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Posted by Tom Malcolm on December 20, 2007, 7:00 am
I was approached by someone who wants
me to buy the MMA pay off your house soon
program. It's $3,500. I want to think this
is a scam, but it looks real. I said I could
do this myself - but the someone said,
well have you been doing it? I said no,
and he said with the MMA you will know
you are doing something now. I'm on the
fence - what sayeth the crowd here?
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Posted by Elle on December 20, 2007, 7:51 am
Background: A company called "United First Financial" (UFF)
coined the name "Money Merge Account" or "MMA" for the
product you mention in the subject line. Fact is one has to
exercise the same amount of discipline with UFF's product
that he or she would without it.
If you must spend money to figure out precisely how to pay
down your mortgage as quickly as possible, spend it on a
reputable, fee only financial advisor. It should cost you a
lot less than the services/product of UFF. The discipline
will always be up to you.
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Posted by Tom Malcolm on December 30, 2007, 7:10 am
Ok, I investigated them, I studied, and I think they
are real, and have a valuable product. For me, something
that keeps me in mindset of paying off debt is worth a lot.
> Background: A company called "United First Financial" (UFF)
> coined the name "Money Merge Account" or "MMA" for the
> product you mention in the subject line. Fact is one has to
> exercise the same amount of discipline with UFF's product
> that he or she would without it.
> If you must spend money to figure out precisely how to pay
> down your mortgage as quickly as possible, spend it on a
> reputable, fee only financial advisor. It should cost you a
> lot less than the services/product of UFF. The discipline
> will always be up to you.
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Posted by Elizabeth Richardson on December 30, 2007, 12:29 pm
> Ok, I investigated them, I studied, and I think they
> are real, and have a valuable product. For me, something
> that keeps me in mindset of paying off debt is worth a lot.
>
Please, if you have an extra $3500, pay down your principal with it, don't
give it to someone else. How does it make sense to borrow money at say, 8%,
to pay back a loan that is only charging you 6%. Don't throw your money
away. The primary rule of getting ahead is "Pay Yourself First".
Elizabeth Richardson
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Posted by Tom Malcolm on January 18, 2008, 9:23 am
> Please, if you have an extra $3500, pay down your principal with it, don't
> give it to someone else. How does it make sense to borrow money at say, 8%,
> to pay back a loan that is only charging you 6%. Don't throw your money
> away. The primary rule of getting ahead is "Pay Yourself First".
Update, I bought it, and have no regrets, the financial education,
and goal setting help is worth the price alone, and I have a
path to pay off my debts much faster. My bank knows and
likes the MMA - it helps people get out of debt. So, if you
hate the MMA - make sure you talk to people who bought
and use it before dismissing it as a scam, it is not.
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