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FIB - Scams 101
GET UPDATED so you don't bash us with inaccurate information ... from SUE Ad Nauseum - Looking to post her recruiting link again
Posted By: Sue Copening------WebKitFormBoundarym+pNY9y4uEOInB1K In Response To: UFF MMA - Still a scam (JimmyDaGeek)
Date: Monday, July 6, 2009, at 1:08 p.m.(pst)
>> “Using the banks money” – We started out by taking out a loan called a
>> mortgage, using the bank’s money. Now that it’s time to pay the loan back,
>> we need to get the money from somewhere. Usually, it comes out of our
>> paycheck. But MMA claims that if we use a HELOC, we are not using our
>> money anymore, we are using the bank’s money. But, wait, we started all
>> this by using the bank’s money to take out a mortgage and now we have to
>> pay it back. So that means if we use the bank’s money by taking a loan out
>> of the HELOC, we have to pay that back, too. So all we did was postpone
>> having to pay the bank back by using the HELOC money to pay the mortgage.
>> We still have to pay the HELOC back. Where is that money going to come
>> from? Out of our paycheck. So why should we spend $3500 on MMA to play a
>> money shell game with a HELOC?The program does NOT NEED A HELOC to work anymore. Now it attacks debt where it sits... like a financial GPS, it calculates the quickest way to zero, paying the least in interest.
And NO... attacking the highest interest rate first is NOT always the way that saves the most money. Loans are calculated differently (amortized and revolving), and the size of the payment amounts and balances affect it also.
>> “Interest cancellation” – MMA claims that by loading up the HELOC and
>> running our paychecks through the HELOC, we reduce the balance so much
>> that we save lots of money that way, and that alone is worth $3500. OK, so
>> how much can we save? Well, let’s assume our mortgage rate is 6%. That
>> means each month, we are charged 1/2% on our mortgage balance, the whole
>> balance. But if we are using interest cancellation, the most that we can
>> save is whatever our monthly salary is. So, if we bring home $5,000, the
>> largest HELOC balance we can offset is $5,000. How much will that save?
>> $5,000 times 1/2% is $25. That’s $25 per month or $300 per year. So MMA
>> wants you to spend $3500 upfront to save $300 per year. Do you know how
>> much interest you would save if you just put $3500 towards your 6%
>> mortgage? OVER $4,000.No where does United First Financial claim that all the savings come from this aspect. Only some of the savings. Most savings are achieved by the clients own money and the ability the software has to help people make better financial decisions and stay on track with their goals, curb impulse spending, etc.
>> “Factorial math” – MMA claims no one except a computer can figure out
>> the best possible way to pay all your bills and debts because of all the
>> possible combinations. LIES. There is only one SIMPLE BEST way to pay off
>> all your debts. You pay off the highest interest debt first and work your
>> way down using a DEBT SNOWBALL. It only needs addition and subtraction.See above. Debt snowballs were the "horse and buggy" approach. United First Financial is a snowball on steroids with a GPS.
Links deleted by Moderator
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