{"id":1654,"date":"2008-07-10T19:31:16","date_gmt":"2008-07-11T01:31:16","guid":{"rendered":"http:\/\/www.sequence-inc.com\/fraudfiles\/?p=1654"},"modified":"2011-08-15T23:07:03","modified_gmt":"2011-08-16T04:07:03","slug":"3500-wasted-with-united-first-financial-per-dave-ramsey","status":"publish","type":"post","link":"https:\/\/www.sequenceinc.com\/fraudfiles\/3500-wasted-with-united-first-financial-per-dave-ramsey\/","title":{"rendered":"$3,500 Wasted With United First Financial, Per Dave Ramsey"},"content":{"rendered":"

I’ve had lots of comments on my thread here about United First Financial and Dave Ramsey<\/a>. 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.)<\/p>\n

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.<\/p>\n

You waste $3,500 for a piece of software that claims to have magical powers in getting your mortgage paid off early. The truth is that any consumer can pay off their mortgage for free (assuming their mortgage allows pre-payment) and all they have to do is spend less than they make, and put their extra money toward their mortgage. You can save $20,000 on your mortgage, and I show you how here (and for free!).<\/a><\/p>\n

A woman called into Dave Ramsey’s show to tell him how wrong he is about UFF. It’s so agonizing to listen to this woman spouting marketing scripts<\/a> for the program, and sounding completely uneducated about mortgages. (Transcript below.) And she’s a UFF agent! She’s supposed to know what she’s talking about, but instead she proves my point that most of these agents are clueless. And she doesn’t even know that the company has a multi-level marketing structure!<\/a><\/p>\n

Take a listen to this call at Dave Ramsey’s site<\/a>.<\/p>\n

He predicts the company will be out of business in two years<\/strong>, and all those people who paid $3,500 will be out of luck. (That’s because you don’t actually GET any software for your money. You just get access to the software on their servers.) I happen to think Dave is right. A lot of MLMs can carry on their schemes for years. But I don’t think this one will survive long.<\/p>\n

UFF has such a huge one-time investment that I think many consumers will do research before buying. I can only hope this is the case, although someone I used to respect as an expert on credit matters supposedly did 2 weeks worth of research on UFF and thinks it’s fabulous. Duh! So anyone can be fooled by UFF.<\/p>\n

However, if enough consumers take the time to fully research this and don’t fall for the marketing scripts and fluff pieces out there about United First Financial, I think the company will go away in two years or less. Selling consumers a one-time, $3,500 item, is going to be a difficult to do in the long run, especially with people like Dave Ramsey (and me!) helping to educate consumers and preventing them from wasting their money!<\/p>\n

Dave: \u201c51 minutes after the hour, Rhonda is in Moblie. Hey Rhonda, what\u2019s up?\u201d<\/p>\n

Rhonda: [chuckles]<\/p>\n

Dave: \u201cRhonda, how are you?\u201d<\/p>\n

Rhonda: \u201cI\u2019m fine how are you?\u201d<\/p>\n

Dave: \u201cGood, how can I help?\u201d<\/p>\n

Rhonda: \u201cUm, I\u2019m just a bit curious here. Um, I know that you teach, um, the principal of paying off your mortgage and being debt free..\u201d<\/p>\n

Dave: \u201cI do.\u201d<\/p>\n

Rhonda: \u201c..and that\u2019s what everybody needs to be.\u201d<\/p>\n

Dave: \u201cMm heh\u201d<\/p>\n

Rhonda: \u201cUm, but I\u2019ve also heard you blast the United First Financial program and I just am wondering ..\u201d<\/p>\n

Dave: \u201cI just finished blasting them\u201d<\/p>\n

Rhonda: \u201cI know.. I heard you and I think you\u2019re incorrect sir. And I just want to know, has anybody ever shown you how this works? Because it is not a \u2018magical\u2019 software, it is mathematical..\u201d<\/p>\n

Dave: \u201cIt\u2019s useless.\u201d<\/p>\n

Rhonda: \u201c..not magical.\u201d<\/p>\n

Rhonda: \u201cAnd it is helping homeowners, in this country, save their homes from going into foreclosure..\u201d<\/p>\n

Dave: \u201cNo it\u2019s not.\u201d<\/p>\n

Rhonda: \u201cYes it is.\u201d<\/p>\n

Dave: \u201cOh, that\u2019s bull.\u201d<\/p>\n

Rhonda: \u201cWell, okay. Is Earnst & Young reputable to you?\u201d<\/p>\n

Dave: \u201cBaby doll..Earnst & Young hasn\u2019t got anything to do with this.\u201d<\/p>\n

Rhonda: \u201cEarnst & Young has named the company Entrepreneur of the Year\u201d<\/p>\n

Dave: \u201cBasically, software does not keep people\u2019s homes out of foreclosure.\u201d<\/p>\n

Dave: \u201cListen .. listen .. I know you\u2019re caught in the multilevel cult thing..\u201d<\/p>\n

Rhonda: \u201cIt is not multilevel..\u201d<\/p>\n

Dave: \u201cYes it is!\u201d<\/p>\n

Rhonda: \u201cYou don\u2019t know what you\u2019re talking about!\u201d<\/p>\n

Dave: \u201cAbsolutely I do!\u201d<\/p>\n

Rhonda: \u201cYou do not know what you\u2019re talking about.\u201d<\/p>\n

Dave: \u201cLady, you got .. do you not recruit people to go into your business?\u201d<\/p>\n

Rhonda: \u201cAbsolutely not!\u201d<\/p>\n

Dave: \u201cYou don\u2019t recruit a soul to go into your business?\u201d<\/p>\n

Rhonda: \u201cNo. I do not recruit anyone. I show .. a software product ..\u201d<\/p>\n

Dave: \u201cYou\u2019re business does..United First Financial recruits people .. they recruit .. they have hierarchies.\u201d<\/p>\n

Rhonda: \u201cNo they don\u2019t Dave. You don\u2019t know, that\u2019s why I\u2019m asking you, I challenge you..\u201d<\/p>\n

Dave: \u201cI challenge you. I\u2019ve been all through your website. It\u2019s exactly what you say you do.\u201d<\/p>\n

Rhonda: \u201cNo, it helps people ..\u201d<\/p>\n

Dave: \u201cNo, no, no .. you recruit people ..\u201d<\/p>\n

Rhonda: \u201cNo, I do not recruit anybody .. all I do .. is share this with people .. and, then whenever they get on the program ..\u201d<\/p>\n

Dave: \u201c.. to sell. Well, maybe you didn\u2019t, but the business model is.\u201d<\/p>\n

Rhonda: \u201c.. and see how much, how fast that they\u2019re paying off their mortgage ..\u201d<\/p>\n

Dave: \u201cIt\u2019s not paying off their mortgage, they are.\u201d<\/p>\n

Rhonda: \u201cOf course they are. I mean ..\u201d<\/p>\n

Dave: \u201cDo you know how they\u2019re doing it?\u201d<\/p>\n

Rhonda: \u201c.. the program doesn\u2019t do anything except analyze ..\u201d<\/p>\n

Dave: \u201c.. cause them to manage their money\u201d<\/p>\n

Rhonda: \u201c.. your set of numbers, because everybody\u2019s numbers are different. It simply calculates, because our brains cannot do that fast enough ..\u201d<\/p>\n

Dave: \u201cOh, we can\u2019t use our brains..\u201d<\/p>\n

Rhonda: \u201c.. and it tells you when is the most opportune time to utilize your money, not the bank\u2019s money, but your money .. that equity is the homeowner\u2019s money ..\u201d<\/p>\n

Dave: \u201cWait a minute .. stop a second ..\u201d<\/p>\n

Rhonda: \u201c.. and if they\u2019ve got equity in their home ..\u201d<\/p>\n

Dave: \u201c.. stop a second ..\u201d<\/p>\n

Rhonda: \u201c.. why can\u2019t they use it whenever a, uh, state of the art ..\u201d<\/p>\n

Dave: \u201cState of the art?\u201d<\/p>\n

Rhonda: \u201c.. state of the art, computer program says, \u201cOkay, Mr Ramsey, if you transfer this amount of money right now, straight to principal, you\u2019re gonna save 7.6 years ..\u201d”<\/p>\n

Dave: \u201cDid you know that\u2019s a lie?\u201d<\/p>\n

Rhonda: \u201cI don\u2019t think you can do that in your head ..\u201d<\/p>\n

Dave: \u201cDid you know that that\u2019s a lie?\u201d<\/p>\n

Rhonda: \u201cNo it is not.\u201d<\/p>\n

Dave: \u201cYes it is darling. The way a Fannie Mae mortgage works ..\u201d<\/p>\n

Rhonda: \u201cAre you calling me a liar?\u201d<\/p>\n

Dave: \u201cYes I am.\u201d<\/p>\n

Rhonda: \u201cWell, then you\u2019re a liar .. you\u2019re telling Americans ..\u201d<\/p>\n

Dave: \u201cI\u2019m just saying that a Fannie Mae mortgage, and FHA mortgage and a VA mortgage ..\u201d<\/p>\n

Rhonda: \u201c.. that this is a rip-off ..\u201d<\/p>\n

Dave: \u201cIf you\u2019ll listen a second lady, a Fannie Mae mortgage and a VA mortgage does not apply anything instantaneously based on .. based on a piece of computer software. The way you save on interest is once a month. They will not apply principal more than once a month. And there\u2019s not a magical date that\u2019s instantaneous ..\u201d<\/p>\n

Rhonda: \u201cI know .. that\u2019s why this program was invented.\u201d<\/p>\n

Dave: \u201cThat\u2019s a lie.\u201d<\/p>\n

Rhonda: \u201cNo it\u2019s not.\u201d<\/p>\n

Dave: \u201cThat\u2019s a lie. That\u2019s the way the mortgages work.\u201d<\/p>\n

Rhonda: [inaudible]<\/p>\n

Dave: \u201cI\u2019ve been in the business for thirty years lady ..\u201d<\/p>\n

Rhonda: \u201cWell, I\u2019ve been a realtor for about twelve ..\u201d<\/p>\n

Dave: \u201c.. You don\u2019t have a clue what you\u2019re talking about. You\u2019ve joined a multilevel, you believed everything they told you.\u201d<\/p>\n

Rhonda: \u201cAnd I just know people get into debt. I think that you\u2019re objection to it is that..\u201d<\/p>\n

Dave: \u201c$3500 wasted ..\u201d<\/p>\n

Rhonda: \u201c.. you\u2019re not making money off of it.\u201d<\/p>\n

Dave: \u201c.. is my objection to it. It\u2019s $3500 wasted.\u201d<\/p>\n

Rhonda: \u201cNo it\u2019s not.\u201d<\/p>\n

Dave: \u201cYou don\u2019t get anything for the $3500.\u201d<\/p>\n

Rhonda: \u201cIt is a personalized computer program ..\u201d<\/p>\n

Dave: \u201cWhoopee \u201c<\/p>\n

Rhonda: \u201c.. that will get you out of debt.\u201d<\/p>\n

Dave: \u201cNo it won\u2019t ..\u201d<\/p>\n

Rhonda: \u201cYes it does .. it works!\u201d<\/p>\n

Dave: \u201cYou get you out of debt by living on less than you make.\u201d<\/p>\n

Rhonda: \u201cNo sir, it\u2019s not about how much you make.\u201d<\/p>\n

Dave: \u201cYes it is.\u201d<\/p>\n

Rhonda: \u201cIt\u2019s the fact that I don\u2019t really think you understand how it works.\u201d<\/p>\n

Dave: \u201cI absolutely understand how it works. I\u2019ve been through the whole thing in detail.\u201d<\/p>\n

Rhonda: \u201cYou couldn\u2019t and then get on the air and tell Americans, \u201coh that\u2019s a rip-off\u201d”<\/p>\n

Dave: \u201c[chuckles] It is a total scam.\u201d<\/p>\n

Rhonda: \u201cThis company is .. is .. it\u2019s only been around two years.\u201d<\/p>\n

Dave: \u201cIt\u2019s a total scam.\u201d<\/p>\n

Rhonda: \u201cNo it is not.\u201d<\/p>\n

Dave: \u201cIt\u2019ll be gone in two more years.\u201d<\/p>\n

Rhonda: \u201cAnd for all of the American listeners go to u1st.com and .. I had hoped that I would get somewhere with you, because I\u2019ve listened to you for several years, and I like you, okay? But, I do wonder, has anybody ever really shown you how this works?\u201d<\/p>\n

Dave: \u201cWell, no, I haven\u2019t attended your multilevel meeting I can promise you that ..\u201d<\/p>\n

Rhonda: \u201cWe don\u2019t have multilevel meetings.\u201d<\/p>\n

Dave: \u201c.. but we\u2019ve been through every piece of the detail that you\u2019re company will put out. Listen, the simple fact is this, when you buy $3500 worth of software, you still have to live on less than you make in order to apply principal, is that correct?\u201d<\/p>\n

Rhonda: \u201cThat would be correct in any situation of course.\u201d<\/p>\n

Dave: \u201cOkay, so .. why does the software help?\u201d<\/p>\n

Rhonda: \u201cBecause you get to be your bank. You get to use your money, and you get to stop paying all the interest .. when you buy .. when you get a mortgage you know that the first year on a thirty-year traditional $100,000 mortgage, you\u2019re paying 580% interest. They\u2019re not paying 6%.\u201d<\/p>\n

Dave: \u201cThat is not true.\u201d<\/p>\n

Rhonda: \u201cIt is true.\u201d<\/p>\n

Dave: \u201cYou do not pay 580% the first year.\u201d<\/p>\n

Rhonda: \u201cI\u2019ve learned this from my real estate business.\u201d<\/p>\n

Dave: \u201cYou don\u2019t know how to do math lady.\u201d<\/p>\n

Rhonda: \u201cOh .. okay, okay ..\u201d<\/p>\n

Dave: \u201cIt\u2019s a simple amortization schedule. Now, an amortization schedule is based on simple interest. Anybody that\u2019s got a finance degree can understand this.\u201d<\/p>\n

Rhonda: \u201cThis is .. no ..\u201d<\/p>\n

Dave: \u201cYou don\u2019t even have to have a finance degree to understand it.\u201d<\/p>\n

Rhonda: \u201cI have been a realtor with Remax for 10 years okay, and I know what I\u2019m talking about.\u201d<\/p>\n

Dave: \u201cNo you don\u2019t. I hope to God nobody buys a house from you if you think that 580% interest is what somebody gets charged in the first thirty years.\u201d<\/p>\n

Rhonda: \u201cIn the first year of the mortgage ..\u201d<\/p>\n

Dave: \u201cIn the first year of the mortgage the interest rate is five .. the effective yield is 580%?\u201d<\/p>\n

Rhonda: \u201cThey don\u2019t pay anything towards principal, what $5 a payment goes to to principal?\u201d<\/p>\n

Dave: \u201cDo you know why?\u201d<\/p>\n

Rhonda: \u201cThis is about canceling the interest ..\u201d<\/p>\n

Dave: \u201cDo you not know how an amortization schedule works and you\u2019ve been a realtor for eight years?\u201d<\/p>\n

Rhonda: \u201cI do know how an amortization schedule works, yes ..\u201d<\/p>\n

Dave: \u201cHow does it work?\u201d<\/p>\n

Rhonda: \u201cIt shows you how much interest you\u2019re paying out ..\u201d<\/p>\n

Dave: \u201cIt shows you how much .. and how much\u201d<\/p>\n

Rhonda: \u201c.. and when it ..\u201d<\/p>\n

Dave: \u201cAnd how much of the interest, in the first payment of 360 payments on a thirty year .. how is the interest calculated in the first payment?\u201d<\/p>\n

Rhonda: \u201cIt is compounded interest ..\u201d<\/p>\n

Dave: \u201cNo, it is not compounded ..\u201d<\/p>\n

Rhonda: \u201d Yes it is.\u201d<\/p>\n

Dave: \u201cIt is calculated in amortization schedule on a simple interest basis, that\u2019s how an amortization schedule is developed. You take the .. you take the\u201d<\/p>\n

Rhonda: \u201cI\u2019m not .. I just wanted to know ..\u201d<\/p>\n

Dave: \u201c.. let me tell you how it works. Let me explain to you how it works.\u201d<\/p>\n

Rhonda: \u201c.. if you really knew what u1st was ..\u201d<\/p>\n

Dave: \u201cListen, you need to go back and do the math, \u2019cause here\u2019s how it works ..\u201d<\/p>\n

Rhonda: \u201cNo .. I would like for you to ..\u201d<\/p>\n

Dave: \u201cYou take the interest rate and divide it by twelve .. do what?\u201d<\/p>\n

Rhonda: \u201cI would like for you to look at the program again.\u201d<\/p>\n

Dave: \u201cI don\u2019t need to look at it again. It\u2019s a total scam.\u201d<\/p>\n

Rhonda: \u201cOkay ..\u201d<\/p>\n

Dave: \u201cIt\u2019s a waste of $3500 of the consumers good money.\u201d<\/p>\n

Rhonda: \u201cNo, it\u2019s the best $3500 ever spent. If you save $80,000 ..\u201d<\/p>\n

Dave: \u201cYou save $80,000 ..\u201d<\/p>\n

Rhonda: \u201c.. by saving interest ..\u201d<\/p>\n

Dave: \u201c.. by getting out of debt early. Lady, you are thick. You are truly thick. You need to get out of the multilevel cult and use your brain again. When you tell people 580% interest in the first year, it really shows your ignorance. It\u2019s really sad. That puts this hour of The Dave Ramsey Show in the books.\u201d<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

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.) […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[824,184],"tags":[901,892,891,888,889],"class_list":["post-1654","post","type-post","status-publish","format-standard","hentry","category-consumer-protection","category-pyramid-schemes-mlm","tag-dave-ramsey","tag-mma","tag-money-merge-account","tag-uff","tag-united-first-financial"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p6Z0e-qG","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/1654","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/comments?post=1654"}],"version-history":[{"count":0,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/posts\/1654\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/media?parent=1654"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/categories?post=1654"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sequenceinc.com\/fraudfiles\/wp-json\/wp\/v2\/tags?post=1654"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}