Guest post by Joe Taxpayer
As I looked at multiple United First Financial agents’ sites, I found the common thread was the claim that one simply can’t do this on their own, that the shifting of funds from a checking account, to a HELOC, and then to a primary mortgage somehow needed such a level of sophisticated computer analysis that it was beyond the average consumer.
But let’s dig a bit deeper to understand what savings may or may not be possible with the UFF Money Merge Account. In the classic MMA example (i.e. the one appearing on or linked from most agents’ sites) we are looking at a 6% fixed rate mortgage, and $5,000 in net monthly cash flow. Continue reading
A comment today by one of our readers on this thread prompted me to take a look at the United First Financial money back guarantee. If you’re a customer of UFF, good luck trying to get your money back. Sure, it sounds nice that they offer your money back. But if you take a look at the terms, there is basically no protection for you as a customer.
This comes from the Money Merge Account activation documents from UFF (linked here under the Fair Use Doctrine, for educational purposes): Continue reading
One of our readers posted this, and it’s brilliant. It is the simplest possible way to break down what United First Financial is selling with its Money Merge Account.
Question for the consumer:
Would you rather pay $0 to save $110,000, or would you like to pay $3500 to save $100,000?
It gets to the truth of what UFF is selling with the MMA. Sure, you could save a lot of money using the MMA. But you will save even more FOR FREE.
I’ve been critical of the United First Financial Money Merge Account for a few months now. My critique is simple: The program is not worth $3,500. It’s worth less than $100. All the MMA does is direct you to use all available cash each month to pay down more of your mortgage. You can do that for free. The budgeting tools that are offered with the software are no better than other packages on the market like Quicken.
On of the criticisms I’ve faced from UFF “agents” is that I simply don’t understand the program. I haven’t tried it. I haven’t seen how it REALLY works. I just don’t know what I’m talking about.
They are wrong. I know exactly what they’re selling, and that’s the problem. If my analysis wasn’t right on the money, they wouldn’t be so bothered. “Have a free analysis done!” they tell me. Continue reading
Banking 101 – If you’re “using the bank’s money” it means you’ve borrowed it from the bank and you’re going to pay interest to “use” it. You don’t get to use it for free.
The United First Financial Money Merge Account supposedly uses “the bank’s money” to help you pay off your mortgage faster. After paying the $3,500 admission fee, you use Home Equity Loan (HELOC) funds to pay down your mortgage, and then you use your paycheck to pay down the HELOC. (Confused yet?)
The idea (sort of) is that instead of putting your paycheck into a checking account and letting the money sit there until you need it to pay bills, you can use the Money Merge system to “put your money to work for you”. Essentially, until you actually need that cash, it’s being used to reduce what you owe on your house. So you get a week or two of reducing your interest on your mortgage through this money shuffle. Continue reading
One of the most common forms of “training” offered to members of multi-level marketing companies (also known as direct sales, pyramid schemes, dual marketing, networking marketing, etc) is Overcoming Objections. Why is that such a key? Because all of the ones that I’ve seen have overpriced, underperforming products, and consumers are usually pretty quick to see that.
So distributors, agents, representatives, or whatever they’re called must be skilling in overcoming every single objection you could have. In Mary Kay, consultants are trained: “No does not mean no. It means that she needs more information.” Clearly, the only answer that is accepted is “yes.”
United First Financial trains its “agents” in the fine art of overcoming objections, and today I’m going to share with you a couple of them. Continue reading
Don’t just take it from me and from Dave Ramsey. We think the mortgage accelerator program sold by United First Financial for $3,500 is a waste of money. We’re pretty smart, but are there other smart people who agree with us? YES!
Jack M. Guttentag is Professor of Finance Emeritus and former Jacob Safra Professor of International Banking at the Wharton School of the University of Pennsylvania (one of the world’s best graduate finance programs). He is the former Chief of the Domestic Research Division of the Federal Reserve Bank of New York and formerly on the senior staff of the National Bureau of Economic Research. Jack says: Continue reading
I’ve had lots of comments on my thread here about United First Financial and Dave Ramsey. Dave is an absolute expert on credit issues, and he hates UFF. He says it’s a complete waste of money. (Of course, I agree.)
As usual, he’s accused of not knowing what he’s talking about because he hasn’t been to one of the UFF cult meetings. The fact is that he’s very savvy about this. Continue reading
“The UFF program is the ONLY program on the market with these exact features and benefits.”
Of course it is. If it could be compared to anything else, consumers would quickly see that it’s not all it’s cracked up to be. It needs to be some secret, special, super-duper, can’t get it anywhere else program or no one will pay the outrageous fee of $3,500 for it.
“We have a 97.6% retention rate.” Continue reading
Over the last few weeks, I’ve been researching and reporting on the United First Financial Money Merge Account. UFF’s “agents” are poorly trained multi-level marketing pawns who spout company propaganda about how the MMA is the greatest thing since sliced bread.
I was recently directed for United First Financial’s FAQ page. I had seen this page before, but looked at it today with an entirely different perspective. With my research on the product nearly complete, I am able to see a number of distortions and deceptions in this page.
And the company can’t claim (like many MLMs do) that they’re a victim of independent contractors who are misrepresenting things. These are corporate’s own representations about what the product is and does.
Here’s a the UFF story paired with simple facts: Continue reading