A new pyramid scheme: United First Financial
Recently, someone on my consumer awareness site Pink Truth asked about United First Financial. I did some quick research and came to the conclusion that it was a typical multi-level marketing scheme… basically a pyramid scheme that relies on the continuous recruitment of new members. I didn’t think another thing about the company.
But a fellow blogger on the personal finance site WalletPop recommended the company today and I couldn’t believe it, so I had to do some research again. She promoted United First Financial as a program that is “the debt snowball on steroids.” She spent $3,500 to sign up for their “program” to help her reduce her debt.
So what did I find today? United First Financial is a multi-level marketing company which depends upon the endless recruitment of new members. They sell their $3,500 program to people who can least afford it, and it’s not worth the money. The name sounds vaguely familiar and legitimate, doesn’t it? I’m quite sure that’s part of the scheme.
I began my research with the company’s website. They’re a little different from other MLM schemes in that they don’t mention the “business opportunity” on the main site. I think they’re trying to keep that part a little hush-hush. In searching other sites, I found many people who were questioning whether or not it was an MLM. It is, but it seems that fact is supposed to not be widely quoted.
The company seems to get credibility from articles in industry publications. In reality, those articles are nothing more than fluff pieces meant to market the company. None of the articles offered a critical look at what they’re selling or who they’re recruiting.
UFF has a sales force with no expertise in anything. You can be a representative for the company and not be trained or educated about it. Their disclaimer says: “United First Financial, its agents and subsidiaries provide Internet web based software and support services. United First Financial does not provide accounting, tax, legal, real-estate, mortgage, or investment advice.” So the representatives know nothing about anything, but they’re going to help you reduce your debt? (Update: There are apparently some licensed individuals who are representatives for the company, but there are no qualifications required.)
So what is this $3,500 system you’re supposed to buy? It’s called the Money Merge Account System (MMA). You get access to a software package that tells you what bills to pay when. The key? Finding excess cash to put toward debt to get your debts paid off faster. But I just told you that for free! You don’t need a computer to tell you that if you make a consistent effort to pay more toward your debts, they’ll be paid off faster than if you don’t make that consistent effort.
As part of the program, you use an equity line of credit instead of your regular checking account. This way, when you have extra money, say $1,000, that would have been sitting in your checking account doing nothing…. It is instead applied to reduce your mortgage balance which saves you interest. When you need that $1,000 again, you can get the money back off the equity line of credit. Your debt balance goes back up to where it was before you had that extra $1,000, but you benefit because you saved a little interest while you didn’t need to actively use that $1,000.
That sounds like a good idea, doesn’t it? Yes, in theory. In reality, how many of the consumers signing up for it really understand the process? Do they really understand the risks of this program? Do they understand the drawbacks? It’s more complicated than it needs to be, but mathematically the process can help you pay off your mortgage sooner.
But there are just too many drawbacks to United First Financial.
Here’s a comment I found from a consumer on another site who sat through a UFF presentation:
First, the printed promotional materials stated “Pay off your 30 year mortgage in as little as 6 to 12 years”, “No alteration to your current standard of living”, and “Your 30-year mortgage can now be paid off in approximately 6 to 12 years, with no change to your lifestyle, without increasing your income or monthly mortgage payment or refinancing of your existing mortgage.” Hmm… Sounded too good to be true.
And I was right. THE MATH DOESN’T WORK! I’ll explain.
I just refinanced my house on a 30 year mortgage at 6% interest. How exactly could I pay off my house in 6-12 years without increasing my monthly mortgage payment? Even if my mortgage was at 0% interest and 100% of my payment went to principal, it would still take nearly 14 years to pay it off without increasing my mortgage payment. (Go ahead, do the calculation yourself. Multiply your monthly 30-year amortized mortgage payment not including tax and insurance impounds by 168 months. The answer should be a number slightly higher than your original loan balance. If not, than you may be calculating an interest-only payment or discounted flex payment from and ARM.)
My point is… Interest is interest, whether it’s in a first mortgage or a HELOC. If I have a $100,000 mortgage at 6% and I pull $20,000 off a 6% HELOC to pay down my first mortgage, I still have $100,000 in debt at 6%. It’s now just split between two loans. The idea they promote is that you put your whole paycheck (let’s use $5000 per month as an example) into the HELOC to reduce the balance, then pay for your living expenses out of the HELOC. The HELOC is also used at certain “strategic” times to pay down the first mortgage.
So let’s separate fact from hype. FACT: You might save some interest if your HELOC interest rate is very close to your first mortage interest rate. However, the interest savings only amounts to an average of $10-15 per month using the above example of $5000 per month income. What does that translate to? About 1.5 to 2 years off your mortgage term (paying off your 30 year mortgage in 28 years). That’s a bit different than what they’re promoting.
In the presentation, they passed out a sample report from the software. I filtered through the numbers that they gave (paying off a 30-year $150,000 mortgage at 6.5% interest in 8.4 years). The mortgage payment was listed at $850 per month (which should have actually been closer to $950). They even make the reports difficult to read, but here’s how they arranged to pay off that mortage in 8.4 years: They took $5000 in monthly income and applied $2845 per month toward the “system” (note that the amount is three times the original 30-year amortized payment). My first question is, how exactly do you triple your mortgage payment “without altering your current standard of living” and “without increasing your monthly mortgage payment”?
Now here’s the good part: Let’s take that original loan amount of $150,000 at 6.5% interest. The MMA program was going to pay it off in 8.4 years by applying $2845 per month toward the first mortgage and/or HELOC. Now what would happen if we didn’t use the MMA program and just paid $2845 per month toward the first mortgage of $150,000 at 6.5%? Ready for this?… 5.2 years! That’s 3 years faster than using the MMA program, just by simply paying the same amount directly to your first mortgage. But how many people can afford to triple their mortgage payment anyway?
The bottom line is that UFF is in the software business. This system was created from a simple concept (accelerated mortgage reduction) and made extremely complex so the average person couldn’t understand how the numbers really work. Then they make it look like they’re going to save you $100K or more in interest without affecting your lifestyle, so $3500 for a piece of software that’s really worth a small fraction of that seems like a bargain. DO THE MATH! They’re complicating a simple concept to make you think you need to give them $3500 for a piece of software.
And another commenter who actually paid for the system:
I have been going back and forth with this MMA. I have the MMA program for about 5 months. I spent the 3500 to try it for myself because as a Mortgage Professional I wanted to see what it does and can it really help people. I have debate back and forth with Calvin and others on this thread but I also paid attention to what they were saying and I have come to the conclusion that the MMA product as of now is no more than a glorified spreadsheet. I have to see something more than what I am seeing now with this MMA program. So for now I’m on hold with this until further notice. The more I look at MMA the more I say this can be done with a simple spreadsheet. Maybe I’m missing something here but I don’t think so.
The biggest drawback to United First Financial is the $3,500 fee. It is not worth it, and you could accomplish the same thing this program claims to help you accomplish without paying the fee. There are legitimate banking and mortgage products available to consumers that could accomplishe the exact same thing without the fee. Check out this article about “mortgage accelerator loans” from Bankrate.com. This is the concept that UFF is selling, and you can get it for a very small annual fee.
Quite simply… you don’t need fancy software to be able to pay more on your debt. In fact, you should keep your $3,500 and use that toward your debts!
United First Financial wants you to think they’re just like any insurance agency or mortgage broker… just offering a product that’s supposed to help consumers. Like the more successful MLMs out there, they have a “revolutionary” product like nothing you’ve ever seen before.
Other companies sell magic berry juice. UFF sells magic debt reducer juice. But there’s nothing magic about it and you don’t need to spend $3,500 to get it. Stay far, far away from this plan.
Related Posts
- United First Financial: Don’t believe the hype
- United First Financial scam: You’re using the bank’s money to pay down your mortgage
- What does another expert say about mortgage acceleration programs like United First Financial?
- Fun with numbers: I can save you $19,714 (without United First Financial)
- United First Financial made simple
Corey, you’d be ahead by nearly $4000 more had you not bought the program. $64000? That came from your savings or income, but it was due to you, not MMA. No one complained about Madoff for 25 years. In fact I had to listen to someone brag about his superior returns for over a decade until the news broke. The system is broken, Corey, it will have you pull too much money out of the HELOC, and pay more interest than you should, not less.
I usually just suck it up and drive on, but this time I will not. This company uses unethical practices to make a dollar. The product is nothing new or unique, and you can get the same or similar results from most financial advisors for a cheaper fee. I just got scammed by them and will report them to the BBB of Utah. I sincerely urge you to listen to the people who are talking about this company before you sign on with them. I cannot attest to the product’s worth as I purchased it and attempted to get a refund, and what I got was the run around and ‘read the fine print’…for an unused product! I never activated the program, it was activated by the ‘independent agent’, and I never opened up the package that was mailed to me. Ladies and gentlement, buyer’s beware. We are in a recession and the carpetbaggers are out and about.
Has anyone been able to get a refund for this program? My financial planner recommended it, so I took the bait and signed up. Now I regret it and I don’t like the program at all. I have contacted customer service to inquire about a refund, and they will call me in a couple days to “talk about it.” I know they will give me a difficult time. So I’m anxious to hear if anyone was able to get a refund, and if they did, how were they able to do it?
Sandy,
If you aren’t within the 3 days (Right of Rescission, or 7 in Alaska I think) then you are going to have a hard time getting any money back from them (from what others have said). Carol Eaquinto, in UFF’s Client Special Services (ceaquinto AT unitedfirstfinancial DOT com) has been pretty stingy with refunds. (I read somewhere that there were about 50 refunds a year ago in July versus only 2 this July). Some were able to get progress by making their case to the owners. Others by filing official complaints with the Better Business Bureau. Good luck either way. Some financial “planner” you had, suggesting the MMA. Was this planner a UFF agent also?
I no longer have that financial planner, but he has worked with the agent before. I think I was one of the agent’s first clients. Neither the financial planner or the agent used the program, which should have been a red light. I’ll definitely go the BBB route if I need to. I’ll post here and let you know what happens. I’m not looking forward to this phone call. They were a hard sell in the beginning, and I’m sure they will be even worse when it comes to keeping my money.
You say “financial planner”. What were his credentials? No CFP who earned his letters should fall for this scam.
Okay, so the result is … they are keeping my money. They said I signed the papers, and all the details are there. I was (nicely but firmly) told that their guarantee is not a satisfaction guarantee, it’s a performance guarantee. Even though the prompts would have me overdrawing my checking account, where all my bills (including mortgage and credit card) would bounce. So … their 3-Day guarantee is all you get, but you don’t get your login until after the 3 days is over. Neither my former financial planner or the agent, who both told me this was sooo great, use the program themselves. I hope my experience will help others make the right decision. By the way, the company is rated C- by the Better Business Bureau. Wished I had known that before. Lesson learned!
Sandy,
Are you saying you didn’t even get to log in to your MMA until after the 3 day recission period was over?!? That is sneaky! And the money moving prompts it would have you do would overdraw your checking account? That sounds like “performance” failure to me, although I’m sure their “legalese” and fine print cover their liability in case of bank fees and the like. I would email the founders, and tell them your case. If they still didn’t budge, I would file a formal complaint with the BBB (Utah), FTC, and Utah Division of Consumer Protection.
SWitman@unitedfirstfinancial.com
JWashenko@unitedfirstfinancial.com
You could also file a complaint at cfp.net on the “financial planner” if he/she is certified.
Just a little history in homeownership in America, back in 1929 only 2% of homes in America had a mortgage against them. 98% of homes were mortgage free. In 1962 98% of homes had a mortgage against them and only 2% are mortgage free. This trend from 1962 has been ongoing till present day in 2009. It’s funny when people ask me if I’m a homeowner. I had to to think about that for a while. I am not a homeowner until you make your final payment to the lender, so in reality until I make 360 payments to my lender then I can finally say I am a homeowner. Some people say, Well, if you’re making mortgage payments on your home, you have “In Real Estate Terms” interest on your home. Yeah right Buddy!, I have to pay huge “INTEREST” payments to my lender.
For the people on this site who have the answers in paying their mortgage off quickly please share it with the families who are making their mortgage payments on time and please share it to the millions of families who have lost their homes due to foreclosure so these families don’t make the financial mistake in the future.
For the people who are trying to get their money back from “United First Financial” Why would you want to get your money back right away if you haven’t tried the program. The agent that sold you the program, did he or she not explain the benefits of saving tens or hundreds of thousands of dollars in interest saved on your mortgage which leads to true homeownership. If you need help with account, you need to call customer support with your problem.
With everybody saying the “Money Merge Account” program doesn’t work and it’s a scam. Well, tell that to the 60,000 plus homeowners who have paid down $355,712,634.00 additional principal debt in only the last 3 years. This statistic is as of May 31, 2009.
Bottom line, people need the “MMA” service why, because only 2% of homeowners are disciplined in adding extra money to their mortgage. The other 98% percent will take their discretionary income and spend it on other investments or on other things.
So, why not sign up for a service the will make you debt free. I signed up my parents on the program. They have invested into real estate throughout the years and now have 8 properties total. The downfall is they still have 26 years combined to pay off these 8 properties. The “Money Merge Account” program reduce their 26 years pay off down to 8.9 years, saving them over a million dollars in interest saved. Tell me where can you find a do it yourself program that can save you this much money. The best thing about this is they don’t have to change their lifstyle.
I believe that “United First Financial” are one of the few companies that are out there helping families in America and Canada become debt free. The United States of America is already in a economic crisis. “United First Financial” is helpling families become debt free, the numbers show. If you can imagine having more debt free families in the U.S.A., if we can accomplish this, then we can become a debt free nation which means prosperity for our future generation.
Ron – UFF doesn’t magically create in people a desire to pay off their mortgage. In fact, it puts them $3,500 behind (actually alomst $20,000 behind if they finance the $3,500). Those who suggest that this software is creating this desire are delusional. If someone needs software to help them budget their money (which is really all UFF is doing, at best… and doing a very poor job of it), then they’re better off with $60 Quicken software.
Ron, do you know how to divide? $355,712,634.00 divided by 60,000 (plus?) is $5928. But that’s over 3 years. It’s less than $165 per month extra principal. That extra principle, when applied from day one to the classic example mortgage, $200K 6%, would drop the payoff from 360 months to 265 or 22 years. A far cry from the 10 year payoff UFirst brags about, and not the $1000/mo extra principal UFirst felt appropriate to use in they examples.
Why not sign up for such a service? Be cause one can make extra principal payments and come out ahead. One needs no math at all to do it. None.
So…Tracy Coenen & Joe Taxpayer, you two seem to know the number one answer to our economic crisis in our country, which is “DEBT”. Please, can the two of you who are “MATH EXPERTS” put your heads together and write a book or make a dvd for millions of people who are buried in DEBT.
Joe & Tracy, the two of you keep bashing on United First Financial, stating the MMA program doesn’t work. Come on you guys be a little open minded about what this company is about. This company is about getting people/families out of “DEBT”. Do you think United First Financial was created to steal/scam people/families’s money? The answer is NO, United First Financial was not created to steal/scam people’s money. It would not make sense for this company to steal. If that was the case the company would have been shut down and the owners put into jail back in 2006, when they first went into business. Now after three years into business they now have 60,000 plus customers and growing.
The owners of United First Financial are Skyler Witaman and John Washenko. They own a company called, “Accelerated Equity And Development Inc.” in Bluffdale, Utah. This company has been in business since 1997 and has an A+ rating with 1 complaint with the Better Business Bureau. So having a A+ rating with 1 complaint as of today reflects a high credibility in their business. These two owners are the founders of United First Financial.
Now, with United First Financial shows a C+ rating with the Better Business Bureau as of today. The reason for this rating is because 25 complaints were filed with the company and all 25 complaints have been resolved. Just like any company you will always get some type of complaints, but you need to compare 25 resolved complaints to 60,0000 plus customers. This shows that owners or United First Financial are serious in resolving their complaint.
People are saying United First Financial is a pyramid scheme. People need to due their due diligence in researching what a true pyramid scheme is. Just because United First Financial are looking for agents/salesman to sell their product doesn’t make the company a pyramid scheme. We do not make a commision when we recruit an agent/salseman into the company. The way Ufirst agents are paid is same way an insurance agent gets paid in an insurance company, so there is no pyramid schem there. If you research pyramid scheme,it is illega to do this kind of business in the United States. Well it’s been three years now since 2006, were still up and running and the company is still growing.
My final words on this matter, Let’s get Americans/America out of “DEBT”. This is the only way we can get the American economy back on its feet.
Thank You
I agree that Americans need to get out of debt. They can do so much faster and cheaper without UFF. The program is a waste of money. It’s just that simple. Either consumers want to pay their debt off or they don’t. If they WANT to, they can do it much better without UFF. If they do NOT want to, they won’t pay it off using UFF or not using UFF.
Ron,
UFirst is shrinking, no growing. Call the head office and ask for Derek Brown, Agent Support Manager. He was laid off, along with dozens of his co-workers, since early 2009.
Why? Sales are down this year. Seriously down:
Jan 3,473
Feb 2,177
Mar 2,428
Apr 2,058
May 1,353
Jun 1,092
Jul 849
This is why you see once-visible UFirst agents like The Jubilee Project, Jarrett Holmes, Jennifer Hartman, etc. jumping ship or offering newer MLM pyramid schemes, like Dubli (eBay killer!), iJango, LocalAdLink and (I kid you not) BSkinny Coffee. It’s also why UFirst is trying desperately to package their agent contact software with a “tax deduction” component to sell to business owners as “BizPack”.
The MMA is circling the drain.
Ron, I’ve written many posts on UFF, and proved using their own video and web site that the math is flawed. The sales pitch isn’t just exaggerated. It’s a lie.
Those who need to get out of debt can ill afford to spend $3500 on a flawed piece of, er, software. You an agent? You seen my free spreadsheet? Beats MMA every time. Don’t confuse free will having no value. It’s worth $20,000, give or take. That’s what MMA’s “true cost” is. My $500 grill, on the other hand, is an investment, it saves me eating out, and pays for itself and them some. The scammers have it backwards.
For those who think the program is so great, I’d be happy to sell you my login and password! I’ll even give you a discount!
Unlike a lot of people on this board, I am someone who tried it. I was really open-minded and tried hard to make it work. But … I REALLY didn’t like it for several reasons, tried to get my money back and can’t. They simply won’t refund your money. As I was told, it’s not a satisfaction guarantee. Once they get your money, you can’t go back. Yes you get three days to change your mind after signing the paperwork, but you don’t get your login until after those three days are over. Try to get your money back and they blame you for it not working. I was told, well blah blah percent of people love the program, making it sound like something was wrong with me. I am so tired of them throwing statistics at me. I think that must be a part of their training.
You can blurt out all the statistics you want. I have the experience with the program and I think it’s a horrible waste of my money. If the program was so great, then why won’t they give a SATISFACTION guarantee? Why is it impossible to get a refund? And why don’t most of the people who sell this program actually use it themselves? My “agent” didn’t use it, and neither did my former financial planner, who talked me into doing it.
Some of the responses above sound like the sales pitch that I got in the beginning. They are a hard sell. A lady from UFirst actually thought it was CUTE that her clients didn’t understand the program. She laughed, “You don’t know how a car runs, but you get in and it works.”
If I had followed the program as I was told, I would have emptied out my bank account completely and would have bounced payments on my mortgage, credit card, utilities and so on.
You read lots of hype, but this is from someone who has been there, and feel like I was robbed.
Those on here who work for UFF, if you think your company is honest, then help me get my refund!!
“Those on here who work for UFF, if you think your company is honest, then help me get my refund!!”
Excellent, excellent point.
How about it, UFirst agents? Help Sandy get her money back.
Sandy,
Also, did you pay for the MMA with a credit card? If you did, some CC companies can help you dispute the charge. Google for “credit card dispute charge” or something similar to read how. And if you didn’t pay by CC, I still recommend filing a formal complaint with the Utah Better Business Bureau.
If I remember correctly, they don’t take credit cards. I had to get a cashier’s check. I’m going to start with sending a letter, though I am guessing their response will be full of statistics.
Sandy,
I was about to link you to the Utah BBB, but I can’t find the UFirst listing there at the old link. A BBB Utah search for “United First Financial” turns up a blank page. Interesting.
L2G or anyone else, can you confirm?
I just go to the national bbb.org site, select USA, then search for Business/Charity and enter “United First”. The corporate United First Financial, LLC always comes up first for me (26 complaints in last 36 months, now). The other listings are usually just other agents.
Sandy,
UFF does take credit card purchases now. Agents may not tell you first off, since they get a smaller commission. But there have been users of the MMA (and Bizpack software) that were able to dispute charges through credit card companies.
Anyway, I would try the BBB complaint route. They can be filed online in a matter of minutes. The company will then have a timeline to respond.
I can’t believe any would pay $3,500 for a calculator which http://www.moneydesktop.com offers for $19 a month.
Not another one….
Todd, go shill for your software elsewhere. It’s still too expensive, still would have a homeowner use a HELOC as a checking account for no little real benefit and lots of risk, and still a bad idea.
I recently submitted a resume to yahoo.com on hotjobs so that I could be contacted by employers. So far I have only really received feedback from pyramid scheme companies, or the like. So to make sure I do some research and I eventually will find something shady about them. Anyhow, this is what was recently e-mailed to me by a regional recruiter from UFF:
I have received your resume that you sent to me in response to our opening on Yahoo.com Hot Jobs and would like to talk with you regarding a position with our company. I have several full time as well as part time positions open at this time.
I am looking to bring on the smartest and most talented independent SALES AGENTS in the country that are willing to work from a home office, part time or full time marketing three cutting edge programs. The three programs will:
1) Save our customers in many cases in excess of $100,000 to $200,000 on their home mortgage without having to refinance.
2) Teach people how to save money on their taxes.
3) Develop banking strategies that will save finance charges on their vehicle purchases.
Our company is very well accepted in the marketplace, and the demand for our program is exploding with growing momentum. The company owners last year were awarded the “Entrepreneur of the Year” award by Ernst and Young in their sector of Financial Services in their area.
This is a “Commission Only” position, and the income ranges from $1000 per sale to $1500 per sale and could include residual income. With bonuses, many of our agents are earning six figure incomes within the first 24 months. Management bonuses are easily above 6 figures. Our part time sales agents are earning $2000 – $3000 part time per month.
Here is a 15 minute video that will give you more information about this position and our company – http://www.uffagentvideo.com.
Please let me know when it would be a good time to talk with you, and I will be happy to provide you with you more information regarding this. I look forward to hearing from you.
–
Paulette Gibbs
Regional Recruiter
United First Financial
(949)872-3759
At this point I think I will most likely become a rockstar instead and set aside the resume…haha
Wow. I think if the company is that successful, then it shouldn’t be a big deal to refund those who have issues with the program. The sales people are looking at big dollar signs but have no experience with what they are selling since most do not use it themselves.
I may write a story about my experience, though it’s not over yet. Hopefully it will be soon. Hey, maybe I can sell my story for $3500
“2) Teach people how to save money on their taxes.”
The UF disclaimer specifically says they do not offer financial advice, they only sell a software product. Has their stance changed? Are they going to screw up not only one’s mortgage payoff but ‘all’ the clients’ finances?
Well, I went to one of these workshops in July 08 because some friends of ours became agents (I attended out of courtesy). My husband walked out of the meeting w/in 5 minutes when they said the company originated in Utah (we brought our 1 yr. old as the perfect excuse!). I stayed, again out of courtesy, and w/in 10 minutes I could see that you can do this on your own, w/o having to spend the $3,500. I have been doing what they mentioned there for years, like using my CC to pay all my expenses, paying it off in full at the end of the month and taking advantage of the points to pay my home and car insurance every year (called cash flow management). I have a HELOC that I use the same way they explain (my HELOC is 2.25% vs. my mortgage which is 4%). I don’t move to a variable mortgage or charge my mortgage in full to the HELOC because I’m a risk-averse person and I like the predictability and assurance of knowing how much I pay. I know that I’m losing a chance to save even more but that’s the price I put to my peace of mind.
I created a simple spreadsheet where I put different scenarios on how and when to pre-pay my mortgage. I will pay-off my mortgage in 11 yrs (as opposed to 25), expected in 2015 (bought my house in 2004) and so far I’m right on track.
I link this product to all the “lose weight w/o changing your lifestyle” products. They may work as long as you follow the basic premise: eat less than you burn or spend less than what you make.
I wouldn’t use a HELOC if it were more expensive than my mortgage, I really thought that was a very basic and easy to comprehend premise. I guess for some people it is not. I’m sure some people require the guidance of software to get their act together but behavioural patterns are hard to break and what I’ve found in postings everywhere is that people that are not very disciplined w/their money buy into this product. Well, with or without it they are not going to change their patterns and at the end they will be $3500 further back.
Sad to see, really. And when reality hits, it’s easier to blame everyone around rather than take responsibility for our own choices.
And just as a rule of thumb, as my grandmother used to say “if one person tells you you’re wrong, ignore it, if it is two, think about it, more than two pay attention, because you are definitely wrong”. I’ve seen more negative posts than positive all around. That should tell people something.
There are two (2) ways to introduce UFF’s MMA. The right way and the wrong way.
The reason that the Network Marketing opportunity is not “up front” on their website is to sort out the “real” people from the “MLM Junkies”.
I work for a Financial Services company in Southwestern Ontario who uses this program as a second step to a completely eliminating our client’s mortgage in the time estimated by the MMA program. AND…we only let them proceed if they want to AND…only after they run it by their lawyer, which is the law in Canada on any mortgage whether it’s their first one or it’s a refinance.
The cost of the MMA becomes part of the first step in refinancing their mortgage using traditional sources….LIKE A BANK….which get’s rid of the Credit Card debt and takes advantage of the lower interest rates.
Then and only then, are they asked it they would like to proceed with the MMA.
I am guessing that most of the posts to this blog are from skeptics who have become cynical where anything to do with MLM, especially if it also involves any kind of financial product (and I agree we all must be careful where that is concerned).
Most of the complaints are coming from a lack of understanding – such as the post about having 2 loans, a mortgage and an HELOC. That is the case, BUT the algorithm that deals with paying your obligations requires that you have a cash flow that is from a JOB, or a steady flow of income from another source such as an investment that is producing an income. The KEY here is the program only works if there is a cash flow.
Do the MATH as someone said using the DEMO on the site. It requires that you put in your monthly income as part to the equation.
Do that and then post your comments again.
BTW – I have several clients using the UFF MMA and they are thrilled with how it is actually working.
Lawrie Paul – We’ve already run the numbers over and over on various sites, and UFF loses every time. Even if it wasn’t an MLM, it’s still not worth the $3,500. In fact, it’s not worth $1.
As for trying out UFF’s site…. I did that, and UFF’s results were a lie. Read all about it here:
http://www.sequenceinc.com/fraudfiles/2009/07/10/the-uff-money-merge-account-fraud/
UFF is not to be trusted. Their software either can’t do the basic math needed to make these calculations related to mortgages, or the company is willfully having the software generate fraudulent results. Either way, I wouldn’t want anyone working with them!!!
P.S. I wonder how “thrilled” your clients would be if they knew that with a lot less effort than they’re putting forth with UFF MMA, they could be thousands of dollars further ahead.
This program is probably good for a complete idiot who can not manage even a dollar but for the rest of the world who has more than 2 brain cells its a rip-off pure and simple. The worst part of it is how the rep’s use phony math to confuse people. I watched a prresentation once and I felt so dirty after that I had to go home and shower and I was not even a rep myself! Bad sales, lies and just total fraud. I really hope this company gets in trouble one day so more people will not have to get hosed by these “snake oil” sales people!
ANYONE RESEARCHING THIS CAN LOOK TO EARNST AND YOUNG FOR THEIR OPINION. THIS MOST REPUTABLE AMERICAN FINANCIAL INSTITUTION THINKS VERY HIGHLY OF UNITED FIRST FINANCIAL. ALSO SEE SUCCESS FROM HOME MAGAZINE FEBRUARY 2009. THERE ARE 2 REASONS FOR THE $3500. ONE, SO THEIR SALES FORCE CAN MAKE AN ABOVE AVERAGE WAGE – $2250 OF THE $3500 IS PAID IN COMMISSIONS. THE OTHER $1250 IS ADMINISTRATIVE, BUT POWERS A CUSTOMER SERVICE AND CLIENT TRAINING FORCE THAT IS AVAILABLE 14 HOURS A DAY 7 DAYS A WEEK.
One of the differences of the money merge account is that it is NOT a disk that you load on your computer and then good luck. The company stands very strongly behind its clients and agents.
My wife and I were well on our way to being out of debt – having only 8 years left to debt freedom, but purchased this anyway. When we started the system told us that we had 2 years left, but now after 1 month, we have just over 1 3/4 years and we will more than double our investment in the interest we save.
As far as speaking to our intelligence, you decide if this was a good investment. As I said, we were close by all standards (at age 39) to being out of debt. Now we are 3/4 of the way closer, because the things we were doing to pay down our debt were not nearly as powerful as this program! I wish someone had given this to us as a wedding present 11 years ago.
Jim – Sorry to say that this was NOT a good investment for you. If you were going to be out of debt in 2 years with MMA, you could have been out in less than 2 years without it. You only get out of debt because of your own ability to do so either with your earnings or savings. (MMA doesn’t “create money” as they falsely claim. Check out some of the common UFF lies here: http://www.sequence-inc.com/fraudfiles/2008/05/27/misleading-consumers-in-the-marketing-of-united-first-financial-money-merge-account/)
So you’ve now gone from a 2 year payoff schedule to a 1.75 year payoff schedule? There’s no way you can save interest equal to or greater than the $3500 that you paid to UFF.
And Ernst & Young didn’t give an opinion on UFF, and Success From Home Magazine is a biased publication which UFF paid to get praised in. Neither of these things mean anything.
Has anyone gone through the arbitration process with UFF and the BBB? I’m wondering if it’s a fair process, or if the BBB will tend to rule in favor of the companies.
Well Tracy,
All I can say is the proof is in the puddin’. We have been on the software for almost a year. When we ran our analysis it looked as though we would go from paying off our home, cars and credit cards in 29 years to paying it off in 11 years. Turns out almost one year later that we are projected to be debt free in 7 years. I was happy with 11 but I am much happier with 7. True to UFF’s promise or guarentee when we come up on our 1 year anniversary if it isn’t working I will ask for my $3500. back and put that toward my debt reductions as well. Don’t see how I can lose Tracy but you keep looking out for those of us who are just too ignorant to figure things out for ourselves.
Well Frank, the proof IS in the puddin. If you’re happy with being debt free in seven years, then you would have been even HAPPIER being debt free in LESS THAN seven years, which is what you could have done without UFF. But who cares, right? You didn’t have anything else you could have spent that $3500 on anyway.
And don’t worry… there’s absolutely no chance UFF will refund your $3500 under any circumstances. You’re stuck with their junk whether you like it or not.
Frank – I’m curious as to what you believe UFF’s guarantee is?
Because when I had major issues with the software and tried to get my money back, I was told, “It’s not a satisfaction guarantee.” And that seems to be what you believe it is.
They said the only guarantee is that you have three days after signing the paperwork to change your mind, and after that, there is no other guarantee.
Did they really give you a 1-year satisfaction guarantee? If they did, I’d love to see that in writing.
I suggest you call customer service and ask them exactly what the guarantee is. If they say it’s a satisfaction guarantee, get that in writing right away.
1st of all I am an agent my mother was my first client & in 6 months reduced her balance of around 247k by $4,500 period end of discussion. I HAVE SEEN HER WORK THE PROGRAM W/ MY OWN EYES. As for this article if anyone would notice the comments at the begining it is clear that by the time stamp on them the same person was making those comments. I mean come on the comments are literaly by the minute!! Always there is no way they got The Ernest & Young business of the year award plus many mortgage but are a fraud???? To the person who wrote this who the hell are you again? Oh yea YOUR math does not add up do some reseach if you have 3 credit lines (mortgage, car loan & credit card) there is over a million different calculation to pay the least amount on that debt good luck guessing which one.
You caught us Ephraim! How dare I have a conversation with two of my readers, in which we reply to each other every few minutes! Scandalous!
There are not a “million” ways to possibly pay three debts. But I will agree with you that there is more than one way. Except the catch is that only ONE way is the way that will save you the most money, and it’s simple. Pay the minimum due on the two debts with the lowest interest rate. Pay all the rest of your available cash to the debt with the highest interest rate. Period. End of discussion.
Just think… without MMA your mother could have paid down $8,000 of her debt. But what’s $3,500 wasted between family anyway. At least you got a commission off your mother, right? Shame on you for helping her waste $3,500 when she could have gotten out of debt faster and with less effort without MMA.
Ephraim,
Tracy posted just 4 minutes after you. How do I know you’re not Tracy?
Actually, that’s easier than I first thought: Tracy can do math.
The UFirst marketing deception you’re trying to quote is “3.6 million different ways to retire 10 debts”. You’ve reduced that to 3 debts. Want to know how many ways you can order the repayment of 3 debts? 3!=3×2x1=6. Six. Six ways, not one million.
But as Tracy said, the best way is to order them from highest rate to lowest rate. Service the minimum payments on all, then send all extra income to the highest rate debt. Period.
You just cost your mother $3500 needlessly. You made $450 from the sale, which you should give her right now. You can refund her the rest of her $3050 by getting a real job that doesn’t involve scamming people.
I can’t believe I made it to the end, it was like looking at a traffic accident, I just couldn’t look away. There are a lot of negative people on here. If the program helped some people pay down their debt, great. MMA is only a tool. There is no magic. I bet the same people that put all these negative comments are the same ones that put negative comments on everything. I’m glad your so smart and can do the math on your own to pay off your debt. wooohooo your so smart. Give me a break.
The program helps people stay focused on their finances. Great!!! At least they ufirst is raising peoples awareness and getting them to take action. Sometimes people get overwhelmed and don’t do anything because they don’t feel like they are making a dent in their expenses, so they kind of give up. Then something like this comes along and opens their eyes and causes them to do something. Can you put a price on that?
Sure $3500.00 is a lot of money, but if it gets someone to take action and excites them, then $3500.00 is nothing.
All the negative people on here are the same people that would climb Mt. Everest and say I can’t believe all that work for this view, I could of flew in an airplane and had a better view.
And for the people that can do it on your own, good for you. Most people can’t and need a helping hand. I did like the one website the moneydesktop, but did not like the one article that tells people to open more credit cards to build up their credit. I understand what they are saying but they need to provide some guidance and training on what could happen if you open to many and how hard it is to get caught up once your behind.
Just like telling someone they need to invest, everyone knows that, but look at how many people lose money in the stock market. This doesn’t include the people on here that are so smart and can do it on their own. There needs to be guidance for most people.
I forgot one thing, all you fat people out there that hired a personal trainer and you lost more than 50lbs. You wasted your money, you could of saved the money and just ate less and worked out more would give you the same results. Who cares that losing 50lbs gave you an extra 10yrs to live, gave you more energy to enjoy life everyday. Gave you more confidence. You could of done it on your own. You should of saved your money.
Steve – Someone doesn’t have to be “smart” to be able to pay off their debt without the MMA account. MMA is a complete waste of money… $3500 that could go to their debts. If you can add and subtract, you can pay off your debts without MMA and get there $3500 faster. (Actually, $3500 plus whatever interest you paid on financing the $3500.)
Tracy
I know what you’re saying. People just need discipline and focus on paying off their debt. Whatever you focus on, you tend to get results from. If you focus on what you eat and exercise, you will lose weight. But, using a Heloc or line of credit to help maximize that, just gives it a little boost. And if it helps someone focus on their debt is that a bad thing?
Tracy, have you ever used the MMA? Do you own it? I don’t recall from above post.
Yes, wasting $3500 to theoretically bring “focus” to your money is a bad thing. The lame software doesn’t cause you to focus. You could focus for free. And for those already having problems with debt, fooling around with a heloc (or even worse, credit cards) to do the MMA system is ridiculous.
No, I am not so dumb as to pay $3500 to UFF. I do not own the software. Yes, I know exactly how it works.
Steve, the HELOC or Line of Credit does not maximize savings. In published examples, and from using the demo MMA account, we know that the MMA is broken. Even with all the bells and whistles, the MMA costs the user thousands of dollars over time, even if it were free.
So, it’s a slower way of paying your debts, it’s awkward to use compared to Quicken or MS Money (and costs over 35 times more), and it’s sold by an army of financial illiterates. I could go on.
It’s just a terrible product, and that’s why it isn’t selling any more. Monthly sales are down 89% since the beginning of the year. UFirst has been laying off staff all year. And still, we get a trickle of agents (probably like yourself) who think they can salvage the reputation of the MMA.
You can’t. UFirst and the MMA are done. Go buy into your next MLM. I hear there are a lot of wildly overpriced fruit juices that you could be selling, at the expense of alienating any friends and family who still take your phone calls.
I must say there is a lot of negative feedback and bashing of UFF. My wife and have been on the program for 4 years now and it has worked wonderfully for us. I have never taken the advice of traditional banks or mortgage companies (Look at the last 2 years in that industry). It takes a very diciplined person who is in complete control of their finances and flow of money for this program to work. I read several posts on hear about how people are going to their “financial advisers” for advice and to look at this program for them. I have one question, how have your advisers programs and investments paid off for you during these volitile times? I truly believe in the program because I have used it and it works. It really is just that simple…
Wardent7 – You apparently have what it takes to focus on paying off your debt. If that’s the case, you could be thousands of dollars ahead without UFF and without any help from any financial advisers or bankers. If you think that the program “works” because it helped you reduce your debt, just know that NOT using the program would have WORKED BETTER and gotten you out of debt faster.