per sale. There is a huge incentive to not just sell MMAs, but sign up new agents. This incentive makes many agents stretch the truth.
So, continuing from Calvin's points, we have an inefficient mortgage payment system, being sold for a ridiculous price, by a mostly under-educated sales staff who are part of a MLM structure, to unsuspecting and vulnerable homeowners, through bad math and false claims.
If UFF agents can argue in favour of "discipline", I certainly have enough to argue in favour of "scam".
Craig
>> I love a good brawl, but I've stayed out of the u1stfinancial riot
>> because I know diddly about this topic. I have, however, been reading
>> every word, trying to understand the emotion ufirst financial conjures up
>> on both sides.>> Here's what I see:
>> ==> It doesn't appear to be a scam because it delivers on at least
>> one (the most important?) of its promises -- to help you pay off your
>> mortgage faster.>> ==> It seems to make a bunch of other claims that are shaky at
>> best, so I certainly wouldn't recommend anyone run out and buy it.>> ==> It's clear to me that the same thing can be done without the
>> software -- maybe better, and certainly with an extra $3500 in your own
>> pocket.>> ==> But it's also clear to me that there are tons of homeowners who
>> don't have a clue about this stuff.>> ==> There's another ton of homeowners who have a clue (they've
>> heard it can be done), but they don't have the smarts to figure it out (or
>> ask their banker) -- and even if they did, they lack the discipline to
>> follow through month after month, year after year.>> If -- (I say **IF**) -- the ufirst financial software maps out a
>> program for this type of homeowner, walks him through it, and keeps him on
>> track for as many years as it takes... is it possible, just possible, it's
>> a good thing for that one type of person even though it can clearly be
>> done better (and free!) by people who have what it takes to make a plan
>> and stick to it?>> Go ahead -- clobber me with my own brownies.
>> I am not for one minute recommending that anyone hand over $3500 of
>> their hard-earned cash to u1st financial -- I would never do it! -- but I
>> am daring to suggest that maybe it's just what "the select few"
>> need to get them on track.>> Is that possible?
>> Luv,
>> MaaMaw
| |
FIB - Scams 101 is maintained by Lesley Fountain with WebBBS 5.12.
| PLEASE READ THIS LEGAL NOTICE CAREFULLY BEFORE YOU FILE A LAWSUIT OR EVEN WASTE TIME THINKING ABOUT IT. It has been done before, but never successfully. In fact, the last dodobird who tried it ended up being ordered to pay more than $77,000 in attorney fees ($65,000+ to my attorneys and $12,000+ to my co-defendant's legal advisor).
If your attorney is worth his salt, he's going to tell you that the expense of filing a lawsuit you can't win is a whole lot worse than any "damages" resulting from messages posted on this insignificant little chunk of cyberspace. NEWS FLASH: I didn't just climb down off that ol' turnip truck yesterday. I'm well aware that expressing a negative opinion, relating one's personal experience, and restating provable facts are all legal in this country and do not constitute libel, slander, or defamation -- so you don't want to play games with me, and you sure don't want to start something you aren't prepared to finish. I don't take threats lightly, and I don't accept bribes (or did you call it a "mutually-beneficial arrangement"?). I'll turn you in faster than you can yell, "ARREST ME, I'M SCUM!!" Do yourself a favor and turn your legal team loose in greener pastures. Although we may, from time to time, monitor or review discussions, postings and the like on the Friends In Business (Scams 101) Message Board, we are under no obligation to do so. We are not responsible or liable for any claim arising from the content of any such discussions or postings or for any error, defamation, libel, slander, omission, falsehood, obscenity, pornography, profanity, danger, or inaccuracy contained in any information contained within such locations on the Site. You are prohibited from posting or transmitting any unlawful, threatening, libelous, defamatory, obscene, scandalous, inflammatory, pornographic, or profane materials or any material that could constitute or encourage conduct that would be considered a criminal offense, give rise to civil liability, or otherwise violate any law. You are likewise prohibited from posting any false claims against any company or individual. We will fully cooperate with any law enforcement authorities or court order requesting or directing us to disclose the identity of anyone posting any such information or materials. By posting messages and/or content on the Friends In Business (Scams 101) Message Board, you give permission for Lesley Fountain/Friends In Business/Shoestring Success Publications to display, distribute and use the posting and content for publication, advertising, promotion, excerption or example. You grant Lesley Fountain/Friends In Business/Shoestring Success Publications complete, perpetual, but non-exclusive rights to use, archive, reproduce, adapt, modify, distribute, sub-license, repurpose, rework, compile, or offer for sale or resale the messages, postings or content appearing on this site in whole or in part, throughout the world and universe, on a royalty-free basis without remuneration. If you cannot accept or agree with the terms of service for this website and discussion board, you are advised not to post on this board. In closing, I would like to remind you once again that it is still legal, in this great country of ours, to express a PERSONAL OPINION, as long as it is presented as opinion and not as fact. And finally, all you scammers out there will do well to remember that TRUTH IS AN ABSOLUTE DEFENSE against charges of libel, defamation, and slander... so if you're operating just a hop, skip, and jump ahead of the law, you might want to think twice before doing anything stupid... (AND SHAME ON YOU!!). |