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FIB - Scams 101
Re: Accelerated Equity a.k.a. United First Financial
Posted By: calvin In Response To: Re: Accelerated Equity a.k.a. United First Financial (Elle)
Date: Monday, November 24, 2008, at 11:27 a.m.(pst)
>> Thank you for being so upfront and non-defensive. I am looking for
>> real answers. I understand what you are saying and the concepts behind
>> paying down higher interest first, etc. But I still question the fact that
>> I can do this by myself in the same time frame as the software can
>> effectively do it! If I spend hours a day, a week or a month doing the
>> math, then maybe for me (or for someone else) it is better to let the
>> software do it. I have been approached by someone that will run my
>> analysis on "the exact figures" I gave in my last email. The way
>> I see it is that the "only way" I will be able to COMPARE
>> (apples with apples) is to have someone show me in MATH, the time and $
>> frame to get this debt paid off. Right now I have 28 years left on my
>> mortgage and I'd like to get that debt along with the credit card debt
>> time reduced. So how would I take my figures and put them into Excel or
>> Quickbooks and be able to figure out the Time and Money Reduction??????
>> This is the big question that I am hoping someone can answer for me!!!
>> Thank you....Pardon the humor, but if you want an apples to apples comparison, the UFF is THE last place you want to go. They will play games with your income when comparing to "etra payments." They'll give you bi-weekly income versus monthly extra payment, and then claim their algorithm makes the difference when it is two extra bi-weekly checks making the difference. Heck, some of them won't include the $3500 fee in the analysis! When people claim the average UFF agent is a liar or idiot, it's a statement with some backing, not a generalization.
if you'd like an excel spreadsheet for your debt, email me, I can probably put one together in a few minutes. You keep talking about doing the math:
"If I spend hours a day, a week or a month doing the math ..."
Again, what math? Any extra money you have goes towards your highest interest rate debt....where's the math? If you balance your checkbook, you've done all the math needed. Each month you make a certain amount of money and have certain bills. The money leftover each month is your "discretionary income." If you don't have income leftover, you need to reduce your spending. Otherwise, send the discretionary income to the highest rate debt as an added payment and watch it go down. It really is just that simple. If you can transfer some higher rate debt to lower rate debt (high credit card to HELOC debt, lower rate card debt, etc), that will help too.
Personally, I think tracking one's progress is motivating, but I would never pay $3500 for something so simple. A simple excel spreadsheet will do.
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