Report: #361710

Complaint Review: United First Financial - Internet

  • Submitted:
  • Updated:
  • Reported By: mchenry Illinois
  • United First Financial http://www.u1stfinancial.com/ Internet U.S.A.

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United First Financial Jubilee MMA Money Merge Account
United First Financial has developed a web based software system that makes some interesting and intriguing claims:
Pay off your mortgage in one-half to one-third the time with little or no change to your lifestyle
It's a claim that is on the United First Financial (UFF) web site, it's a claim that the majority of the UFF agents make, it's impressive, but it's a lie.

The software program utilizes a Home Equity Line of Credit (HELOC) and tells clients to use it as a checking account. The client is to deposit all paychecks directly into this account and pay all bills out of the account. The software tells the client exactly when to pay a bill, and when to send huge pre-payments towards their mortgage.

UFF claims by using this HELOC account like a checking account you can save tens of thousands of dollars and save years off your mortgage. When following the program, all of the discretionary income filters through the HELOC and goes right to the mortgage. This is not mentioned in the UFF agents pitch.

Instead, the agents attribute the savings to the HELOC or Money Merge Account (MMA). Agents claim that by leveraging your paycheck, you can save tens of thousands of dollars and years off your mortgage. What the agents don't tell you that it is the huge pre-payments to the existing mortgage from the HELOC that creates the savings. Because HELOCS have a higher APR, you have to pay back these huge pre-payments at a higher interest rate (APR) then you normally would if you simply pre-paid the mortgage directly, without the software.
In order for the United First Financial software to work, you would have to drastically change your spending habits. No going to the movies, spending money on designer clothes, going out to dinner, etc. IF THAT IS NOT LIFE CHANGING, I DON'T KNOW WHAT IS!

The HELOC can save you pennies when operated correctly, but would never be enough to justify the software cost ($3500). The reason why the UFF owners created the system around using the money merge account (HELOC) is because it confuses the clients. Not to mention the creators are mortgage brokers who collect commission on new HELOC accounts.

The agents of this product, either deceptively or unknowingly, attribute the savings of interest to the HELOC shuffle (again, this only saves pennies). The ONLY reason people buy the software is because they believe the HELOC is saving them HUNDREDS OF THOUSANDS in interest this just is not true and I really wish it was, but it is not! The clients don't realize that their extra money is indirectly going to their mortgage. They believe that the software does something that it does not because many of the agents do not know the truth themselves.

In the real world I believe the HELOC would be too tempting to many people and would cause them to get deeper into debt. I have asked agents how this software outperforms other tools that anyone can use for free or for maybe 2% of the cost of UFF, to this day I have no reply.

Agents argue that the software has value because it is a motivational tool, they claim that clients are motivated to get out of debt when they see how much they can save by sending more money towards their mortgage. The agents only make this motivation argument AFTER questioned on the validity of their claims about the actual amount of HELOC savings. The "clients" that fall for this scam do not buy the software as a motivational tool, and that is about the only value the software has. Anyone could replicate this motivation by using a free mortgage calculator to figure out how much they save by not buying something, and instead send that money towards their mortgage.

Using a calculator is easier then logging onto a website and inputting the appropriate field. Calculators are free on the web, and very cheap in many stores.
In several mathematical scenarios United First Financials software comes out behind a free system that people have been using for decades. The do-it-yourself method takes less time than using the software and is easier. Instead of sending $3500 to United First Financial, simply add up your income, subtract your expenses, and then use the leftover money to pay your mortgage each month.

The major argument that agents use against this do-it-yourself approach is that sending all your additional money to your mortgage leaves you vulnerable in an emergency situation.

This can very easily be avoided by opening a HELOC, independent of UFF and only using it for emergencies.
Agents also claim that people just don't do it themselves. The make claims that 95% of Americans are drowning in debt and at least their software points them in the right direction.

The problem with that statement is that the software gets them MORE in debt. $3500 for a software program that can be replicated with a free calculator and a sheet of paper is not revolutionary, though the agents also make that claim. Budget software ranges from free (www.download.com) to $100 for the fancy programs (Microsoft Money, Quicken, etc).

If the UFF software truly did what its agents say, UFF wouldn't need agents. You would see the UFF software in every retail store across America (Circuit City, Best Buy, Wal-Mart). The problem is that it doesn't, that's why UFF uses a Direct Sales approach, retail stores don't want to ruin their name by selling scam software.
In mathematical scenarios comparing do-it-yourself to UFF, do-it-yourself has always come out ahead, sometimes as much as paying off the mortgage 6 months sooner and saving $20,000 more than UFF.

1. You don't have to log onto a web site and plug in all your information, taking up to an hour each month. Agents claim that Americans don't have the time to do-it-themselves. What? Doing it yourself might take 5 minutes a month, much easier then logging on to the website and filling out all the fields.
2. You don't have to give $3500 to an agent for useless software.
3. UFF agents claim you get life-long support on the software. Do-it-yourself does not require software and only requires a calculator and your bank statement no support needed.
4. UFF agents will often try to recruit you into their multi-level-marketing company. This can lead to embarrassment when your friends and family find out that it is a scam and that you have been scammed. Do-it-yourself will never scam you or your friends and family!
5. UFF agents claims that Americans can't do it themselves as effectively. This is another lie, because of the software cost, UFF can't beat out doing it yourself.
6. UFF agents claim Americans are not smart enough to do it themselves. Again false, to do it yourself you do not even need to know any math as long as you have a calculator! Although simple addition and subtraction is all that is needed to do it yourself. (Income-Expenses=additional payment to mortgage).

mchenry, Illinois

This report was posted on Ripoff Report on 08/11/2008 02:45 PM and is a permanent record located here: https://www.ripoffreport.com/reports/united-first-financial/internet/united-first-financial-jubilee-mma-money-merge-account-scam-cult-multi-level-internet-i-361710. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#7 General Comment

this is to all of the former or curent agents of mma on this report

AUTHOR: Bg069 - (U.S.A.)

POSTED: Sunday, February 28, 2010

I will love to how #1 employee, Greg C., Tom, Donna, and Glenn are bringing in the wealth to them selves from scamming people out of $3500. I had a buddy of mine who introduced me to this company. He was in it and tried very hard to recruit me. Eventually he ran out of customers and had to give it up and start work at a 9 to 5 company just like the rest of us. This is simply another multy level marketing company trying to use some elaverent gimmick to try to draw in people and collect all these recruiting fees and once in a while get commisions when they sell the $3500 product. Im sure all of those people i have mentioned are no longer in this pyramid scheme and are still in their dead end jobs or have moved on to another mlm company with another gimmick trying to recruit desperate people trying to make an easy buck.  I dont expect them to admit to this truth but it will be very honorable of you guys to do so if you have any consious left in your selves. Its like a i told my buddy. A kirby is a good vacum, but do i really need a $3000 vacum for my house? If you want to hurry up and pay your house sooner there is tons of free help and tips all over the internet. That would be your best bet into getting out of debt and having a better way of life.

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#6 Consumer Comment

The Facts

AUTHOR: Glenn - (USA)

POSTED: Wednesday, September 23, 2009

Again as with all complaints against the Money Merge Account all the facts are not given. I am not sure how old this report is but you do not need a HELOC to work the system anymore. You can work it with as little as a checking and savings account but it works better with an extra facilitating account such as a credit card. There are 4 principles to the system 1) Interest Float 2) Interest accumulation 3) Interest cancellation 4) Strategic payoff. The system will help you pay off all consumer debt as well as your credit cards. I could waste my time writing a long post refutting everything this complaint says but I do not need to. Here is all you need to know. There have been several magazine articles written about the program including the following magazines Broker Banker, Persaonal Real Estate Investor and True Wealth. These are written by experts in their financial fields not by any Joe off the street. The most important thing is that the founders of United First Financial were awarded the Ernst and Young Entrepreneur of the year award, Utah Region. Ernst and Young is one of the largest financial firms in the world and this award is considered to be one of the most prestgious business awards. Do you really think Ernst and Young is going to put their name on an award and give it to people who sell a product that you would be better off doing it yourself? So the question is pretty simple do you believe the EXPERTS or someone claiming to know what they are talking about?


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#5 UPDATE Employee

If you don't understand the math, don't buy the product....

AUTHOR: Donna Smith - (U.S.A.)

POSTED: Friday, February 20, 2009

I am amazed that UFF agents (of which I am one) have wasted their time, typing out long explanations, trying to convince someone of something when he only wants to believe that he knows everything. The math involved in the software is so over this guy's head that if he thinks he can 'beat' the MMA payoff with his calculator, then let him try. I was in the mortgage business when I was shown this software 18 months ago, but couldn't become an agent at the time due to a conflict of interest clause at my former company. But, I was so excited about it that it was my first choice for a new income source upon being laid off. In fact, I am a renter and WISH I had a mortgage so I could use the software to pay it off. Thankfully, it works for consumer debt, too! For all those who think they can get the same results with their calculator, or by simply paying a little extra each month toward principal, let's compare notes in 2, 3 or 4 years and see who's made more progress on their debt reduction. I guarantee that those using the MMA will beat you...and, United First guarantees it too. You get a refund if you follow the program and don't get the promised results. Just because you don't understand how something works, doesn't make it a scam.

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#4 Consumer Comment

If it looks like a scam, walks like a scam, and quacks like a scam...

AUTHOR: Curt - (U.S.A.)

POSTED: Friday, January 30, 2009

Before you spend $3500 to enrich a UFF agent and his or her upline, go to your favorite search engine and search for "United First Financial - Looking for the truth". It will lead you to a forum on fatwallet dot com where the Money Merge Account has been thoroughly dissected, analyzed, and demonstrated to be a scam. Many a UFF agent has posted there arguing the wonders of the MMA and ended up slinking away with tail between legs in the face of the cold hard mathematics... perhaps a better analogy would be scuttling away like a cockroach when the light was turned on.

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#3 Consumer Comment

u first is for real

AUTHOR: Tom - (U.S.A.)

POSTED: Friday, January 30, 2009

UFirst is not a scam in any way. I am using the tools and without it would never have improved my economic situation. Comments criticizing the system are usually filled with holes, but almost entirely are with no level of understanding. I don't know where to begin on how many issues are off with this comment. Clearly the author does not understand the system in the least.

There is a personal marketing aspect involved, which probably angers some people. That's probably because to sell this it takes a lot of time and effort. I would think the author worked at the business for a while, and found it too difficult to succeed.

If you don't understand a new system, don't criticize it. We who understand this system can see right through these comments. I use it, and it works. I don't see where the problem is. If you don't like, please, do not buy it.

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#2 UPDATE Employee

United First Financial, The Answer...not the problem

AUTHOR: Greg C - (U.S.A.)

POSTED: Wednesday, January 21, 2009

With anything new there will be some mis-information out there. With anything new it is understandable that it will be mis-understood. In regards to United First Financial it is a reputable company with a software that does work.

Here's 1 mis-statement. The parent company of United First Financial is Accelerated Equity and Development out of Utah. The parent company is and continues to deal with mortgages. United First Financial is a marketing arm of Accelerated Equity and the statement that United First makes a dime off of any HELOC is completely false. Customers are free to choose their own bank. With the new version of the software you don't even need a HELOC.

2nd falsehood: You can do the same thing yourself.
It is obvious that this writer hasn't taken the time to investigate this. Using numbers from (((Redacted)))I put in a $200,000 mortgage with $3500 at closing, (the cost of the software), and an extra $200.00 per month (discretionary income), and the bottom line was that using the software the owner saved an additional $59,000 over the life of the loan.

3rd falsehood: It's a scam.
I can understand that with something new there will be people out there that will feel this way. All I ask is that people do their own research. I also ask that they pay attention to what the industry is saying. Here are some resources:

January/February 2007 issue of Mortgage Planner Magazine pg 21
"There is a great void in the average American's financial education. While the majority of Americans would do anything to own their own home free and clear, they don't understand the mortgage process. They only vaguely understand the principle of interest, they make budgeting decisions based solely on emotion, and they ignore potential client gains by letting their money sit idle in traditional checking accounts. By combining credit strategies with advanced financial tracking software, UFirst's Money Merge Account packaged system is addressing this void. This system provides a way to increase equity payments and visualize the long-term consequences of budgeting decisions, helping your clients pay off their mortgages on an accelerated schedule with little lifestyle change. UFirst's solution is changing lives throughout the USA and restoring financial dignity"

Broker Banker magazine, Volume 108, 2007 pg.10
"even those skeptical of the MMA can form their own opinion of the system by having a free analysis provided to them by a licensed independent agent. As the prudence of utilizing he MMA system is determined on an individual basis, homeowners are offered a detailed financial analysis prior to purchase, to determine if the program is right for them. United First Financial offers a money back guarantee, promising that the result homeowners will realize will at least match those of the analysis"

Ernst and Young..you know the Accounting guys:
"Entrepreneur of the Year 2007 in Financial Services Utah Region" Ok, let's get real. Do you think for a second Ernst and Young will give an award, of which U1st had to be nominated and in this case by Wells Fargo Bank, to a scam?
Let's use our brains for a second...not rhetoric.

Personal Real Estate investor magazine:
Editors choice in debt reduction strategies
A full reproduction of the article can be found on the U1st website

Success from Home magazine February 2008 (available now)
Almost the whole magazine so I won't re-create it here.

Notable speakers and proponents of the system:
Chris Gardner, you know the "Pursuit of Happyness" guy.
Glenn Beck, National Radio and T.V. personality
Mark Victor Hansen, co-author of the "Chicken Soup for the soul" books

Audited amount paid down to date..over $157 million dollars.

and many more.

Bottom line is this. Do your homework. Are there other things out there you can do to help pay down your debt? Yes. Will they work for you? Maybe. Will they work as well as the MMA? No..guaranteed. Is U1st for everyone? No, so do your due diligence and make up your mind for yourself.

There are many other issues to tackle but that will have to wait for another time. Gotta go now and help someone change their life.

Any other questions I can be contacted at (((Redacted)))

CLICK here to see why Rip-off Report, as a matter of policy, deleted either a phone number, link or e-mail address from this Report.

Thank you.

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#1 UPDATE Employee

United First Financial is not a scam.

AUTHOR: Financial Revolution Group L.L.C. - (U.S.A.)

POSTED: Tuesday, October 14, 2008

First off, I am an independent agent with United First Financial. I have been for a short period of time (approximately 4 months). I started when they had just launched their latest version MMA 4.0. The first sale I made was my own parents, why? My mother and father have worked very hard to raise my sister and I, and have never been able to get out of debt. They have never made a lot of money, so paying off their mortgage has basically been only a dream. Before they started they had about 26 years left until payoff because they did what a lot of Americans are used to doing they kept re-financing to get a lower rate and payment. After I set them up they are now scheduled to pay off all of their obligations in 5.5 years, and they did not have to re-finance. Now my mother who is 54, and my father who is 64 can now retire peacefully and enjoy their last years. This program is excellent!

Second, I have heard a lot of people say "Well I do not need this I can do it all by myself." Okay, lets get something straight. The way this program is set up, (the new version) is it uses what we call factorial math. It looks at every debt the consumer has, it looks at the interest rate, term remaining,and current balance. It then looks at the consumers income, and funds available. It then looks at every possible way to pay each debt, then finds the fastest way paying the least amount of interest. According to factorial math, if you have just 6 debts, there is 720 ways to pay that debt structure down. So go ahead and try to find the fastest and pay the least amount of interest. I'll wait... Okay now do it again next month because all of your numbers just changed from last month. I am not saying you couldn't find a way, but I am 99% sure you won't beat our system. So do the math, invest $3500 in a system that will do it for you, and save you hundreds of thousands of dollars. Or don't and pay the bank more than double what you paid for. To me $3500 is a very small risk for a very huge gain.

Thank you for viewing this post, and I hope it has cleared up any misconceptions associated with this brilliant software program.

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