Anyone who has spent some time on this site knows I’m no fan of the United First Financial Money Merge Account (UFF MMA). This “revolutionary” software is supposed to help you pay off your mortgage in record time, all for the low, low price of $3,500. Unfortunately, it’s being marketed with lies, and the UFF proponents who comment here consistently repeat the lies.
The argument in favor of the UFirst MMA that seems most likely to get any traction is: “You just don’t understand the product!” I’ve been asked a zillion times whether I’ve actually used the product, and have been told I don’t really know how it works. Nothing could be further from the truth.
I don’t have to flush $3500 down the toilet to know that the UFF Money Merge Account is worthless. I know enough about numbers to analyze the program and see that it doesn’t offer consumers any savings. They’d be better off doing one simple thing: Pay the minimum on all debts each month, and use any extra cash they have left toward the debt with the highest interest rate.
UFF would have you believe that some complex “factorial math” is necessary and is what creates the savings for the consumer. But that’s a lie. Sure, there may be hundreds of different ways to pay your 10 debts each month, but only ONE way matters. Paying the minimum on all debts and using all extra cash to pay down the debt with the highest interest rate. You don’t have to be smart to do this. It really couldn’t be any simpler.
MMA proponents have often challenged me to compare the do-it-yourself (DIY) method I promote (which is free!) and the UFF program (which is $3,500) to see which puts the consumer further ahead. None of them have actually participated in their own challenges, although I’m more than happy to do so.
But we don’t need my participation. On FatWallet.com, this challenge has been completed over and over, and the UFF MMA loses every time. Here is a set of links that will show you how the MMA loses. It is astonishing that promoters of United First Financial can still pretend that their product is worthwhile:
There once was an agent named James Hughbanks.
He challenged us to see the truth. He said that spreadsheets and other cheap stuff are nothing compared to what the MMA can do.
10 different scenarios to prove that MMA is better. Different loans, different interest rates, life-changing situations.
A simple spreadsheet we created. In all 10 scenarios, the MMA was behind.
In the end, he had to admit the truth. The MMA will always lose.
The UFF agent proposed 10 different scenarios. Under every single one of them, the consumer using the UFF MMA would lose… taking a longer time to pay off their debts.
UFF Results::
MONEY MERGE ACCOUNT START PAYOFF PERIOD 6.75 YEARS
SCENARIO PAYOFF
1. PAY RAISE OF $50 BIWEEKLY – PAYOFF – 6.667 YRS 8/2014
2. SAVE $150 MO IN BUDGET – PAYOFF – 6.25 YRS 3/2014
3. SPEND $900 FRO 8.5 MO – PAYOFF – 6.583 YRS 7/2014
4. DEPOSIT 3500 – PAYOFF – 6.417 YRS 5/2014
5. SPEND 20,350 FROM EQUITY – PAYOFF – 7.167 YRS 2/2015 TRUE COST IS $28,084
6. BUY CAR-12K PAY MO. PAYMENT PAYOFF – 7.583 YRS 7/2015
7. LOSE JOB OF BIWEEKLY ———- OUT OF MONEY IN 35 MONTHS FROM EQUITY LINE
8. SAVE $500/MO IN CHILD CARE PAYOFF – 20.667 YRS 8/2028
9 NEW BIWEEKLY JOB – PAYOFF – 10.583 YRS 7/2018
10 RUN HELOC AT 18% FROM DAY ONE PAYOFF – 11.167 YRS 2/2019DIY Results:
Base: 5/2014 (6.5 years)
1. 2/2014 (6.25 years)
2. 10/2013 (5.917 years)
3. 2/2014 (6.25 years)
4. 12/2013 (6.08 years)
5. 8/2014 (6.75 years)
6. 1/2015 (7.167 years)
9. 4/2016 (8.417 years) (7, 8 and 9 are related scenarios.)
10. 5/2016. Note that my simulation did not get affected that much by the HELOC rate increase to 18% because I used HELOC for emergency purposes only. Total HELOC interest incurred (Cell T7, non-compounded) increased from 557.23 to 1487.94 but you are still able to pay off the loan at the same month.Summary:
The DIY approach had a .25 year (3 months) advantage to begin with because of the $3500 software cost. From scenarios 1 to 6,the DIY approach remained between .20 to .40 year advantage (~2 to 4 months). This is to be expected since we’re supposedly running the same scenarios, therefore similar results. The variance of +/- 1 month between the scenarios would be due to the fact that the loan could be paid off in month x, but in certain instances there is some balance left causing the other scenario to finish the following month.Our end result after scenario 9 are quite different, so we would have to look into that. As mentioned above, the DIY approach did not get affected by the HELOC rate change (Scenario 10).
JHB, I do not need to see your software as we have produced similar results (except maybe for 7, 8, 9 where you end much later). If you disagree on the result in any scenario, investigate the spreadsheet. I display ALL the data monthly. If you think I entered the wrong payment scenario (incorrect start or end month, incorrect amount), go ahead and change it and click on Calculate. It should give you the payoff date.
And now, I rest.
And it was all done with one simple spreadsheet. No factorial math. No complicated paydown scenarios. Just the simple “pay more toward the debt with the highest interest rate” plan.
Indeed. For every one agent that admits what James did (note, even in his concession speech, he tries to imply there’s some value to MMA) there are a hundred who continue with the lies.
Back to James. He still suggests;
A) “UFF show a few months behind from the start date since the 3500 is spent on the software and 3500 is going to the pay down on DYI.” – Well, the DYI doesn’t have that cost, this is the apple to apple comparison, no?
B) “Will I offer my clients a refund?…I will tell them what this excercise has accomplished and the results and offer them it” – I’ve never heard of a successful refund request. UFirst will pull out the contract which is pretty tight.
C) “If I decide to continue with UFF, i will be disclosing ……. do not have to know how to operate a detailed spreadsheet.” – If entering data into one cell each month, to tell it how much extra you sent to the mortgage is too complex, perhaps he should disclose the the sheet itself adds no value. That one can make the payments, and just watch their mortgage balance decrease.
D) “being able to see and learn the future ramifications of their financial actions today. The ability to make current buying decisions on the true cost of a purchase. A spreadsheet does not offer that.” – Huh? Of course it does! That’s why it took me a hour to write and not just four minutes. Tell the sheet how much extra you plan to pay to your mortgage an it tells you how much time and interest you just saved.
E) “Since a mass percentage of the public never will or ever has made additional deposits into the first mortgage, i will continue to strive to give them solutions that motivate them to do that.” – So he’ll continue to scam people? Under the guise of trying to help them. Nice.
F) “Since the UFF was the first to hit the industry, like all technology, competition will drive down the cost of these types of programs” – To zero, I’d imagine, and some fines and/or jail time for those who started this one.
G) “GOODBYE TO ALL!!!!” – and good riddance, I’d say.
Not quite the concession I’ve extracted from a few other agents, but at least one step closer than most. Keep up the good work, Tracy
Sounds like there should be an action started. Does anyone know of any actions which have been commenced?
106,000 is my loan. 30 yr fix @ 5.50. mma says i can pay it off in 9.3 yrs. equity is floored @ 6. i dont understand how they get 9.3 yrs. can someone help me, please.
LGrant and Tracy,
I bought the MMA earlier this year. The hype and website were fantastic, and I plunked down my $3500 faster than you could count it. I had a lot of support from the company and enjoyed putting in my numbers, setting up my HELOC, and raring to go. After a few weeks into the program, and a lot of adjustments because of my circumstances and multiple factors, the limitations of this program became very evident. I ran into small glitches that would change the entire month’s action plan (which they said weren’t glitches but my fault because I don’t follow instructions), I became a time slave in inputting every transaction, and just recently, I asked for my money back.
I have asked twice and thus far not able to get a single penny back.
Please let me know if anyone has been successful in getting their money refunded for a product that promises the moon, but delivers cheese.
Sally, I’m very sorry to say that I do not know of anyone who has managed to get a dime back from UFirst. What they offer is not an unlimited satisfaction guarantee – you only have 3 days after purchase to back out. After that…they don’t return anything.
You are invited to register a complaint against UFirst with the Utah Better Business Bureau:
http://www.bbb.org/utah/business-reviews/financial-services/united-first-financial-in-bluffdale-ut-22021100
If you do, you’re not only fighting a company who does not want to return your money because your experience was unsatisfactory, you’re fighting against the clock because MMA sales are way, way down, and UFirst may go out of business. You may want to get in touch with others who have attempted to get refunds. There is at least one commenter on this site (Sandy?) who went the BBB route, but decided not to go through arbitration with the Utah BBB because she felt the BBB was not going to rule in her favour. Indeed, by the contract you signed, UFirst does not have to refund your purchase.
With declining sales and almost no recruiting or training “events” compared to last year, UFirst may be close to going bankrupt. UFirst was ethically bankrupt from the moment the company was created.
I am not interested in a refund from UFF as I am financing the MMA software, but does anyone know a loop hole to even just get out of the contract to be able to stop making the monthly payments. I know that there is only a 3 day rescission clause in the contract, but my account login information was not even sent to me until 2 days after the singing of the contract. So I, like many others, only had about a day to test the software. Please let me know and any and all advice is appreciated.